capital one settlement advice

What you paid in interest each year is irrelevant.

Do a search of the forum in the upper right hand side...lots of info on capitol one and settlements.

ok thanks, but the collection agency that just got the case said we cannot settle without filling out a hardship form to show income/expenses...is this true? I have no problem showing this to them as we're in a difficult financial time right being self employeed and having clients not pay so we've lost income drastically.

No, it's not true. I wouldn't give them any info they might be able to use to squeeze extra money out of you. I would simply make them an offer of 20ish% and then start the negotiations. Send them a letter so you have it in writing.

@OhioGal1 - a BIG thank you for your insight. Very helpful!

It was my gut instinct as well while i was talking with them so I asked multiple times on the phone "so in order to even settle for less than the balance you have to fill out a hardship form and get Cap One approval?" and the repeated answer was "Yes" from the CA. I thought it sounded odd and just a tactic. I have learned alot from this forum and reading on the FDCPA rules so i am waiting for the validation notice to arrive from the CA that they are required to send 5 days after first contact and then I will send a certified debt verification letter requesting they show the charges, finance charges, and any/all fees they applied (that they promised to removed months ago). I need to see some numbers in writing since I have no access to records now on the Cap One website so all statements and records have been blocked for me to access as a consumer. Then based on what they send, or do not send, we'll look at your idea of settling for 20%ish recommendation, in writing of course and request as part of the agreement that the line item be marked as 'paid in full' for credit reports.

If you have any more helpful tips or any suggestions to this plan please let me know.

Thanks a bunch!