Capital One agreed on extending payment

NCO financial is the collection department for Capital One. My husband had a Circuit City card underwritten by CO, and NCO has been a thorn in our side for a while now.

Record all of your subsequent conversations with them, and if anything sounds fishy call a lawyer. You're always better safe than sorry, and if you can catch one of these companies in a lie, threat, or unauthorized transaction you have grounds to file a lawsuit.

All creditors have certain laws to obey. If they don't, there can be serious problems. The biggest problem for them is the number of lawyers they have on their side and our lack of evidence against them as consumers.

The more aware we are and the more prepared we are, the less they have to stand on, and they might fall.

Empower yourself!

Yes Boomhauer, creditors have such rights to hire lawyers and collect the money. If you fail to pay them, you might be open to legal actions.

But, there is one thing that I will like to suggest you. As you said that the representative has agreed with you on postponing the payment, insist him to give it in writing. If I assume them backing off from their words, there won't be any proof if they said anything like that. Have it in writing and take the time to pay it later.

We had a business that after 911 went down hill as many did. I am still trying to pay the business debt from personal monies but it is getting hard to do. I did not personally sign for the debts and we have an S corp. Am I covered under the corporate laws or can I be held accountable personally even though I didn't personally guarantee credit card debts that the business incurred.

Zeta, after the 9/11 incidence, there must have been some rehabilitation programs offered for the debt struck people in business. You need to talk to your state bar council and see for such aids. Many are going through similar situations and are getting the government aid. You might get some helpful information in the state bar council.

I have a delinguent account with Capital one....895.00...can I settle with the company for less than that ...most of it is late and over the limit fees over several years?

Tiffany, there is no doubt that paying off the account will improve your credit and if your account is far from the 7 years reporting period. But, before you make a payment agreement, check the SOL in your state and see if the debt is within the legal collection period. If the statutes have expired, you can't be legally forced to pay the debt and no legal actions are possible against you. But, if you make a payment now, the SOL will be restarted and in case of any default in the future, legal actions will take an effect if the creditors want to do so.

So, after you have verified the SOL period and reviewed the details of the account, make a payment arrangement with Capital One. Seeing you willing to pay the debt, they might extend some benefits to you during your repayment. This includes eliminating the late payment fees and making your debt amount shorter.