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Charged off with Capital One

Date: Wed, 06/16/2010 - 20:12

Submitted by anonymous
on Wed, 06/16/2010 - 20:12

Posts: 202330 Credits: [Donate]

Total Replies: 21


I have 21K that was charged off with capital one as of this month. Just over 180days late I have a letter showing it is with Capital One Services, LLC. The gal I have been talking to said all she can do is bring the balance down to the original purchases and make a sizeable dwn and make payments till paid off with 0% intrest. She said if I don't accept then it is earmarked and approved to go to the lawyers. I did offer a settlement of 40-50%...said they cannot go below the purchases at this point but they can lower the down and work with the payments. Any advice on to take this??? What steps to take at this point...don't want to go to court on this....


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?


lrhall41

Submitted by Debt Free to Be on Thu, 06/17/2010 - 00:47

( Posts: 412 | Credits: )


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?


lrhall41

Submitted by Flipper on Wed, 06/23/2010 - 10:21

( Posts: 33 | Credits: )


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.


lrhall41

Submitted by OZZIE69 on Wed, 06/23/2010 - 11:39

( Posts: 555 | Credits: )


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.


lrhall41

Submitted by Debt Free to Be on Wed, 06/23/2010 - 18:03

( Posts: 412 | Credits: )


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...


lrhall41

Submitted by Flipper on Thu, 06/24/2010 - 09:41

( Posts: 33 | Credits: )


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.


lrhall41

Submitted by on Thu, 06/24/2010 - 12:35

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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?


lrhall41

Submitted by on Fri, 08/20/2010 - 09:07

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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.


lrhall41

Submitted by OZZIE69 on Fri, 08/20/2010 - 09:17

( Posts: 555 | Credits: )


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.


lrhall41

Submitted by dantheman on Fri, 08/20/2010 - 11:35

( Posts: 860 | Credits: )


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


lrhall41

Submitted by Resnr on Fri, 08/20/2010 - 15:23

( Posts: 12 | Credits: )


"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?


lrhall41

Submitted by on Sat, 08/21/2010 - 08:39

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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


lrhall41

Submitted by Resnr on Mon, 08/23/2010 - 07:40

( Posts: 12 | Credits: )


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


lrhall41

Submitted by Resnr on Mon, 08/23/2010 - 07:42

( Posts: 12 | Credits: )