United Recovery Systems

Capital One more than likely still OWNS this account and have placed this account with URS for collections. You should receive a dunning notice in the mail shortly. However you can call and verify the placement with Capital One...however they will NOT work with you.

If Capital One still owns my account, what recourse would I have now? I have asked Capital One to verify that it indeed has gone to URS and they have done that, however, URS has NOT SENT a dunning letter and the "very nice" lady on the phone almost got me to give her my bank acct. number.over the phone.

How do you know they have not sent a letter?? You "just" spoke with them!!! Since you have verified that have indeed been assigned the account, there is really nothing preventing you from paying them.

FYI...capital one is a very aggressive creditor. They do routinely sue on accounts.

I made them fax me at least a dunning letter....still waitng...in the meantime they would settle on my $13037 balance at $11000...this is NOTHING and if this is what I have to accept just because Capital One can't do better, then I don't know what other recourse I have. Maybe I'll wait till they sue me, since in NY state, they can only get at 25% of my wages.

Cap One is aggressive....and they will sue. It will cost you another $2k in court and legal fees plus whatever interest accrues. They can also levy your bank accounts as well.

What do you want them to settle for? Is it realistic?

So is your implication that I should just accept the settlement of $11000 even though I know that I don't have this kind of money? You make it seem as if they have more power than all the other creditors. I guess I have to cave in as a coward because there doesn't seem to be other options with Cap One. What a shame.

What does levy my accounts mean? What other powers do they have that have been bestowed upon them by the government that other creditors do not have? Weren't they bailed out with taxpayer funds too?

You can hardly cave in to a settlement if you dont have the money.

Have you done any research as to what cap one will settle for? What are you offering them? Is it reasonable in comparison to other settlements people are getting?

Being a coward hardly comes into play. YOU owe the debt. If they choose not to settle or only wish to settle for a certain amount.

Levy means to freeze or seize your bank account.

And government bailouts have nothing to do with what you owe....it is not a valid dispute or arguement. Dont know if cap one being a credit card lender even got one...most of the banks bailed out where mortgage lenders.

But don't they need my bank account info. in order to seize it? Yes, I have done my research and an 88% settlement is not the best they can do. They HAVE DONE BETTER for others on this forum. It seems I'm going to have to close my bank account and do everything in cash from now on, so the GESTAPO won't seize my accounts. I didn't know we were transported back to Nazi Germany.

Yes, that's right I do owe them this money and last time I checked I wasn't the only one affected during one of the worst depressions since the 30's. It's not as if I chose not to pay them out of the blue.

Looking thru this forum it appears that cap one settles on average of 60-75%.....so for you that would be $7800-9800 range. As a general rule they would rather sue than go lower.

Once they get a judgment, they dont need your bank account number....they will find it. You can also be compelled to appear in court to disclose your assets and funds.

Some people do get better settlements...it depends on circumstances.
You have to realize that your ranting wont help you....the collection agencies dont want to hear it and quite frankly, we have heard it all here. You have to understand that all they care about when they are looking at your file is YOU and what YOU owe....outside factors to cap one are irrelevant.

My ranting? Whose side are you on anyway????? If you're trying to be neutral, good luck, because it appears you're taking sides here and it's certainly not mine. Please let others respond because I would like someone else's opinion for a change....thank you.

I am neutral...I post non sugar coated facts. And quite frankly, if you cant keep your cool on a written message forum, I can just see you pissing off a debt collector. Listen to what I am saying instead of throwing up a wall. You cannot blame anyone but yourself for being in debt and you have to deal with it. Everyone is dealing with a shitty economy and the debt collectors and companies you are dealing with dont give a damn! They just want to be paid. You start bring up the bail outs and Nazi's.......you just gonna come off as a difficult debtor and no one is going to want to deal with you. Focus on your debt and not outside factors.

I'm sorry, but you are far from neutral. You talk as if your experience represents the be all and the end all. Everyone's experience is different, yet Ms. Know-It-All simply speaks for everyone else doesn't she. There is a court process that one needs to go through and your assumption that Capital One will automatically win is NOT neutral, in my opinion. And, yes any bank that seizes people's bank accounts and tries to gain control over them by forcing their way to the top of one's priority list is Naziism. Our banks are ruthless and profit on the expense of the working person by driving them deep into a hole. This is the DARK side of capitalism and no, it doesn't enhance the image of this country. One thing is for sure, I will use my right to freedom of speech whether it's on a forum or in person despite your sensitivities. Like I said, let others give their opinion also for a change. Thank you.

Rozo,

Capital One will agree to a settlement of 40%-90% - it depends on who you're working with, and your negotiation tactics. Some people approach collectors the wrong way; some don't properly communicate their hardship, and others give too much attitude. Reflect back on your conversation, and try to determine what it is you can do better.

As far as Soaplady's posts, she's typically spot on, so don't be so hard on her. She doesn't sugarcoat things, and says it like it is. I don't always agree with her because she seems to put all debt settlement companies in the same category, and I can assure you that we're not all in the same category. But, she's given some great responses, and she's helped a lot of people. Don't be so defensive - she may not be saying what you want to hear, but again, she has given some great advice to a lot of people on this forum.

And, you may point out that Soaplady quoted a larger settlement amount than I did, but please keep in mind that her research is based on what others on this forum have done with Capital One. Usually, Capital One is very hard - it's definitely going to take more work, knowledge and different tactics than you've had to use with other creditors. You can't expect the same results, using the same tactics with each and every creditor. With Capital One, your timing has to be perfect. And, yes, Soap Lady is correct - if your account is not resolved at some point Capital One will sue.

Best of luck to you!

Hey Rozo,

I feel for you with Cap One, I am watching anything to do with Cap 1 cause I too have one with them, still with them, but probably going to collection agency soon. They are pretty hard lined with their offers of settlement and makes me want to choke them through the phone, but in the end I bite my tounge and say thank you but I dont have that.

As SoapLady keeps reminding everyone, (I dont think she is on the wrong side, she just states facts we would rather not hear) I know I may be slapped with a lawsuit but I'm hoping to get at least 50% instead of the offer of paying the original balance only wiping out interest and late fees.

What kind of offer as far as payments did the "nice lady" try to talk you into?

Good luck

Thanks for your interception. I do like fresh ideas and no I'm not asking anyone to sugarcoat anything, but throwing tobacco sauce on top only builds frustration in people, especially when they have a Gestapo of a bank to deal with. Frustration is an unfortunate human emotion and can often lead to defensiveness. No on this forum has ever said how often Capital One succeeds in suiing private citizens with the David & Goliath mentality. Do you know?

One thing that soap lady is missing is what I'll present to a judge in a court room. She pretty much implies that all judges will automatically rule in favor of the bank. I've already tried to negotiate with URS and they stood firm on what looks like 88%. I always say that if they did better for others on this forum, why am I any different? The assumption that it is because I have an attitude, is hitting below the belt. There are many in my predicament that are entitled to an attitude. I think this matter has been exhausted. It's time to make my own decision. It was my fault for having chosen this bank in the first place. It's time for war.

you just don't get it....

In court money talks....you either pay it or do don't. You pay it, no judgment. You dont, you have a judgment rendered against you. Judges are not there to mitigate that someone else got a bigger settlement than you. No creditor it legally bound to offer you ANY settlement...are settlements are subjective.

....No soaplady I guess I really don't get it......and you don't like when there are others who "tell it like it is" right back.

rozo you need to take a deep breath and try to view this from a more rational stand point instead of an emotional one.

no judge has the right to force a settlement upon a creditor. they may encourage one for the sake of speeding the matter up. but nobody is entitled so a settlement.

My suggestion is you take a morning and go sit in a civil court room and listen and observe what really happens. I believe it will open your mind considerably. Going to court for owing a debt is pretty black and white. You will be asked if you owe the debt and if you have paid the debt. You might be asked if you have discussed a settlement and why you did not pay it if a settlement was offered. The judge cannot mandate a settlement and if one is not reached, a judgment will be rendered.

Let's try this then. Does anyone know how successful Capital One is in winning a lawsuit against the average citizen? Or do we just assume that Goliath will automatically defeat David. A judge also has to look at all the black and white that a private citizen will present to him. It's not as if it's all luxury items. Maybe food and shelter might be a mitigating factor. Maybe the mortgage on an apartment to prevent foreclosure. Again, do they win 89% of the time? 90%? 50%? Does anyone know? Or are we just assuming that banks ALWAYS win?

Unless you settle or pay off the account, they will win...100%. They may agree to a contingency judgment allowing you to make payments. With this type of judgement, you can make payments and they agree not to garnish you or levy your bank account. However you miss a payment and all bets are off.

I think you're being a little hard on SoapLady here. She's giving your pretty sound advice. You need to take a breath and listen to what she and others are telling you.

A judge does not care what you purchased on your credit card. Whether you were purchasing a PS3 or paying your utilities and buying groceries doesn't come into play in a court of law.

The judge looks at the contract that you signed. If the contract is legal (and it is), then you're required by law to follow it or you will be considered in default. Once you default, the creditor has the right to sue you for payment. All the judge determines is if you owe the money (and you do). So he/she is simply saying "Yep, they're right. You owe them and you have to pay them."

The judge might be sympathetic to your situation and suggest that the creditor settles with you for less than the balance due and offers you an affordable payment arrangement but that creditor is under no obligation to do so.

They can (and have and will continue to) take their judgment and file to garnish your wages. They can put a lien on your property. They can levy your bank accounts.

The bottom line is that you owe the money and if you can't afford to pay it and want a settlement, getting one is much easier if you're friendly and cooperative rather than argumentative and defensive.

It's frustrating. I know. You're already in a bad situation. The vultures are circling and it's stressful, depressing and just plain sucky! But, being crabby about it isn't going to help you.

I think I need to remind everyone that, NOT ONCE did I ever say I wasn't going to pay my debt. I'm just not going to accept the very first offer that Cap One provides. I will hold out just a little longer, like others on this forum have done.

What we're dealing here, are ruthless banks that suck the financial life out of average citizens with their bait-and-switch tactics. We need to remember that it's the MAJORITY of Americans in debt, not the MINORITY. That means that banks lure you in with enticing offers, then when a recession hits and you can't pay it off, you get threatened with a lawsuit and you have everyone on this forum lacking what's called "compassion". So it's a little more than, "you used the credit card, so you need to pay it off". Yea, thank God that without Cap One, I would've lost my apartment, yet when they turn around and sue instead of working with the individual, then it's no wonder people have an "attitude", or need to take deep breaths. Everyone in my situation is entitled to natural human emotion. Being afraid of emotion won't get me very far either. Humans are emotional. You all should know because, after all, you are human right? Or are you just emotionless. Sounds like a deeper problem than mine then.

It's not a question of being nice to Soap Lady and not expecting any repercussions when it is told to you "like it is". No one on this forum was present when I spoke to the CA's, so the assumption that I spoke to them with an attitude is really uncalled for, simply because you guys weren't there. I have succeeded in settling so far, with 2 of my other creditors, so I guess my attitude is getting me somewhere. The delivery of information can be civil or it can be hard-nosed. I just like to give back what I receive, that's all. Are we going to make this a 40 page thread? Go right ahead. I'm ready.

Closing the thread. He aint worth our time.