How low can I go?

Dealing with Capital One can be difficult. They are not known to be very compromising. You may find the following discussion useful.

http://www.debtconsolidationcare.com/collection-agencies/capitalone-settlement.html

So from reading it sounds like success stories vary. The $2800.00 is about 72.5% of the balance. I know you can't tell me what to do, but would it hurt me any to hold out another month with them?

honestly if you agreed to that amount, and you dont pull through they may try to sue you in court and say that you was not holding up your end of the deal. but then again you may get a better offer. see thats the problem with settlement its kinda a gambling game. you really dont know whats gonna happen.

Well, they were supposed to send me a settlement offer in writing which I have not received yet. So they know if they do not send me that bets are off the table. I told them I would consider doing a payment of $2000 out of my bank account on Friday if they overnighted the letter to me, so I am wondering if that is what will happen now.

I am going to keep one of my cards open in order to rebuild my credit. Between Chase and Capital One (I have a current Capital One card with them as well) which one should I leave open?

How long since you stopped paying? 70% is way to high, they will take a lot less. I would ignore them for awhile and see what happens. You can always settle for 70% after a summons has been served. Time is on your side.

I am not sure how long it has been since I paid it, honestly. It has been with a collectin agency for several months, though.

Crap!! Okay I need help ASAP!!!

I just talked to the division manager as NCO and he says they did NOT buy my debt from capital one, therefore they can not remove the account from my credit report. They also insist I do the payment of $2800 online on Friday, as I will receive my settlemenet letter from them tomorrow via UPS. They said it is a standard letter and will not say anything about deleting the debt, just that it is settled.

So tell me what to do?? Do I hold out?

I also did not ask them to validate the debt since they have had it a few months. Isn't it too late to ask for that?

its very important that the debt be validated. the bad thing is they dont have to remove it from your credit report you can try in negotiations, but they dont have to. and they usually wont. i absolutely would not pay them a dime until that letter is in your had and it is stating your terms that it will be marked paid. make it clear they will get thier payment when you get your letter

Should I go ahead and reject the settlement offer and request debt validation? I didn't even know about that until I found this site, which is a wealth of information.

Okay, I am turning down their settlement with this letter:

This is what my letter says:

I am in receipt of your settlement offer of $2800.00 dated 10/28/2009. As per the FDCPA, I have the right to request a validation of this debt. I request that you prove that I am indeed the party who is by contract obligated to pay off this debt as my social security number has been compromised. This letter does not imply that I refuse to pay this debt.
I assume you are aware of the fact that reporting any invalidated information to major credit bureaus may constitute defamation of character, as a negative listing on my credit report is not beneficial to me as a consumer. In addition, you must also be aware that until you validate this debt, you can neither continue collection activities nor report this information on my credit report. I'm sure your legal staff will agree that non-compliance with this request is likely to put your company in serious legal trouble with the Federal Trade Commission (FTC) and other state/federal agencies.
I would also like to advise you that on several occasions representatives of your company violated the Commerce and Trade – 15 USC Section 1692e while trying to collect from me. I am sure you are well aware of the history of violations your company has under this section with other consumers. To prevent any further violations of my rights as a consumer, please do provide me with the following:
1. Agreement with your client that authorizes you to collect on this alleged debt.
2. Agreement that bears signature of the alleged debtor wherein he promises to pay the creditor.
3. Complete payment and purchase history on this account so as to prove that the debt amount you wish to collect is correct.
Thank you for your timely response to this letter. I will expect a response within 30 days of the postmark of this letter. If you do not comply with this request, I will file a complaint with the Federal Trade Commission and the California State Attorney General’s Office. Civil and criminal claims will be pursued.

With regards,

Jennifer

Half of that stuff in the letter you wont get and you are not entitled to. They do not have to send you a copy of the agreement, nor do they have to provide a complete payment history. You will get a copy of the cardholder agreement and that is considered validation.

Personall, knowing that it is being worked third party and Cap Ones record for suing, I would not push it. You agreed to a settlement and are backing out...why would they take less?

IMO, if you agreed to it, you must be able to pay it i wouldnt take the chance and they are gonna look at it that way too