Summons from Capital One

Do you owe the debt? Is it within SOL? Do you have any grounds for dispute?

Cap One doesnt sell their accounts as a general rule so they can validate.

Yes to all of those questions

You need to answer the summons. You also need to make sure you appear in court. You may be able to work out a settlement arrangement with Cap1. Are you disputing the amount they say you owe?

PM sent

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If you don't think you can win in court and if you defaulted prior to Cap1 removing the arbitration provisions from their contracts that would also be an option. Cap1 arbitration agreement states upon election, neither you nor we will have the right to pursue the claim in court...You can elect post suit. Cap1 contract says they'll pay all the arbitration costs and they can't get that back, win or lose the arb case. Cap1 has JAMS as an arbitration forum. It'd likely cost them 5K+ in fees, plus the contract indicates each side pays their own attorneys fees...Depending on the alleged debt, moving to arbitration makes them think twice about proceeding...The question becomes who'd spend 5K + pay and attorney to maybe collect 8K a year or two from now???

I guess I can propose that as a bluff. But I do not have the funds to fight in arbitration

Arbitration is not a bluff. You need to read Maggee post again and research arbitration. The point is, if you initiate arbitration they pay most fees and in many cases will not due to excess costs.

Arbitration also takes case out of court house.

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What if you lose in court?? Your odds are better in Arbitration and the CC company may not even pursue.

I would think wage garnishment same.

PM maggie22 for great advice on Arbitration

I am looking into this. What kind of fees would I be looking at up front?

If they are taking me to court does that mean I defaulted before the removal of the arbitration provision in their contract?

Send PM to maggie22

I justy realized what PM meant.

Yes despite popular belief, PM doesn't mean Post Menopause. LOL "hey send me one of those PM gals - she'll get it done"

In order to elect arbitration, you would have had to default prior to January 1, 2010. That's when they changed the card agreement and removed that provision. So if your last payment was before then, I would definately tell them you want arbitration. The point everyone is trying to make is that it's expensive for them and people have reported electing arbitration and then just never hearing from them again. They just have gone away. Now whether that is temporary or not who knows but their lawsuit was dropped for the time being anyway.

I have two Capital One accounts that have been charged off and they are not willing to settle yet. I owe about 8k total. My last payments were made in December of 2009. Would I still be eligible for arbitration even though I wasn't officially behind until Jan 2010? I ordered my cardholder agreements and they don't have an arbitration clause. I presume this is because it was the new agreement. (Ordered them about two months ago.)