Charged off with Capital One
Date: Wed, 06/16/2010 - 20:12
Oh that is what they told me - we can only take it down to the a
Oh that is what they told me - we can only take it down to the amount of the purchases. So I got all of my statements out and added up the purchased and yes they were right, BUT they also then need to subtract the thousands in payments I have already paid towards those purchases. That was the biggest joke any creditor ever tried to pull on me.
Now Cap One did not say that they were sending me to the attorney, but it did charge off on 4/7 or there abouts and I haven't really heard anything from them since. The only thing that the recovery department says is that I can make any payment I want until it's paid off. They won't settle for less than 88% at this point.
Talked to a lawyer and she said to just wait it out. The older it gets the more likely they are to settle. If they sue then I can settle with the attorney for probably 50%. So either way - just waiting to see where it goes is what I'm going to do.
Keep us updated on your situation and let us know if they are just blowing smoke on the attorney thing or if they are for real. by the way I have been talking to Jessica - who have you been talking to?
Maybe they will settle prior to a court date...maybe they wont.
Maybe they will settle prior to a court date...maybe they wont. it is a risk you take. Once they start court proceedings, you risk them sticking to their guns...and they could end up getting a judgment against you for the whole amount. Do your research.
I'm in getting close to charge off too. I had a conversation wi
I'm in getting close to charge off too. I had a conversation with them yesterday you can read about here
http://www.debtconsolidationcare.com/forums/showthread.php?t=72493
It's frustrating to say the least!
Crap1 has an arbitration clause. You need to research this.
Crap1 has an arbitration clause. You need to research this.
I got my "you're in pre legal" letter from Cap One in the mail t
I got my "you're in pre legal" letter from Cap One in the mail today. Ironically I also got an email from them stating that my new card is on the way ....um, what? My credit is suspended but they sent me a new card? These guys are a piece of work!
Just an update. I got the "card" they said they were sending.
Just an update. I got the "card" they said they were sending. It's not a new CC but a $50 "thank you" gift card with "no strings attached". The letter stated that they knew I was having financial difficulties and if I called to work with a CSR to go over my "options to help me get back in good standing" they would activiate the card. I spoke with them 9 days ago and this was sent 3 days prior. Anyone else gotten one of these?
Lucky Flipper I never got one of those cards. My Crap1 charged
Lucky Flipper I never got one of those cards. My Crap1 charged off 1 month ago and was bought by Portfolio Recovery Associtates.
I don't understand though, if it is truly "charged off" why is it still with Crap1 and not sold?? I am guessing not charged off yet and internal collections is working it.
Hey where is my $50 bucks! LOL Mine was charged off 4/7 and st
Hey where is my $50 bucks! LOL Mine was charged off 4/7 and still has not been sold. It is still with Crap One in the Recovery Dept. They aren't calling or anything though. So I'm just waiting....... But I guess kind of good since I don't have the money to settle with them now anyway - just paid last payments of settlements on BofA and chase so need to save up some more money before can do anything.
Wait Longer Don't Worry! Mine went to the recovery department @
Wait Longer Don't Worry! Mine went to the recovery department @ 180 days and when I hit 8 months (240 days) I got 25%
I think I got the $50 card because I had not called or talked wi
I think I got the $50 card because I had not called or talked with them at all and they sent it literally 3 days before I called them and it's a ploy to get me to call. The sticker on it has a number need to call to activate it and it's the number for their collections department. Now they are calling me again non stop. I plan to call them again today or tomorrow and offer 30% yet again.
I'm sort of reluctant to "activate" that card though. Seem to think if I do it may be used against me some how...
Quote:Originally Posted by AnonymousWait Longer Don't Worry! Min
Quote:
Originally Posted by Anonymous Wait Longer Don't Worry! Mine went to the recovery department @ 180 days and when I hit 8 months (240 days) I got 25% |
That's awesome. I hope I can get lucky that way. How much did you owe them if you don't mind me asking?
Flip I would also be cautious on activating that card. None of
Flip I would also be cautious on activating that card. None of us like Crap1 and would like to get money back from them. However, you are near or at charge off and accepting gift from them may be some sort of trick to restart clock. Hopefully others can respond.
Quote:Originally Posted by FlipperThat's awesome. I hope I can
Quote:
Originally Posted by Flipper That's awesome. I hope I can get lucky that way. How much did you owe them if you don't mind me asking? |
Flipper I owed $27,000.
Crazy thing I only talked to them 3 times before they call with the 25% offer.
Tb5477
Capital One is the bulldog of charged off credit cards. They will not let go....... do whatever you can to make a settlement. Here is my terror of a story that all happened because I was laid off for 6 months. They would not work with my during the lay off so I rec'd a higher interest rate, late fees that made my balance go over my credit amount so I rec'd overbalance late fees every month for that and so on. Because of the trickle down effect by the time I had started working again. I could not afford the minimum monthly payment so I ended up doing PDL loans (which is a whole nother story). My original $5000 balance is now over $7000 I also now have court and attorney fees for the rest of my life. The unabridged version of what I went thru....First is harrassing emails, phone calls then a lady knocking at my front door with a summons to appear in small claims with their attorney I offered to pay $50 a month, the attorney so no and they would see me in court. I was served again and went to court in front of a judge their lawyer would not take $50 a month even tho the judge tried to get them to reconsider, they handed the judge some papers to put a judgement against me for the outstanding balance + court and attorney costs. I got all that in the mail that I again had to sign for. Finally I ended up with a summons to appear at a lawyers office where I was belittled, humiliated and all this in front of a stenographer and other attorneys. Guess what........ I now pay them $50 a month for the rest of my life. I am Head of Household in the State of Florida so they can not garnish my wages right now. I am sure as soon as my dependents are not dependents I will be in court with them again. See what I mean about bull dogs....day 1 I asked to pay $50 a month until I was working again but nooooooo.....the only bright side to all of this is that because of my little Capital One card I added a few jobs in Florida........ Side note I had other credit cards and they worked with me until I was working again......my credit is fine with them....go figure.
Right now I am going through similiar situations with Cap 1. I w
Right now I am going through similiar situations with Cap 1. I was having a financial hardship last fall and called to tell them to see if they would work with me. They said they would not give me fees for 3 months. Well this did not help and I started paying them $25 a month for the next 6 months. As of Jun,2010, they have charged off my account and then a debt collector from United Recovery systems had called and I didn't talk to them. Now a law office who says they are a debt collector for Cap 1 is calling. I finally talked to them and told them I need to know if this is my debt and want it validated. Today I am sending by certified maila letter that requests validation and cease and desist from calling me at home and work. The lady from the law office became very upset and told me this is no joke and they will take legal action against me. I told her she needs to valdiate this is my debt first, then we can talk. My debt was $13,440 before Jan. now its $15,600 with interest and fees. If they do sue me, I don't plan on showing up at court...Any suggestions?
If they sue and you don't show up they will get automatic judgem
If they sue and you don't show up they will get automatic judgement against you. If you show up and lose you can at least ask for payments that you can afford.
Wait and see if they can validate the debt. They may have a hard time doing this. Also, Crap1 has an arbitration clause and you should research this.
Quote:Originally Posted by AnonymousFlipper I owed $27,000. Cr
Quote:
Originally Posted by Anonymous Flipper I owed $27,000. Crazy thing I only talked to them 3 times before they call with the 25% offer. |
I find this very difficult to accept at face value. You would be the only one on this forum who received such an offer. Please post your settlement offer so we all can benefit from it.
I tend to agree with "dantheman" sounds like too good to be true
I tend to agree with "dantheman" sounds like too good to be true, my current offer is at 75% SEE BELOW
My credit card acct. balance of $21000 has just been charged off. Cap One has taken it back from NCO. It is now in their Pre-legal Dept.
I offered a $11,500 settlement, they said no and came back with this.
They have offered me $17,000 settlement with the following conditions
$8500. lump sum now, and $ as low as $50. per month INTEREST FREE up to 340 months to pay. Acct. will read "settled in full" at the end. Of course it could be paid off sooner, and would be.
Has anyone seen a offer like this?
Does the entry at the end just prolong the bad CR marks?
I"m not sure if the charge off would be taken off right now or at the final payoff?
I have just settled a $15,500 HSCB card for 40%. reads "settled for less than full amount".
Any suggestions THANKS
"Finally I ended up with a summons to appear at a lawyers office
"Finally I ended up with a summons to appear at a lawyers office where I was belittled, humiliated and all this in front of a stenographer and other attorneys. Guess what........ I now pay them $50 a month for the rest of my life......"
Just curious why you are paying them anything if they cant garnish? Why did you agree to it?
My offer from Cap One
Thats just about what I'm being sent today by fax, a offer of 50% of a offer of 60% of bal. ($23.000 down to $15,500) and $50.00 per mo. up to 160 mos
INTEREST FREE....... but they are trying to get over 65%. Sound high compared to other settlements....but don't really want to go legal or BK.
Good Luck
:confused:
Heres my post
http://www.debtconsolidationcare.com/forums/showthread.php?t=80658
My offer from Cap One
Thats just about what I'm being sent today by fax, a offer of 50% of a offer of 60% of bal. ($23.000 down to $15,500) and $50.00 per mo. up to 160 mos
INTEREST FREE....... but they are trying to get over 65%. Sound high compared to other settlements....but don't really want to go legal or BK.
Good Luck
:confused:
Heres my post
http://www.debtconsolidationcare.com...ad.php?t=80658