Cap1 offering no help!!!

I hope you get some feedback from others, I'd love to hear what others have been able to negotiate. We have 3 accounts with Cap1..... totalling approx 15,000 and they haven't budged with us. We are approx 6 months behind in payments, but unfortunately based on settlements with other companies we have been able to work out, we aren't in a position to settle with them at this point anyways.

Good luck.

Well Cap 1 is a bear. They lose so much money it's increditble because they drive people into bankruptcy by not settling. I had 2 Cap 1 accounts. One settled for 50% before charge off. The other one they charged off 3 months ago and still won't budge off the 88% settlement offer. They haven't sold the account yet - it is still in their Recovery Department. They don't call at all, just send out a letter every 3 weeks or so.

I'm just waiting for it to go to collections and then I think I can probably settle it with the collection agency that buys it. I'm hoping anyway.

I now only call when I get a letter. I was calling in about 1x per week prior to the charge off hoping to settle it. I now don't want to appear to be to eager hoping that will get them to move a little. but who knows.

Greetings,

carp one:mad: or discover:mad:?

In my opinion are the toughest of the bunch.

If you get a decent settlement from them it's beacuse of your hard work and a bucket full of luck.

They don't care if it's 150 or more......just a bunch of hardheads.

There's got to be a secret number on those guys.
I'll start looking!

I guess you know what's not in my wallet.:p
Regards,
King "Kash" Jabba Labba

Thanks for the replies,

:confused: Looks like everyone has been having the same experiences....Cap1 definitely outta my wallet for good!!!! LOL.... march on good people march on.King, I wish you the best in finding that #! GLTA

For us, Cap one settled my husband's personal account at 50% of debt owed....exactly in half! His other debt with them was a SBA loan and they said that did not qualify for a settlement because it was government backed.....so we are making payments......My only suggestion is that i would not get into specifics of how much your income has been cut ....but only talk about what exactly happened to make it a hardship. for instance, my husband's business went under.....it had been going down for the last year....so I just told them that his business went out....not getting into any specific dollar amounts. Be careful.....cause although i didn't know it, my husband's income had been in the toilet for quite awhile. And 60% reduction in income depends on what your income is. Tell them about job loss, health problems...other financial difficulties, but I would stay away from numbers!!! Sorry that they are such hard heads...keep trying!!!

I also have 3 Capital One accounts. I am only 60 days late, but after reading about so many other people having trouble I am worried that they may not be willing to settle with me. Have they just decided to take a stand or what? If anyone has had success please post the information on who to talk to and what number to call. This may help us out in the future when we reach 120 days.

Cap 1 was my last account to be settled. They settled at 207 days. 50% on $15,000. I made 3 payments. Final payment was just on the 15th of this month. Just wait it out and keep saying you don't have any money to pay with at the moment whenever they call you.

Just chatted with them again yesterday.

Got the same $100 offer, and I can "get caught up"... but there are no options available for settlement or a longer-term payback.
Polite conversation, they understand that they're not offering anything I can use, and we'll talk in the future.

BTW, we're at 70 days, and the gent I spoke with said they'd be more flexible at 120 days.

I asked him to note our account that we are willing to do something... but we need them to work with us.

Hope this insight helps,
~Matt

Hey all crap one settlers,
Hang in there....we could not get anything from them until 120 days and then it was 50%......just settle the rest and hold on......

I'd take 50% in a heart beat. They simply won't offer anything lower than 88%. I'm now 90 days past charge off so that's what -- about 270 days. but here's to hoping.

I would also take 50% from Capital One. I have 3 accounts that will be 90 days in August. They keep telling me that they can credit me a $39 late fee if I pay my past due amounts and once I get caught up and stay that way for 6 months they would consider reducing my interest rate. What part of I can't pay anything don't they understand. I am going to just keep taking their calls and explaining my situation. I am hoping that they will offer 50% around 120 days. I will get that sent to them and be through with them FOREVER!!!!! I owe them about $5000 all together now. I will post an update when I have one.

does it show as charged off on your credit report, when cap1 charges off, even though it stays in house?

:|Thanks for the advice,think I'll try your approach as it does makes a lot of since.I'll keep trying as these clowns(NCO)are calling at least 4 times a day. GLTA! :)




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