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Capitol One threatening to sue!

Date: Wed, 04/30/2008 - 22:46

Submitted by bradngill04
on Wed, 04/30/2008 - 22:46

Posts: 14 Credits: [Donate]

Total Replies: 5


Around the first of April, I received a call from a paralegal @ a company called "Creditors interchange" informing me that they had received a credit account belonging to me from Capitol One (that I haven't been able to make paymentns on, along with several others) and were notifying me of their intent to take me to court. The options I was given were to a.) pay the entire balance; or b.) pay one third of the balance by April 30th. I received a letter from them a couple of days later reiterating this. As I talked to the man on the phone, trying to explain that if I had the money, I would be glad to send it to them, but that fact was we are barely making our house, car, and utility payments, he kept asking if we had savings accounts (no), tax refund (already used to pay bills), or if we had relatives that could pay it for us (wouldn't ask them to even if they COULD afford it). At the end of the call, he finally said that I could either pay one third of the balance by the end of the month or go to court "and maybe the judge would be more interested in listening to [me] than [he] is" (I quote). The last thing I want is to go to court, so I made the payment to them a couple of days ago. I tried to make it through Capitol One, but when I call them, as soon as they get my account number, they transfer my call. Creditors Interchange said I could not send them a check, it had to be an e-check by phone. I made the payment, totaling $330 (as a result, I can't make our house payment which has to be made by this weekend). Since then, I have read terrible things about this company on the internet. Should I not have made the payment to them? What should I do now?


When you already have made the payment, I feel there is barely anything that can be done now. Whatever you have read about them on net I am afraid is correct. If you search the name in the box above, you'll get hit by several posts made by different posters about them.

However, my intension is not to scare you off. I empathize with you situation. Whatever you have done is to stop these people from making your life miserable. Just make sure that you receive the statement form them, that the account is settled for full and they'll not claim on it in future. Also, make sure that they report it to the bureaus and get it omitted form your report. Best of luck!!


lrhall41

Submitted by tweetyturner on Wed, 04/30/2008 - 23:29

( Posts: 278 | Credits: )


I would dearly love to consolidate, but so far, the debt management programs I've looked into are quoting me a monthly payment much higher than we can afford. We are both self-employed, and didn't have a lot of work throughout the winter. My husband does construction, and winter isn't the best time for that anyway, plus we've had excessive snow, ice, and flooding, which is why we've gotten so far behind. I can't afford a $200+ per month payment! I would try a loan to consolidate into one payment (and interest rate), but our credit is royally screwed up now! As Winnie the Pooh would say - "Oh, Bother!" :-}


lrhall41

Submitted by bradngill04 on Wed, 04/30/2008 - 23:42

( Posts: 14 | Credits: )


You may love to know that at times its not difficult to settle your debts yourself. Only you need to know how to negotiate it with your creditors.

Anyways, if you are too afraid to face it alone. You can register with this site for a free financial coaching to know your options better. Take care and keep us posted.


lrhall41

Submitted by tweetyturner on Thu, 05/01/2008 - 22:48

( Posts: 278 | Credits: )