Trying to negotiate with Capital One

My understanding is no more fees after w/o, something sounds fishy...What is SOL?

SOL = statute of limitations. What is w/o?
Thanks.

w/o = wrote off I believe. If I'm wrong someone please correct me. And this whole story about your daughter's capital one card definately sounds fishy I would for sure be trying to make them send you a list of all charges and fees listed so you can see where and what exactly they're adding to the account. I don't understand how they can still add interest and fees if they've charged the account off to me that makes no sense at all. I hope you can get them to send you some information.


Johnita

Johnita, I agree with you. I mean, this card is over 4 years old and they are still adding up charges on a $300 limit!!!
When I talked to the "case manager" today(after my daughter told them that I had her authority to discuss her account), she was not very helpful and told me that unless I was going to make a payment, she wouldn't be able to talk to me and hung up on me.
Very nasty!!!

There's something way fishy about this whole deal. It's extremely rare for a cc bank like Cap One to keep an account around after it's been charged off. Especially this long after. Normally charged off accounts are assigned to a CA pretty soon, if not sold outright. Is your daughter still dealing with Cap One, or a collection agency? The rep's behavior sounds more like CA than OC.

No, really it was Capital One, because she called the number listed on her credit report that belongs to Capital One... their Collections Department. That is why I was telling the "lady" that she should settle for the $700 amount because the SOL was running out soon, and it was better to get some money rather than none. She was really nasty and unless we were ready to make a payment, she refused talking to us...

Cap 1 is like Amex & Discover.They keep accounts close,tons of documentation,& love to sue.

So how do you think we should "attack" them?

I would contact the virginia department of banking.It regulates their home office.With them & the Attorney general of your state,you should have some help in dealing with them.Do realize that if they are collecting their own money,federal fdcpa does not apply.

I know that if they are collecting their own money fdcpa does not apply, but what should I ask the Attorney General's Office?

Review the account documents and see how much of it is fees.They have a bad reputation of inflated fees.You will have to write a letter clearly explaining your account to the ag & ask for assistance in resolving this matter.You would merely be asking them for assistance in mediating this matter in the best way it can be done.

I checked the AG's website (Florida) but I could not find anything about regulating fees and charges. I will send the DV to Capital One and based on what they tell me, I will ask for the AG's help. I find it really "fishy" if the account was closed in 2004 or 2005, that the are still charging fees.

Again someone correct me if I'm wrong, but I do believe you can't send a DV letter to an OC. I was thinking you can only send them once it's been sent off to a collection agency. If Capital one still has the account they would be the OC and won't be obligated that I'm aware of to do anything with a DV as being they are the OC they would have the right to collect. I do think though there should be something you could do to force them to send you a breakdown of those charges you desperately need that. Maybe that's where the AG could come in and help you get a copy of all the fees that they are charging you. A closed account should not be racking up the fees they're trying to say your daughter's account is racking up.

I really hope you can get this information from them.


Johnita

Where do I get a copy of the letter to send them?

If you need a debt validation letter template you can get one via my signature link, be sure to send the enclosure with it certified mail, return receipt requested.

If you are dealing with the original creditor however the validation letter would be a moot point as fdcpa law does not apply to the original creditor only 3rd party collection agencies.

So if use your DV template there is a chance they might not even respond to my request of itemized fees, etc?
I will send out today and see what their response it. If I am not convienced with their reply that the fees are legal, then I will have to forward all of my information to the AG's office.

That would be a wise choice.

Captial One did the same thing to us. I had one that I took out with my exhusband. This has been almost 11 years and the initial 300 dollars is now almost 3000. They said it is interest, over the limit fees and so forth and so forth. It hasn't come off my credit yet and I STILL get nasty calls about it. I'd be glad to give them the 300 that was originally charged, but they won't take it and told me that I am doing myself an injustice by not paying it in full.

Are you interested in making it right and paying the debt - you already stated it was your daughters card. What do you think is fair and why. The most valuable skill a person needs when dealing with collections is the ability to be a better negotiator than the collector.

You daughter signed the contract for the card ---- and cap1 is known for having insanely high fees which she probably didnt realize at the time......and sometimes theres a bit of a cost for learning a lesson....

Actually we are offering to pay the amount of $768 which shows on the credit report as being the "high amount owed". We understand that the $300 limit was blown with fees and more fees, but 4 times over what the original limit was, is totally unaceptable.

The last couple days of the month is crunch time in collections. I would think they would be willing to wheel and deal. Sounds like you might not have the lump sum right now? See if theyll take three $275 pymts... best of luck.

Here are some sample letters.

http://www.debtconsolidationcare.com/letters/

That would be fine with me... if they only would talk to "us".... but not, they won't. Lets see what happens next.

OOps. that was me... I forgot to sign in. I just want them to settle for the amount that is show on the credit report at the "high amount owed". The rest should be their "ghost" fees.

most original creditors only accept lump sum settlements they normally want due a pay plan on a reduced amount they say they will but most dont put in writing so they dont know they figure you will default on verbal agreement just as written agreement which will get them off the hook

If they refuse to put anything in writing you can record it. Check your state statutes before doing so however. Or you can check my signature link for a guide to recording phone calls including legal status by state.

AS procollector mentions about payment arrangements not being in writing... that can be to the client (meaning debtors) benefit. Because if you ask for the payment agreement in writing and miss a payment or ask for a payment date to be moved, its considered to be a default and then balance is due in full. If I have a verbal agreement for payments and the payments start coming in, Im flexible and am willing to work with that person as long as they stay in contact and return my calls.

But back in topic --- heres hoping you get a good settlement amount and get it cleaned up with little hassle.