debt stressed

If you can't afford to pay the credit card bills, then you should go for debt settlement program. This is because the settlement company can deal with your creditors and lower the outstanding balances by about 40%-60%. Thereby, you can save a considerable amount of money.

With 40k in debt, it is likely that you would get sued before saving enough to settle with these cards. Capitol One is still agressive and still suing a lot of consumers and with an $18k, they likely will not wait long.

Other than bankruptcy, I dont know what the solution would be. Work a second job maybe??

Have you checked to see if either offer a hardship plan?

Greetings unregistered,

carp one is very difficult to settle before charge off and the it's passed on to the real slime.

Can't help you with the credit union.

Regards,
King "Kash" Jabba Labba

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So if I let it charge off wouldnt I be more likely to get a better settlement????




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You can never tell, honestly. If they charge off, rather than litigate, you will sometimes be able to get a better settlement offer from the CA who buys your debt - and that's because they probably bought it for 10 cents on the dollar - so any money they collect from you will likely be profit. I can't imagine Capitol 1 would charge off rather than sue you, though. $18K is a lot of money.

Capital One is very difficult to settle with. I had two cards with them. One of the cards was actually my first settlement about 120 days late, but the other one went past charge off, then to the recovery department for 4 months then to United Recovery Systems. But don't be fooled they did not sell my debt. They still owned it, simply assigned it to united for collection.

United finally settled with me 4 days before the end of the month as they were trying to meet some goals. So your best bet for settling will most likely be well after charge off. As to whether or not they will sue, I guess that depends on if they think they can get money from you if they do. I made it very clear that my IRS debt had priority and they knew they would not get anything. I have posted on my ordeal with them, put Capital One or Cap One in the search box or pm me and I'll help if I can.

As for the credit union. I did not settle my credit union visa because at my credit union all unsecured accounts are tied to the secured accounts. What that means is that if I default on my credit card they can come and take my car since my car loan is there as well. It also was the only card that did not skyrocket in interest rate and would give me a way to rebuild my credit so I kept it.