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Capital One Charged off

Date: Tue, 04/26/2011 - 13:00

Submitted by sunkist
on Tue, 04/26/2011 - 13:00

Posts: 16 Credits: [Donate]

Total Replies: 3


I call Capital One today, they told me it was charged off 3k 4-14-2011 all the time I have been talking to them they said charge off was 4-30-2011, now they wand 2k to settle the account. She said if I don't pay it could go to a lawyer for legal action or 3rd party and they will want more.

I opened this acct many years ago paying min payments for years, have not used this acct in years. They say they want the principle that they loaned me years ago. I figured out there was over 2k in interest and the bal principle is 700, I told them this and told me, we have to pay our share holders they look at what you borrowed and never look at what you paid.

I really don't know what to do with Capital One will they sue for 3k, I don't have 2k to give them
I have 2 other cards that I'm settle with by april 30th


Greetings "[URL="http://www.debtconsolidationcare.com/forums/member.php?u=222568"]sunkist[/URL]",

Oh.....crap one!
I hate them so.......them and discover are the toughest to settle with.

The "[URL="http://www.debtconsolidationcare.com/forums/member.php?u=65878"]SOAPLADY[/URL] " is dead on correct with her post.

It's all about preservation of your santity.
I settled all of mine before chargeoff and can only offer my opinion, for what it's worth.

One option:
What I'm about to suggest goes against all logic but here it is:
Engage them in a conversation to see how small a payment you can make to keep them at bay. It's all about avoiding the lawsuit.

If you don't have the funds then you've got to string them along until you've got the funds to settle with them.

Keep in mind this action will reset the settlement clock but hopefully will buy you some time to gather the funds to settle with them at a later date.
And keep them at arms length!

Another option:
Let them sue and duke it out later with the lawyers/collectors.



Just an opinion.
King "Kash" Jabba Labba


lrhall41

Submitted by King Jabba Labba on Tue, 04/26/2011 - 18:30

( Posts: 507 | Credits: )