capital one

I think you would have to give more information. Is this a collection account and if so how long has it been in collections? Also is this a CC, or installment debt (signature loan)?

talked with capital one today and they won't settle for less than 88%....
it's a credit card, been late for 149 days, told me will charge off on Sept.10,2010, and after that they will take legal action...
should i take the deal??????

See I think the deal presented to you by Capital One is not good at all. If they send you the summons, you will get 20 to 30 days time to renegotiate. And that time you might get the same offer or you can choose the monthly payment option where you'll need to pay the full balance in small monthly payments.

So, as of now, you can try to negotiate and give them a proposal for 45% or 50 % of the total amount due. Tell them that it's the maximum amount you can come up with. Give this offer to a supervisor and not to a rep. It they accept then it's ok, otherwise you can renegotiate after receiving the summons and resolve the issue outside the court.

more updates with Capital One...
I send them a settlement proposal letter since I couldn't get them to settle on the phone, so today I got a letter from Capital One Services, LLC saying that they are the servicer of my account, a subsidiary Of Capital One Bank and " we are unable to fulfill your request through written correspondance. If you contact the number 1-800-955-6600 an agent will be happy to assist you with your request." The letter ends with " If we settle your account before it is charged off, we will charge off the remainder of your account balance. We will then report your account to credit reporting agencies as settled with an outstanding balance."

Did a settlement with them this year for 50%. I advised against it because the default date (last year) allowed for the arbitration option. They took the arbitration stuff out early this year. They would have been required to provide you with notice of this change in writing or perhaps you could still use this even if suggested during negiotiations to get a better deal. The settlement for the 50% was in 6 monthly payments (settlement agreement in hand before any payments went out). At your balance that would be $358 a month for 6 months. I have settled Cap1 cases even post judgment for 50%. If you're inclined to settle and can come up with money, I'd suggest getting them on the phone, working out the numbers and advise the caller of your intent to elect arbitration if necessary...That might get them to work with you.

my acct. with Cap One is 11 days from being charged off, talked with them today and still can't get them to settle. they won't go any lower than 88%...
any advice????????
i'm thinking of waiting until 4 days before the charge off, and try to offer them a one time payment for 50%...