Capital One Settlement - Anyone Successful?

Settlement success with Capital One.
Dealing with them can be tough, but you can go through this discussion on cap one

ed1111 um you're in "Liquidate" right now its the area of colections over 120 days but before chargeoff (180) If you want to contact them 1 800 955 6600 should do the trick. I work in the up to 120 days area...your in an area I'm totally unfamamiliar with. Good luck from a Cap1 Collector..I mean that honestly..Companies have no loyalty to their employees and we have non to them.

I settled with a collector for them (bakerjonz linked to my thread). I did it for about 60% if I remember. once it was in collections, i sent validation to nelson, watson who collected for them. they validated and offered me a lump sum or a payment plan.. it was not too bad, just really stressful at the time.
but i did not deal with this until after it was charged off. i was much more ignorant back than, if it were today i would try to work with capital one directly.

Thanks Cap One rep. I did call the # but it put me right in touch with the folks I've been talking too. My settlement offer is $16,300 on a $16,800 balance.

I'm going to fax in a hardship settlement request. I'm losing my job in upcoming months because I prepare taxes and that is not going to keep me busy much more. (That is actually my 2nd job, but losing any income right now is not good).

Capital One has been the nicest in regards to somehow still charging me 0.9% interest during this process. I'm not sure if it is because someone put me on a hardship plan (that I have made no payments) which could be hurting my chances of settlement or if it is just coincidence. Most other cards have gone up $2,000 in fees and penalties but this one seems to only be going up $150/month or so.

I'm still getting nowhere in regards to settlement. We'll see if the hardship letter has any impact.

Sincerely,
Ed

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^^ agreed, even my first offer with the collector was better than that (it was 75%, i believe)

75% wOW!!

Capital One is not NICE and was NOT easy to work with when my husband's hours got reduced. They would not reduce the interest rate or anything. I wanted to close the account and freeze the interest rate and pay off the $2700 balance over 6 months, they refused. They have now taken me to court for over $4600! They know they can bend you over so they will NOT work with you! They also did not send to a collection agency, they sent my account directly to a lawyer who waited exactly 30 days before filing suit! Hope you have better luck then I did!

guest how far past due were you when they filed?

It is amazing to me that these banks are taking and taking and claim they need a bailout. Why don't they bailout the people that owe them money when they get the fed cash. No, they will invest it in overseas interests and continue to squeeze the blood from their depositors in rearranged NSF fees while they open branches in China with the taxpayers money, Bailout? I say Failout?

yep..I called em..told them ijust got my tax refund. and those who made a good deal got the $..I was polite honest and a little manipulative..it was paid in one payment though..and reported as settlement less than original amount..30% od debt settlement..good luck

ed1111 800 955 6600 is the general collections line. As far as hardships go losing your job doesn't qualify..don't ask me why I have no clue. I also have no clue why they are raising interest rates at this point in the economy...I'm looking to prolly move on sooner than later but I want a new job to move on to first.

Cap One is one of the few creditors that usually will not settle before charge off. My account went to a collector after charge off and I settled for 60% with them (very hard) within 2-3 months of them having it. Cap One is quick to sue. If I didn't settle with them the account probably would've been moved to an attorney.
Good Luck

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They are offering me $5700 on a $6100 balance. Has anybody been succesfull at gettting a settlement with Capital One.

When I have called them, (I never answer their calls, it is just a recorded message from "Linda") I always ask for a settlement. They say there is no settlement. They are just trying to get me back to regular payments. Luckily I was able to settle with Chase and Citi, so now I am down to just Capital One. My balance is around $10,000. I finally gave in and sent a payment to catch me up on payments. They only offereed to take off the late fees.

My Capital One account was placed with Nelson Watson & Associates. After going back and forth a few times, they finally agreed to settle below blanket value for 50% of the debt. After reading everyones posts, I thought that was a good offer. ;)

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i was 7 months behind. i kept my car garaged or occupied at all times- they can't tow the car if granny's in it!

they sent me a letter offering to cut 30% off the debt if i paid in 10 days. i refused. i am still making payments. TP: when you pay the balance off, use a check or money order and write "PAID IN FULL AS AGREED, NO DELINQUINCES" in the memo section before you mail it. then check your credit report to see if they reported you as late. you can then duspute by sending a copy of the check and the reporting company will remove it without even contacting the creditors.

by putting "settled for less than amount owed" they have screwing you with the BIG DAWGS. anyone seeing your credit report would see that as a red flag that you don't fulfill your obligations.

BWT, you can sue the repo guy if they break the fdcpa rules. which they will do.

already remember the magic phrase for repo men: "if you don't have a sign court order of repossession signed by the judge, i will have you jailed for malicious mischief, trespassing, attemped car theft and harrassment."

once i said that, the morons left as fast as they could. i am also filing a FCDPA against them and the company they got my repo from. the $2K will pay my car off!

I dont believe Repo men are even covered by the FDCPA.

http://pubcit.typepad.com/clpblog/2006/09/when_is_the_rep.html
http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?p=1058758


And yes, they can repo a vehicle without a court order...google it.

Plus restrictive endorcements mean nothing in most states.

So dont give up your day job ....you still have to pay for that car.

Hi,

A good settlement company will always try to give the maximum settlement offer to its customers.They would negotiate with the creditors and try to bring down the offer to such a level with installment repayment plans so that the customer gets the maximum benefit and can make payment according to to their financial situations.Although all settlement companies are not non profitable organization,most of the settlement companies do charge a part of the saving as their fees.

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capitol one debt collectors told me they would settle for 3 payments of $130.32 on a $651.00 bill. I sent the first one and set up a check for the second apprantley the account got switched back to cap1 and no1 ever sent the check through. I called a day before and made sure everything was ok to go through nothing ever came out finally 3 days later called and they said i would put it through now and send a letter to have them make an exception. They denied my request Im complained to the manager and she took late payments off and I also made her refund my money so now the bill is still at $651.00. I am currently working to pay them but they are last on my list. Not a good company and I will never get a card through them or tell anyone too.

Their offering me this unusual deal a offer of 50% of a offer of 60% of bal. ($23.000 down to $15,500) and $50.00 per mo. up to 160 mos
INTEREST FREE....... but they are trying to get over 65%. Sound high compared to other settlements....but don't really want to go legal or BK.
Good Luck
:confused:


Heres my post

http://www.debtconsolidationcare.com...ad.php?t=80658

I finally was able to settle with Capital One's Collection agency. They settled my account for 60%. It took forever though. I wrote Capital One a letter directly because the collection agency told me that they wouldn't accept the payment I was able to make. I asked the collection agency if they were refusing my payment. They said no, but that I would have to make any payments to Capital One if I couldn't pay the amount the collection company would accept. So....I got smart and told them that I wouldn't be setting up any future payments with the collections company if they wouldn't work with me. I then wrote a letter to Capital One telling them that I wasn't denying the debt, but that I had be trying to pay it off. I explained to Capital One that they were not living up to their "we are willing to help you statement" on their bill. That they were ruining my credit and penalizing me for making an honest effort to pay off the bill. That their fees were rediculous and that if they kept charging me overlimit and late fees that they would never see payment in full. That they are taking advantage of their customers. Put it to you this way...it was a $500 credit limit card that after a divorce and due to the high interest rate I ended up over limit. It was all over after that. I had paid off what I had charged four times over and still owed $1100. I was making payments in excess of $75 per month and with the interest and fees they were paying roughly $2 toward my principal. After I sent the letter certified mail, the collection agency (after I requested in writing that they not contact me again) called me. I very curtly told them I wasn't dealing with them and their response was....wait, I am calling to settle your account. I had sent $50 with the letter I sent to capital one already that month. The collector said they would settle my account for $600. I then stated I already paid $50 this month and will only pay $550 in total to settle the account. They agreed to this settlement and my account will be settled in full in three payments. I have had other creditors work with me on re-aging my account and allowing for hardship arrangements, but capital one would not budge on any hardship, which in turned has ruined my credit. This was the only account I felt best to settle or I would never have paid it off. My credit might suffer a little from it, but I have them off my back and at this point it was my best option.

I'm in pre-legal settlement with Cap 1. It's handled by Global International in Canada. I have a balance of $16,000 and they offered to settle for $11,200. At first I thought that was a great deal, but now I've been told I can do better. They're threatening to sue me if I don't come up with the lump sum (I have to borrow from family) before the end of the month. Also, if I accept their settlement offer, they said they would report to credit bureaus "PAID FOR LESS AMOUNT OWE." Will this raise my credit score or do nothing? Will Cap 1 still negotiate with me even at the last minute before my case goes to legal dept? Also, should I get the settlement offer in writing? Can I get them to submit "PAID IN FULL AS AGREED" even if we settled for less? Help, anybody?! This is stressing me out.

i owe capital one $11,976.00 try to settle but not 120 days behind will wait and offer settlement who much should i offer!!!!!

I HAD 4 accounts with Capital One totaling $5,400. I was with First Choice Debt Resolution for only one year and my CO accounts got taken into Small Claims Court at which time the judge threw out all the interest, late fee's and the post judgement interest. I tried very hard to get CO to work with me and they just wouldn't budge prior to going with the debt relief program that I never should have. Anyway, I landed up having to pay $4,457 after the judgements at $30 a month for each account interest free. The courts are getting fed up with the hundreds of thousands of cases of credit card debt law suits and I think I made out pretty good. It was a learning experience and the courts are pretty lienient if you prepare yourself. CO would not take any less then 70% of my total amount of the 4 accounts, they wouldn't budge and I didn't have it anyway.

I have a capital one card that I changed 2900 on and they want to settle for 2680... They say my account will go straight to an attorney if I don't settle. I'm wondering if I should take the settlement or try to get it down to 2000.

Lost my wife to illness, all other credit companies forgave debt or went away. Cap One sued me. They now have a judgement. Original debt $4400 fees $1300 ongoing intrest 26.10%. Lost the house to Chase (had to take care of the wife). We need to find a cure for Cancer and Cap One (wipe them both out).

Capital One is the lowest class of lender out there. Personnel have holier than thou attitude, very difficult to work with. I hope they get dose of their own medicine.

Hi,
Will your credit be more detrimentally affected if the credit report says "settled for less than the original amount" versus if it said "debt settled for the original amount"? Is there any difference in outcome with respect to my credit rating or to anything else?

Thank you in advance.

I just settled with Capital One for 71% on the day of charge off. I was in the hardship department because I have been unemployed for over a year now. At one point, they even went down to about 53% but like a fool I refused thinking that they will go lower!!!!!!!!!!!!!!! Instead, they went higher and higher every time I called back =( I guess that's what I get for not doing my research ahead of time. Nevertheless, I did get a good discount on my bill and I will be free from this debt in two months WHOO HOO! Now... onto Bank of America. They charge off today. Wish me luck! =D

I settled with Capital one for about 51%. When you are 2-5 months late NCO financial robocalls make hundreds of calls to make you pay. Just ignore those or block them all.
They will swear that 90% settlement is the best. When I was 5 months late they dropped to 75%. When on the phone with NCO they said this is the best ever. I did not bulge, they dropped to 65% and said they will lose their work if they offer anything lower. Long story short, they transferred me to Hardship dept and those offered 51.5%
This is the highest I ever settled. Citibank was the nicest, settled for only 31%.

I lost my battle with CRAP ONE. They wore me out. But it was my last credit card to settle. They had sent me a letter with a "gift card" for (I think) $50 if I would call and arrange payment. I called and was able to make payment arrangements to bring the account up to date. They also credited my account with $100 plus I got to spend the gift card. Used it for gas.

For those who have settled with Cap One: Did they require that you submit financial information?

Yes settled 2 Capital One accounts of mine and 2 of my husbands. The first 2 were his, settlements of 65 and 70% and i was new to it so thought it was pretty good. On mine, which were lower charges than his I got under 60%, one through a collection agency (45%) and the other through Capital One itself (about 55%).

So, it can be done, hang in there and hopefully you can get it to at least 60% which is what I was aiming for

I lost my job in Feb '08-no luck finding anything yet. Savings are gone-can't make my payments anymore. Would I qualify for hardship or would they settle with me???

Call them, and let them know that are're moving to another country in a few weeks. Also, explain that you had every intension to pay the debt, but unfortunately you had lost your job and as a result your income had sufficiently dropped. Also try make them into believing that you're not planning on coming back to the US. Try to be upfront with them, mention that you have x # of dollars set aside with good intentions to hopefully close this account. 17k debt you should offer them 5k. Good luck :)

Capital one has to be one of the worst companies I've ever dealt with. They increased my interested rate 2 times without giving me prior noticed and over 1300 dollars in charges on my 4000 dollar credit balance is due to interest fees and overdrawn fees. I offered them a more than reasonable settlement as I'm preparing to file for bankruptcy and they still refused. I owed Mastercard 3500 and they offered me a payment to settle the account at 400 dollars... I offered capital one a hell of a lot more and they said no.

Worst credit company to deal with ever!

Capital One is an agressive company when it comes to collections. They stick to their guns. That is their choice and their business model. If you are going to file bk, you might as well do it. If you tell them you are filing and they find out you are bluffing, they will sue you quicker.

Capital one is the toughest. You need to get an your attorney to do a debt settlement of 40% off original debt or make monthly payments but have your attorney write it.

You can get a settlement with Discover about 40% off. You need to get a hold of their executive office of customer advocacy in Delaware.Or make payments after late charges, interest has been removed. You will need you attorney to write the payment arrangement. Never miss a payment.