What would be the best way to handle this?
Date: Mon, 08/01/2005 - 10:07
For the last two years, we have been struggling to make ends meet, thanks to my husband's job. We racked up $5000 in credit card debt to help pay the bills. Last year, he took a better job, and we began to climb back out of the hole.
We were several payments late with Capital One. I called to make arrangements and spoke with the biggest jerk ever. He convinced me that if I didn't come up with $1000 before hanging up, he'd call the attorney and tell them to take it straight to court. I foolishly believed him and gave him my mortgage. Nearly lost the house over this, and it took almost a year to catch it back up.
Now it's been about 7 months since I've sent anything in to Capital One. I did try a few months ago, but they suspended my online access and I refuse to speak to them (for obvious reasons). At this point, it's gone to collection and I assume I can't go through Capital One at all. I do want to make payment arrangements, but I refuse to talk to an agent after my fiasco last year.
I can only afford maybe $200 per month and I'm sure that won't satisfy them. Can anyone suggest the best way to approach this situation? Should I just write Capital One and tell them what I can or can't do? Or do I have to deal with the collection agency now?
Any suggestions would be appreciated!
Before you start making any payment to the collection agency, yo
Before you start making any payment to the collection agency, you need to confirm if the collection agency has bought the debt from Capital One. If they are working for Capital One on their behalf, then you can make payment arrangements with your creditor. Sometimes, their own representatives from a different department start making collection efforts to recover the debts.
If the creditor has sold the debt to the collection agency, it means that the creditor has taken some money from the collection agency and now they will use every means to recover the debt from you as part of their business.
You can pull your latest credit report to confirm the present standing of your debt account and initiate your next move.
You can also take the help of the debt consolidation program to solve this matter quite comfortably. The debt consolidation program will be offering you numerous benefits while making payments towards your debt.
Under this program, the total debt amount will be reduced as all the financial charges, late fees will be waived off. You will be offered one monthly payment to all your consolidated accounts and this will ease your repayment options.
The consultant working in the program is trained to handle such situations as in your case and he will most likely force the collection agents to provide a true picture of your account.
I was also going through a problem where my debt was passed on to a collection agency and was having continuous failures while working with the agent. I heard words of praises about Debt Consolidation Care site and browsed through this forum. The consultant working in my program was very skilled and negotiated tactfully with them. I am just about to complete my program with this company and have made clean improvements in my credit report.
I will suggest you to get yourself registered at the sign up page in this site. They will be able to guide you in the best possible way and how to deal with it.
