From Executive Producer Jamie Dimon And Director Richard Fairbank – Coming Soon To A Theater Near You It’s – 25% Pay Cut!

The New York Times writes the review, and it’s jawdropping:

PHOENIX — When the bank sued Leann Weaver for not paying her credit card balance, her reaction was typical for someone in that situation. Personal and financial setbacks weighed her down, and she knew she owed the $2,470. So she never went to court to defend herself.

She was startled by what happened next. When she swiped her debit card at the grocery store, it was declined. It turned out Capital One Bank had taken $224.25 from her paycheck, a quarter of her wages for two weeks of work at a retail chain, and her bank account was overdrawn.

“They’re kicking somebody who’s already in the dirt,” she said.

Yup, 25% of her wages from working at a retail chain seized.  But what really caught my eye was this comment from the debt collectors’ paid shill:

“I think there’s a lack of accountability among debtors, and a lack of interest in reaching out to their creditors to resolve things amicably,” said Fred N. Blitt, president of the National Association of Retail Collection Attorneys.

Yes, resolving things amicably would be nice.  Shame on you Leann.  Oh wait:

For Leann Weaver, the woman at the grocery store, Capital One’s lawsuit made a bad situation worse. After being evicted from her apartment, she moved in with her grandparents. Without them, she might have ended up on the street or in a shelter, she said.

Capital One declined to comment on Ms. Weaver’s case. “We encourage anyone facing difficulties meeting their financial obligations to contact us right away,” Tatiana Stead, a bank spokeswoman, said in an e-mail message.

Ms. Weaver said she repeatedly asked Capital One for more time to pay her $2,470 debt, but last year the bank filed suit. She failed to show up in court, and a judgment was entered against her, swollen by $1,800 in interest and lawyers’ fees. Then the garnishment began, almost $500 a month, or a quarter of her pay.

The article has a few other horror stories and is worth a read.

Now, I have some experience with Capital One, and can state at the 99.5% confidence level that Ms. Leann Weaver is being absolutely truthful about reaching out, and that Tatiana Stead is a worthless piece of shit.  Capital One’s idea of negotiating with their customers/victims it neatly summed up in this Oscar winner:

Business bad? Fuck you, pay me.  Had a fire? Fuck you, pay me.” “The place got hit by lightning? Fuck you, pay me.”

The article includes some good tips – make the fuckers actually prove that you owe them money, for example – but the real travesty is that these garnishments are happening, by the millions, at exactly the worst possible time.  What we need is inflation, not further wage deflation, and make no mistake, that is exactly what this is.