How proceed with Capital One

Is it really charged off and did James West buy debt? Or are they just servicing for Cap 1. You need to immediately send a debt validation letter to James West.

If James West bought debt they probably only paid $300 or so dollars for the debt. Now they want $2,300 from you. Give me a break.

Again, validate debt.....

I will have to search for the letter from Capital one but I am sure I got a letter directly from Cap one stating that it has been charged off. That doesn't mean they still can't sue me for it though, right? When they validate the debt do they have to tell me if Cap One sold them the debt? The settlement offer letter requests I make the check payable to their client, Cap One and other letters I have received of them they stated they have no details of my debt...just that they are acting on their clients behalf.

Since the settlement letter said make checks payable to Cap 1, I have to beleive James West is just serving and did not buy. You could call Cap 1 and ask. James West called me regarding Ameircan Express account that they were servicing.

Cap 1 may bounce around to different servicing facilities. I would still send debt validation to James West.

How old is debt???

It has been about 10 months since I have made a payment. When I called Cap One stating I wanted to try to work out a settlement his number was the number they gave me to call.

Still does not answer most important question "who owns the debt"? You could call Cap 1 and ask if they sold. If still time though send debt validation letter.

I will call and ask but from what I read and I'm pretty sure the first letter stated I had "xx' amount of days to repond or dispute debt and I am way past that time and past the 30 days I read online I should send debt validation.

I just tried to call the number that was on my statement and realized it is the number for URS....they were the ones that gave me the number to James A West.

I was told that the account was not sold but I needed to contact the law office because they cannot even access my account at URS once it has been forward to James West.

My American Express went to URS, then James West, now NCO. Mine are being serviced by these people and Am Ex still owns. May be the case with your.

Did you attempt to or have any luck negotiating with them?

Not as of today. NCO wants 50% I am offering 20% and will wait it out. Sending debt validation letter today to NCO.

So now I have not gotten ANY calls for James A West, Cap One or anyone else for over a week. Should I be concerned?? Calm before the storm?? lol

Sent you a couple private messages for how to handle Cap1, take a look, best regards...

Got them...thanks Maggie!

Hey Maggie, I'd like to get those tips too if you don't mind!

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Just a quick update. It took them long enough but it seems they have finally sent this to a local attorney that has called once and left a message from their legal assistant....Thomas and Thomas. I have not received anything in the mail yet but today they called my employer to verify employment so I am guessing they are getting ready to sue??

The new attorney is Thomas and Thomas out of Cinci...anyone heard of them??

Time to be proactive. I would mail and fax that attorney an election of arbitration letter. You should be able to get their fax either from their letter or use google. I'd send both and I wouldn't waste anymore time asking questions. You said their local and looks like they're gonna file suit. Just do a letter advising them that pursuant to the cardholder agreement that you hereby elect arbitration of the claim. Put this in the letter: As you are aware: If you or we elect arbitration of a claim, neither you nor we will have the right to pursue that claim in court or before a judge or jury...

You could also put in something such as: In an effort to resolve this matter in Lieu of arbitration I would offer to settle this matter for X amount....Put in whatever amount you are comfortable with. Keep in Mind it'd cost Cap1 probably 5K+ in arbitration fees and they can't get that back, win or lose...

i find it funny they are going through all of this over a $2800 balance, but will more times then not settle at sub 50% on a $30k balance!

i'll be keeping an eye as to what happens since i have a $3500 balance with cap1 that i will be defaulting on here shortly.

Ok..I got distracted with some other things going on my life right now (another story) and I did not get a DV letter sent out and sure enough I had a certified letter notice in my mailbox that is waiting at post office for me. I checked the count court docket and they have filed a lawsuit.
I jsut want this to go away and avoid wage garnishment. I can pay about 40% right now and probably get the rest paid off in 6 months with a payment plan. Is there any chance they will still work with me on a payment plan at this point?

it definately can't hurt to make the offer. Most law firms don't want to go to court so you can probably work something out with them. Give it a try and let us know how it goes.

Why ask for advice and then do nothing? Had you mailed the DV with the arbitration election they would not have sued you and eventually you could have gotten a 10% settlement or a complete walkaway...Now things have changed, they have filed suit, but not yet served you. My buddy was in your exact situation, lawsuit filed but not yet served. Here's what you could do. Immediately Fax and mail CMRRR to the attys a letter.

Atty office
123 collector street
anywhere, MI

RE: Capital One Bank (USA), N.A. vs. Your name

Dear Atty: Please be advised that pursuant to the alleged Agreement between the parties, that I hereby make my "Election For Arbitration".

Pursuant to the contract:

IF YOU OR WE ELECT ARBITRATION OF A CLAIM, NEITHER YOU NOR WE WILL HAVE THE RIGHT TO PURSUE THAT CLAIM IN COURT OR BEFORE A JUDGE OR JURY..."

Close you letter with this: Please be advised that any further attempt to proceed on this action may be held to be a violation of the Fair debt Collection Practices Act. Upon receipt and review, please contact the undersigned and advise as to your furture intentions.

If they contact you... advise them that via your election for arbitration, they have no right to proceed on their claim including serving you with any complaint, and lettem know you'll sue them if they ignore your arbitration election...I used that and they voluntarily dismissed their lawsuit.

Now they can't sue. They can arbitrate, and maybe they can't even do that as the forums are declining to hear CC cases initiated by the CC companies, if they would hear the case, Cap1 spends 5K+ in Arb Fees + their lawyers fees and they can't recover that $ pursuant to their contract, win or lose. That will force a settlement and some people have gotten walkaways and as low as 10% settlements.

If you can pay and want to work a deal, Go for it, the lawyers would definatel take your $ and work something out...and yes they would take 40% now and the rest in payments. They might try however, to get you to sign a Consent Judgment to that effect. What would be better is a written settlement agreement which states, payment of 40% and the rest in payments, if a payment is missed then a "Judgment" would enter for the balance less any payments received, that agreement prevents a Judgment...If you make the payments...

If you end up getting served, arbitration is still an option, it just gets more complicated in that you gotta do stuff to get the case actually kicked outta court...If you can't write and send letters, answering the complaint and filing motions to compel arbitration would be very difficult...

Almost forgot: I did settle a Cap1 Case, Post Judgment for 50% of the balance which was 6K, they agreed to 3K lump sum. They (the lawyers) would possibly accept 1400 lump to settle. Make sure if you do that it's in writing. If you want to pay it off tell them you want it off your credit report, or in the very least have them clean off some of it... I'm no expert with the CR stuff but with full payment, you should get something in return...