Dave
WR,#2Consumer Comment
Sun, February 15, 2009
Capital one did nothing wrong here and did not rip you off in anyway. So many times I have read a report that someone has posted claiming how a company was not fair to them. Where in any contract/agreement for any loan does it say a line of credit should be increased for an emergency? Where in any contract/agreement does it say a loan company should work with a customer who is having financial hardship? If a lender did get a bailout (that we as taxpayers will be paying for) why should that change the terms of a loan? What needs to be remembered here is that a lender is not your friend, it is a business, period. As a matter of fact I work in finance, Not only do I make loans I also collect on them. I would prefer to work with customers who are in default so they do not get additional charges and fees but this requires real arrangements with post dated checks or credit card payments. And NO a lender cannot just go in and withdrawl funds from a customers account. Each payment has to be authorized by the customer. Mistakes have happened with electronic transfers but we have always corrected those mistakes and if any fees were accessed to the customers for it we paid those too. By the same token I have placed many liens on homes to protect our investment (the loan) and yes I have sent many customers to are legal department so we can take action to have wages garnished. Depending on the situation some loans are under 60 days past due. What's the point of this long winded post? Simple, lenders don't owe us anything, we owe them. We owe them per the terms of the contract. They can change limits, APRs, fees anything they wish as long as it's in the agreement. It is their right to do so even though we may not like it.
Dave
WR,#3Consumer Comment
Sun, February 15, 2009
Capital one did nothing wrong here and did not rip you off in anyway. So many times I have read a report that someone has posted claiming how a company was not fair to them. Where in any contract/agreement for any loan does it say a line of credit should be increased for an emergency? Where in any contract/agreement does it say a loan company should work with a customer who is having financial hardship? If a lender did get a bailout (that we as taxpayers will be paying for) why should that change the terms of a loan? What needs to be remembered here is that a lender is not your friend, it is a business, period. As a matter of fact I work in finance, Not only do I make loans I also collect on them. I would prefer to work with customers who are in default so they do not get additional charges and fees but this requires real arrangements with post dated checks or credit card payments. And NO a lender cannot just go in and withdrawl funds from a customers account. Each payment has to be authorized by the customer. Mistakes have happened with electronic transfers but we have always corrected those mistakes and if any fees were accessed to the customers for it we paid those too. By the same token I have placed many liens on homes to protect our investment (the loan) and yes I have sent many customers to are legal department so we can take action to have wages garnished. Depending on the situation some loans are under 60 days past due. What's the point of this long winded post? Simple, lenders don't owe us anything, we owe them. We owe them per the terms of the contract. They can change limits, APRs, fees anything they wish as long as it's in the agreement. It is their right to do so even though we may not like it.
Dave
WR,#4Consumer Comment
Sun, February 15, 2009
Capital one did nothing wrong here and did not rip you off in anyway. So many times I have read a report that someone has posted claiming how a company was not fair to them. Where in any contract/agreement for any loan does it say a line of credit should be increased for an emergency? Where in any contract/agreement does it say a loan company should work with a customer who is having financial hardship? If a lender did get a bailout (that we as taxpayers will be paying for) why should that change the terms of a loan? What needs to be remembered here is that a lender is not your friend, it is a business, period. As a matter of fact I work in finance, Not only do I make loans I also collect on them. I would prefer to work with customers who are in default so they do not get additional charges and fees but this requires real arrangements with post dated checks or credit card payments. And NO a lender cannot just go in and withdrawl funds from a customers account. Each payment has to be authorized by the customer. Mistakes have happened with electronic transfers but we have always corrected those mistakes and if any fees were accessed to the customers for it we paid those too. By the same token I have placed many liens on homes to protect our investment (the loan) and yes I have sent many customers to are legal department so we can take action to have wages garnished. Depending on the situation some loans are under 60 days past due. What's the point of this long winded post? Simple, lenders don't owe us anything, we owe them. We owe them per the terms of the contract. They can change limits, APRs, fees anything they wish as long as it's in the agreement. It is their right to do so even though we may not like it.
Dave
WR,#5Consumer Comment
Sun, February 15, 2009
Capital one did nothing wrong here and did not rip you off in anyway. So many times I have read a report that someone has posted claiming how a company was not fair to them. Where in any contract/agreement for any loan does it say a line of credit should be increased for an emergency? Where in any contract/agreement does it say a loan company should work with a customer who is having financial hardship? If a lender did get a bailout (that we as taxpayers will be paying for) why should that change the terms of a loan? What needs to be remembered here is that a lender is not your friend, it is a business, period. As a matter of fact I work in finance, Not only do I make loans I also collect on them. I would prefer to work with customers who are in default so they do not get additional charges and fees but this requires real arrangements with post dated checks or credit card payments. And NO a lender cannot just go in and withdrawl funds from a customers account. Each payment has to be authorized by the customer. Mistakes have happened with electronic transfers but we have always corrected those mistakes and if any fees were accessed to the customers for it we paid those too. By the same token I have placed many liens on homes to protect our investment (the loan) and yes I have sent many customers to are legal department so we can take action to have wages garnished. Depending on the situation some loans are under 60 days past due. What's the point of this long winded post? Simple, lenders don't owe us anything, we owe them. We owe them per the terms of the contract. They can change limits, APRs, fees anything they wish as long as it's in the agreement. It is their right to do so even though we may not like it.