Account "Not Eligible" for settlement?

I've found out with my negotiating that if you've been with them for a number of years you have a better chance at settling because they've made lots of money off you. Also, if you have a very high balance. I settled with BoA for $4700 on a rather large balance.

Perhaps you should tell them there's no way you can pay this amount and that you're considering BK?

I've done that- tell them I'm considering bankruptcy, I think they are just playing hardball because I'm just over 90 days past due, I'll try calling them again later in December.

bump- any other opinions?

Capital one can be tough to deal with...and they do like to use the courts...

Ok, don't know why the login thing does not work, I log in it says I'm logged in but apparently I'm not. It simply wouldn't make sense for Cap 1 to use the courts for a 3300 balance, the lawyers will take 33% or so post suit and the reality is they are not gonna wanna play around with chasing down the money. I just defended a Cap 1 case for one of my clients, post judgment from 2007, they were chasing him around for a long time but we resolved it with a lumpsum, he saved 50% so although not the greatest settlement he got the $ from a relative, does not have to pay them back and it's done...Regards maggie22

I just talked to Cap 1 today. I'm 84 days past due. They told me that I'm not eligible for a settlement until I'm at 120 days past due. They said that I could pay off the account for $4,500 or if I wait, the settlement would be $4,300. I currently owe $4,818. I'm going to wait and see if I get a better offer from them. It sounds like I might do better after 120 days, so I'm waiting it out till then to see if I get a better offer.

Hold out till about 150 and then have some cash ready to go for Cap 1! They will settle.

Just a quick update- called Capital One again today to see about a settlement offer, I was forwarded to a supervisor who told me flat out that they do not offer settlements until you hit 120 days late (my account is just under 100 days late right now). So apparently that is why my account was "not eligible". I'll keep saving up until 120-150 days!!

it can also be if you charged something recently on the account were you still owe the origional debt. but all companies are gonna say they dont do settlements and such its a scare tactic.

Also dont think they wont take you to court for a small amount, i was taken for 1,300.00 (origional debt close to 700.00)so they can and will. not by capital one but by citibank for me. so dont think yor debt is to small to end up in court