Capital One success?

Capital One would not talk settlement with me until I passed the 120 day mark, now I'm at like 140 days late and still only offering a 65% settlement (I'd pay 65% of my current balance to settle). Global Credit is actually handling my account on their behalf right now...it has not charged off. I am afraid to let it charge off because I've been hearing that Cap1 can be sue happy but at the same time I can't afford 65% at this point in the game either.

Good luck to you- my suggestion is to wait until it's past 120 days, like I said they wouldn't even discuss settlement with me until I passed 120 days.

maxwell -
I have a cap one account 5k as well
And I too have been concerned -to the point that I am still current !
Anyway, they are going to be my last one to deal with

they are my last creditor
I plan on stopping payments this month to them

please post if you get good news !!
Good luck
mac

I get the impression that Capital One does not charge off after 180 days. I think they make keep in house so interest and fees pile on.

Anyone know for sure??

Getting sued can be scary but it is really another step closer to a settlement. Just because you are served a summons doesn't mean you cannot then negotiate with the new collector or 1.

My Capital One account was sent to MRS, a collection agency after 180 days, I sent them a DVL and have not heard back. I stopped paying in March. I guess they might sue, but they have not been quick about it.

Don't forget with Cap 1 and many other creditors a recent useful tool to fight off the lawsuit is the pulling of the arbitration card...

Capital Ones has a reputation of suing people in as little as 12 months , even on balances less than 1k. I would make them a priority to settle as soon as you can.

Capital One is one of the more difficult ones to negotiate a "good" settlement with. They typically won't budge below 50%. That's not to say that Cap1 accounts that go to third parties can't get better deals, but so long as Cap1 has the final say so, it's rare. Once it becomes a legal matter, forget 50%, even 65%. Most summons accounts settle for 75% or higher, typically in a lump sum, and with many stipulations. I would wait for it to charge off so that you have room to negotiate, but don't wait forever - they do tend to be one of the more "sue-happy" creditors.

i am being sued by them i have court on the 21st and right now i have no job and on unemployment and i only make enough to pay rent what will they do can they touch my unemployment

mr d - No, they can't touch your unemployment. The only thing unemployment can be garnished for is child or spousal support. Other sources of income that they cannot touch are Social Security, Retirement plan benefits, Public Assistance benefits, Workers' Compensation rewards, or disability benefits. Take inventory of your assets though, as these can be used against you, or have a lien placed on them.

i am 21 i dont own any thing i dont have a car or house and the apartment is not in my name is there any thing i should know b4 going in to court on thursday

Sounds like you have a pretty good leg to stand on - no assets, no garnishable income. Do you have anything in the way of savings accounts? Seems like they're not going to be able to do much to you at the moment. I am by no means an attorney, so don't take my word on it, but when you have nothing to offer, there's nothing for them to take.

i have like $10 2 bucks in my savings and 4 cent on my checking acount and they cant really do any thing to me like send me to jail or any thing right?

Oh no, you can't go to jail over outstanding credit card debt.

ok im confused now! im going thrugh the same thing right now. I must say... I DO NOT LIKE IT!!!!! but as far as the garnishment, I thought i read in the FDCPA they cannot garnish your pay?

http://www.debtconsolidationcare.com/fdcpa.html

I also have Capitol One and just received my summons today! Happy Happy Joy Joy!!!!! Never been sued before!

The company i am going through said "'most of our clients do not show up for this. They can and prove you owe the dept and side with the collection agency" ( just happens to be Kramer & Frank!)

Any words of advise?

My advise is to read up on your right to demand arbitration under the terms of the Cap 1 contract. Hardly any info on this site regarding the present benefit to this method...Arbitration election/demand is proving to be a very successful device to beat Cap 1 into submission. It would stop the lawsuit....

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I just paid $108 to take off 30 days of delinquency on my Cap1 CC- It was at 142 days past due and I won't have the $$ to settle the account until February at the earliest and I'm so afraid of the darn thing charging off and Cap1 trying to sue...so I'm buying some time.

I am close to doing the same thing as I am also that old.

I P.M. Maggie22 to give you more info on Arbitration

Quote:

i had court today and i only have to pay 20 bucks a month

Does anyone really know if paying minimum at 140+ days restarts negotiations or buys another 30 days to charge off. I have read both.

Has anyone settled with Capital One in the last 6 months or year?????:confused:

I have yet to hear much success stories with Capitol One or Citi CC.

I was offered 35% by Citibank on a balance of $11,000 approx. but I could not come up with the money by 2/5. I opted to enter into one year payment plan of $119 minimum at 0% interest. Hopefully things will smooth out this year and I'll be able to settle in 2/11.