Capital one

I think you should call Cap1 and talk to some one higher up the order, like some supervisor. It's not true that they don't settle. I have seen my cousin settling for 40% with Capital One. I think they are making their last effort to make you pay the full amount.

Your best bet with Capital One is to let it charge off, go to the recovery department and then when they assign it to a collection agency settle with them. I finally settled mine 4 months after charge off when it was assigned to United Recovery Systems. But you must portray to them that you are judgement proof. I never said that to them but I let them know that other creditors had priority and they fully understood that meant they could sue but wouldn't be able to collect. I think that helped.

I settled on the first call with United Recovery and it was the last week of the month and they were trying to hit some goal for collections. Cap One probably wants them to collect a certain percentage of the accounts assisgned to them. So they must have been short and i settled for 40%.

My other Cap One account was settled with them about 90 days late for about 50%.

I just called Cap One and worked a deal. Not a settlement--yet. I'm at least 250 days past due and in pre-legal with client services for $15,600. Was starting to get the "we don't want to sue you, but..." notices.

After settling with Chase I have been trying to save up cash to settle with Cap One but didn't have enough yet.

Based on the deal that Resnr recently made, I gave them a call today, last day of the month, hoping to get something similar (at least payment wise) as I knew I didn't have enough to settle and didn't want the stress of a pending lawsuit over my head.

The woman was very nice. After she gave me the spiel that I was close to being sued, blah, blah blah...I explained first off and flat out that I had been trying to sell items etc. but only had $,1600. She then made an offer for me to pay the $1,600 plus freeze the account to 0% indefinitely and let me make "small" payments. I asked how small and she asked "how much can you pay?" I threw out $50. She asked me a couple questions about my "after tax" income, etc. then accepted the minimum amount. This deal required auto deduction from a checking account (which is OK because I have 3 so no risk they will clean me out). She let me choose what day of the month for the deductions.

I didn't ask, but she told me up front when making me the offer, that I could always make these payments to show good faith and try to settle later when I had more $. I'm a little skeptical about that but that would be nice if it was the case.

She's sending me the details in writing and I will get a statement from her personally in the mail every month 7 days prior to next payment due. Evidently I work directly through her which is interesting. If I want to pay more than the min. I will need to call her directly and work it out.

Anyway, I didn't settle but breathing a little easier right now. :cool:

A lot to be said for breathing easier. If you don't have the money to settle this is a good solution for you, but don't fool yourself. Once they are receiving your payments they will never talk settlement with you again. But at least it's handled and you didn't get sued.

CapOne is notoriously difficult to settle with. At the time they sued me, I was essentially judgement proof because the only income I had was from sources that cannot be seized or garnished... the most I could talk them down to was $600 off the balance, and that was after they served me papers.

The woman I spoke with at the law firm told me that my inability to settle with CapOne earlier was not unusual, they're for the most part in the business of sub-prime lending and won't settle with anyone they think they can enforce a judgement against.