We were recently looking over our capital one credit card statement and came across what cap-one calls 'payment protection', along with it came a charge for $18.15, which looking into we found they charge 1% of your total balance. We went into investigating this, first, we called the number listed along side the charge on our statement. We first spoke to a capitol one representative who said we need to speak with the people at Payment Protection, who apparently is it's own entity outside of Capital One. We spoke with a representative at PPI who apologize for being unknowingly sold the product on behalf of Capital One, we ask the representative how long I've been being charged the Payment Protection Plan and she said it had been since November of 2007! We were blown away, we had never noticed this charge but we didn't expect it to be there in the first place, so we fought with the representative at PPI and after getting forwarded through 4 stages of management we finally got someone who agreed to refund us $100 and that was the maximum they would refund. We appreciated that since the responsibility should be placed on Capital One's shoulder for unknowingly charging for me a product. Our next step was to go back to Capital One to reclaim the remaining charges owed to us, which we feel is in the neighborhood of $235 BEFORE interest. After speaking at length with two representatives we were forwarded to the 'dispute department', and after speaking at length with three stages of representatives and 'managers', one decided to tell me they WOULD NOT refund the money and continued to try to send us back to the Payment Protection Company, which we would not allow them to do. After a heated conversation in which he refused to send us to someone higher or cooperate with us he decided to hang-up! A Capital One representative fraudulently sold us this product for a profit and a commission I'm sure and it is NOT the the fault of the people at the Payment Protection Company since they only provide a product for Capital One the sell and make a profit from, therefore it is Capital One's responsibility to refund us back the remaining balance of what we've been charged.
We've done a lot of research on this and it seems we are not alone, the search engines turned up hundreds of similar cases where Capital has either unknowingly sold or outright mis-sold this product to consumers and refused to take responsibility or properly service it's customers. We've managed to cancel the 'Payment Protection Plan' and as soon as the balances on these cards are paid we intend to cut all ties with Capital One and in the mean time we intend to do as much damage to Capital One's reputation as possible, it sounds like the $135 Capital One stole from me is more important than them retaining me as a customer.
I feel more people need to know about this and should warned about dealing with a company like Capital One who takes advantage of it's customers and then refuses to offer any type of customer services when it comes to handling disputes. Anything the BBB can do to arbitrate this matter we would sincerely appreciate since the last thing Capital One did for us was hang up the phone on us.
Since the amount charges for the Payment Protection Plan is based on 1% of our total balance there is no way to calculate exactly what should be refunded to us. We estimate AT LEAST $235 PLUS INTERESTED paid on the plan has been charges to us, we aren't looking to pursue the interest paid be we feel $235 is the right number, the Payment Protection Plan company has already refunded us $100 of the money, so the remaining $135 is Cap One's responsibility.