Need advice in dealing with NCO Financial Systems

They are a collection company. Make them a reasonable offer and hold firm.

Thank you. I appreciate it! I didn't know if collection agencies took offers. Is starting with a 35% of the total debt offer too low or a good place to start?

That's a fair offer and I would stay firm.

Thank you! I will start with a 35% offer. I will let everyone know in this forum how much each company agrees to settle with as I go along with my debt settlments.

It is too early in the month for a good settlement. They get more generous with settlements closer to the end of the month. Never offer a settlement before the 20th of the month

Are you SURE Cap1 sold the debt to NCO? Cap1 is nortorious for keeping pretty much all their paper and just using a collection company as an assignee.

Are you SURE Cap1 sold the debt to NCO? Cap1 is nortorious for keeping pretty much all their paper and just using a collection company as an assignee.

Also take into consideration the age of the debt in question and if it is inside or outside SOL. Generally, the older the debt, the more willing the CA is to accept low settlements. It is also a good idea to find out if they have purchased the debt or if they are collecting on behalf of someone else....and if the owner is the original creditor because if it has been bought, they did not pay full price for it and you can also take that into account when negotiating. Whatever you do, make sure that part of the deal is an update with the CRAs (removal is best, settled or paid is good too, but anything with 'less' or 'collection' in it is not worth your time and money since it is nearly as bad as an outstanding debt.

Thank you all for your help. You are right, NCO is an internal collection agency in Capital One! They are not an outside agency! Probably just a scare tactic. I appreciate all the advice! I am saving over $15,000 doing this settlement with all my cards on my own. Thanks!

NCO is NOT Capital One's internal collections. They are a independent 3rd party Debt buyer and collection agency. Denizen is correct in that Cap 1 will hold on to the account until SOL expires. If they do not sue, then they will sell it off in lots to a junk debt buyer. If they do sue, often they do it just as SOL is close to expiring. By that time, it has accrued hundreds of dollars in interest. Read more on NCO here:

Thank you! Should I try to settle with them first before my other cc to prevent the debt from being sold off in pieces??

When was the last time you paid on the account? What state do you live in?

I live in Colorado. I paid last on March 2008 and have made token payments of $20.00 per month since.

Who is this number and who is Michael Walker - is this a collection agency?

I just beat NCO Financial Systems, Inc. I sent them a detailed and stern DV letter I obtained from this site and they just went away. Sent me a letter and everything for the trouble. Then they cleared their info from my credit report. It wasn't that much money but hey I won and got a negative off of my report. Plus it was a 10 year old debt. I also beat Pinnacle Financial group using the same tactic. But for Pinnacle Financial Group I also complained to the credit bureau. A month later it was deleted from my report. Wish I had this info 3 years ago.

Way to go Tom...

Yep....good for you!! Seems like when NCO DOES call (and they LOVE to call about very old debts..) they tell me they don't have to send me anything in writing. However.....I've looked on my CR. A few debts, that they want payments for ( or that they CLAIM they own now..) aren't even on my CR anymore. But...remember, if you start paying on a debt again, if the SOL expired, you will be 're-starting' the debts SOL all over again.