Pressler & Pressler I had the wonderful joy (*s
Date: Thu, 06/02/2011 - 18:01
I had the wonderful joy (*sarcasm*) of receiving a summons in the mail from this law firm yesterday suing me for an approximately 2k debt with Capital One. I thought since I was paying a set amount monthly through my debt management plan that I would be ok. Turns out, I guess I'm screwed. This is the message I received from my debt management plan last year when I signed up my accounts:
"The response from the Capital One indicates your account ending in xxxx is charged off or is in collection status. The creditor has agreed to accept payments sent on your behalf. Please keep in mind that any changes to this payment arrangement may cause your creditor to initiate collection efforts or legal proceedings. This account can remain on the debt management program for payment convenience only.
The creditor may also report this account negatively on your credit profile. Negative reporting on your credit file may make it difficult to obtain credit in the future."
I called today to ask them what I could do about the lawsuit since I have been paying on time, everytime, for the past 11 months. Their response? "Capital One would not accept the debt mangement plan and agreed to accept payments only on the account, and the account could still be forwarded for legal action including a lawsuit". Ok, why wasn't I made aware of this? It seems that from what I read above, it's very misleading what the debt management company was told and what I was told. I'm been paying on this account for nothing? I guess I have to send for a debt validation, but where do I go from here?
Debt management plans are only done in voluntary cooperation....
Debt management plans are only done in voluntary cooperation....and some companies choose not to participate. This is quite common with Crap One. You were probably informed...in the fine print but often debt management companies are not to verbal about this potential outcome.
Your payments were not for nothing....your interest is still accruing and the payments you made probably have helped lower what you owe.
At first, you need to give reply to the court summons. After tha
At first, you need to give reply to the court summons. After that, you can contact with Capital One directly. You may ask them whether or not they have received your payment. If they give negative response, then ask the debt management company about the payment. If Capital One would not accept the debt management plan, then you may negotiate with Capital One and arrange a better repayment plan.
An attorney is now representing capital one....you cannot deal d
An attorney is now representing capital one....you cannot deal directly with them. All negotiations have to go thru the attorney.