Capital One/ BofA

Yes, Capital One can charge off your account since you are lagging behind your payments by 6 months or so. The settlement percentage will depend on your negotiation skills. You may also get help from a professional debt settlement company regarding this issue. BOA is easy to deal with. Several consumers have been able to settle debts with BOA successfully. I hope you'll be able to settle the debt comfortably.

Do not waste time or money on a debt settlement firm....do it yourself and save your $$$.

BOA will settle at 30% or so...maybe a little more because you owe a small balance relative to many (I owed them $60,000 or so). On the other hand Capital One will NOT settle under reasonable terms. Maybe if it goes to a collection agent you will have some luck, but C1 will not do beans to help you. Maybe they will take off 10-20% at best. Good Luck.

Capital One can charge-off your account as you didn???t payoff your debt for more than 6 months. You are lucky as Capital One has agreed to settle the debt rather than filing a lawsuit against you. There is no specific time limit within which you would be able to settle the debt at 50%. This depends on your convincing power. If you want to settle the debt with B of A at 30%, then you can contact with B of A on your own and convince them regarding this settlement. I never did a deal with B of A but heard that many people have successfully dealt with them.

I settled my accounts for 22 cents on the dollar in a few months. I would call (solicitation removed per TOS) will get you a good deal. You pay the creditors directly once you receive the settlement letter.

No, you did not settle capital one at 22%. please do not come on here with your solicitations and lie to these people. You KNOW it is a lie.

Greetings,

Crap one is one of the toughest ones to settle out with.
They'll assign it to nco.

Dealing with nco and crap one is like walking barefoot in your yard and stepping on dog crap.......just nasty.


Boa-the snake will typically settle at 150 days or so at 30%.

Regards,
King "Kash"Jabba Labba

Cal BOA's settlement team at: 1-888-328-9458

I settled over $20l in debt for under 30% on two accounts. They were professional and didn't give me a hard time. Just make an offer and if they can't accept it they will counter and you can get somewhere around 30% after 90-120 late without a lot of heartburn.

You should definitely consider settling these accounts. You could potentially save a ton. One of the members advised to avoid debt settlement companies. I would not agree to that, simply because, unless you have extraordinary negotiation skills and aware of every single aspect of debt settlement procedure, I would not recommend to attempt to do it on your own, after all you probably don't attempt to change break pads on your car. Capital one usually settles around 22 and 40 cents on the dollar.
I would consult a professional regarding procedures to get the best settlement offer.

I absolutely agree DO NOT HIRE A DEBT SETTLEMENT COMPANY. Read this Board and you will find stories of person after person who has successfully negotiated with credit card companies and were able to get very good settlements. You will also find story after story from people who felt they got cheated by a debt settlement company. We personally settled 5 accounts in December 2010 and January 2011 and with some time and persistence we were able to get rid of all our debt for about 30% of what we owed. I am so glad we did not hire someone to do what we could do ourselves. Good luck.
Just a side note we DID NOT have Capital One as an account so I have no experience with them but BofA was one of our cards and they were not difficult for us. At about 170 days we settled for 25%.

Thanks everyone for your input. I've been able to settle with bofa. On to Capital one..

I did settle with Cap One and with B of A. B of A was easy, but cap one was tough. I had 2 cards wtih them and they were my first and last settlement. They settled my business cap one card rather easy, but the other one was a problem. It did go to NCO and at the end of the month they were trying to make quota with their collections and finally took a settlement. Just as I was beginning to think they would never settle and I may have to pay that one in full.

So trick to the game is really timing. Try your hardest during the last week to week and a half of the month.

Oh yeah - and don't hire one of those companies. I agree with the other posters. When I mentioned to a couple of the cards I was thinking of doing this, they told me they will not talk to them and could escalate any legal action they may take.

Thanks for your feedback.

I talked to NCO yesterday, here were their offers.

1) Settlement at 75% in one lump sum payment.
2) Pay In Full, over 24 months or over 36 months, interest free.

I'm waiting to get that in writing, but I do plan on counter offering the settlement in writing. I'm 180+ days past due.

Thoughts?

Just wanted to update- Settled at 55% last week.

Hmm...

Just as the other poster suggested, the end of the month.

This was still with NCO?

It went from NCO back to Capital One, then last to First Source Advantage.

Wow - surprised to hear that NCO wasn't willing to budge below 55% on your Capital One account. Yes, Capital One is tough, and we typically would get settlements at around 50%, but recently we've been noticing a trend of nearer to 40%. Your NCO representative must have been one stubborn collector! Oh well, what's important is that you're out of debt - now you can start to rebuild your credit and you won't have to worry about bills anymore.

Oops - sorry, I didn't see your most recent post. So, now the account is with Firstsource Advantage. Good - I'm sure you'll be able to do better than 55%. Keep us posted!

I would love to settle our last CapOne for 40%. Although the longer you wait, 40% is the same as 50% a month or two prior.

Any suggestions on BOA? I really need them at 30% or less to make my spreadsheet work.

Did your BOA account charge off yet, or is it still with their in-house collections department? If you have a telephone number from correspondence received from Bank of America I can let you know exactly where it's at, and what to expect. Thanks!

Marie, best I can tell it is still in house. The most recent number I got was 888-800-2513. Also a 7/12 letter wtih 866-554-7017. Have 2 accounts totaling almost $16K now. Almost 120 days late now I think. We missed the 4/17 and 4/14 due dates. Not sure how they calculate...is it from due date or that cycle date?

Just settled the wifes boa yesterday at 23% 3 payments of 500 on a 6300 debt.It was with ars collection agency but boa still owned the account as they had to get approval from them to accept the offer.

Awesome settlement. How many days were you at that point ?