Credit report question
Date: Mon, 04/12/2010 - 17:53
Charged off account,
Account closed by credit grantor
Is this good if I want to negotiate a settlement? Is it likely they would actually sue for this still? I want to just settle and have about 50% available that I could do right now. Does this mean the account has been sold or would Cap One still come after me for this?
If your account has been charged off and sold to a collection ag
If your account has been charged off and sold to a collection agency, Cap One wouldn't come after you for the account but the collection agency, however, can sue you for it.
Yeah, you may negotiate a settlement with the CA.
Since your credit report is showing that your account has been c
Since your credit report is showing that your account has been charged off and has been forwarded to a collection attorney, so you'll not be sued by your original creditor. What you can do is contact the collection agency and convince them that you're interested to pay off the debts. If you can negotiate with the CA professionally, you might be able to settle the debt by 40-60% of what you actually owe.
You should also try to negotiate with the agency, so that they report the account as 'Paid in full' instead of showing 'settled'.