Will Capital One ever settle?
Date: Sun, 10/17/2010 - 14:47
I am nearing 180 days late with Capital One and they say my account will charge off. We owe close to $12,000 and they won't budge at all for a settlement. We have a second mortgage that charged off and another credit card we recently settled. My husband lost his job months ago. We offered $3500 and they aren't negotiating at all. They will only say they can offer a principal balance settlement of $11,300. Our Interest rate is still very low, 6.9% but we want to get rid of it! Any help is appreciated!
Have you tried talking to a supervisor or a person who has autho
Have you tried talking to a supervisor or a person who has authority to take decisions? Talking to reps won't help.
Quote:Originally Posted by meganh0710I am nearing 180 days late
Quote:
Originally Posted by meganh0710 I am nearing 180 days late with Capital One and they say my account will charge off. We owe close to $12,000 and they won't budge at all for a settlement. We have a second mortgage that charged off and another credit card we recently settled. My husband lost his job months ago. We offered $3500 and they aren't negotiating at all. They will only say they can offer a principal balance settlement of $11,300. Our Interest rate is still very low, 6.9% but we want to get rid of it! Any help is appreciated! |
Capital One has to be the worse. They offered me a settlement of 70%. I am holding out for 50%.
Quote:Originally Posted by meganh0710I am nearing 180 days late
Quote:
Originally Posted by meganh0710 I am nearing 180 days late with Capital One and they say my account will charge off. We owe close to $12,000 and they won't budge at all for a settlement. We have a second mortgage that charged off and another credit card we recently settled. My husband lost his job months ago. We offered $3500 and they aren't negotiating at all. They will only say they can offer a principal balance settlement of $11,300. Our Interest rate is still very low, 6.9% but we want to get rid of it! Any help is appreciated! |
My card was a citibank but I will tell you what happened. I could not get below 45% dealing directing with citibank. Now will Capital One do a charge off or will it go to the recovery dept?
My understanding is they hired a 3th party to collect but do not sell it.
The people in the recovery dept are very rude but this may be where you get your best deal.
2 months on their books I got 25%.
Quote:Originally Posted by meganh0710I am nearing 180 days late
Quote:
Originally Posted by meganh0710 I am nearing 180 days late with Capital One and they say my account will charge off. We owe close to $12,000 and they won't budge at all for a settlement. We have a second mortgage that charged off and another credit card we recently settled. My husband lost his job months ago. We offered $3500 and they aren't negotiating at all. They will only say they can offer a principal balance settlement of $11,300. Our Interest rate is still very low, 6.9% but we want to get rid of it! Any help is appreciated! |
My experience with them is that they won't settle. I had a $2500 balance with them that they ran up to $3500 with fees related to their bogus payment assistance plan (just got my measly $15 cheque from the class action). They settled pre-litigation for 85% of the balance. I guess they'll do 75% now, but I wouldn't expect much movement from them. They're quick to sue, too.