Capital One Settlement Letter..need help!
Date: Tue, 12/22/2009 - 22:39
Hello,
I received a settlement offer from Cap 1 today on a MC account with a $4200 balance. They agreed to accept $2053.00 in 1 payment. The account is 152 days past due.
I am concerned about the following paragraph in the settlement offer letter:
"Upon completion of the settlement, the remainder of your account balance will be written off and your credit report will be updated to show the account as settled with an outstanding balance."
Has anyone accepted these terms? Do they typically sell the account's outstanding balance to a CA?
Any advice/direction would be greatly appreciated.
Thanks!
I received a settlement offer from Cap 1 today on a MC account with a $4200 balance. They agreed to accept $2053.00 in 1 payment. The account is 152 days past due.
I am concerned about the following paragraph in the settlement offer letter:
"Upon completion of the settlement, the remainder of your account balance will be written off and your credit report will be updated to show the account as settled with an outstanding balance."
Has anyone accepted these terms? Do they typically sell the account's outstanding balance to a CA?
Any advice/direction would be greatly appreciated.
Thanks!
Once settled the account will appear in your credit report with
Once settled the account will appear in your credit report with a status settled. The creditors might use different languages to update the same info. The balance amount wouldn't be sold to a collection. Get a "account satisfied" letter signed in ink from the creditor upon settling the account.
Push them to say it is settled in full so the remaining balance
Push them to say it is settled in full so the remaining balance does not come back to haunt you and expect a 1099c from them for the cancelled debt in excess of $600 per Irs regulations.
Quote:Originally Posted by cajunbulldogPush them to say it is se
Quote:
Originally Posted by cajunbulldog Push them to say it is settled in full so the remaining balance does not come back to haunt you and expect a 1099c from them for the cancelled debt in excess of $600 per Irs regulations. |
Cajun,
This question is about a VISA account I had with Target National Bank. I contacted them and settled the account for 30% of what I owed them and paid the amount. I received a letter stating that I'd met my obligation and they're going to change it on my credit report as "ppaid in full" or "$0.00 balance"
My question is, you mentioned an IRS form, 1099c. Should I contact them and make sure that I receive the form?
team