Cap.One Personal Loan Settlement?
Date: Thu, 10/22/2009 - 18:28
I am currently 90+ days behind on a Cap. One loan with a $20,000 balance. I know there are several threads here on dealing with Cap. One. So far they have been very nice, polite, and very willing to work with me.
Last week I was offered a 50% settlement, spread out over 75 days. Unfortunately I cannot come up with that kind of cash, period. Today I offered $3,000 as a lump sum, payable immediately, but they were unwilling to budge, and the counselor alluded to my credit report scores being too high. I know my counter-offer is very low, but it is what I can reasonably come up with. Of course they are saying charge-off is next month, but I'm wondering if they'll hold off for a few extra months because I am willing to work with them?
I am wondering too if anyone lately has had success in negotiating to 15-20% on a personal loan with them before charge-off? Or if they will hold off on charge-off if you seem eager to work with them?
Last week I was offered a 50% settlement, spread out over 75 days. Unfortunately I cannot come up with that kind of cash, period. Today I offered $3,000 as a lump sum, payable immediately, but they were unwilling to budge, and the counselor alluded to my credit report scores being too high. I know my counter-offer is very low, but it is what I can reasonably come up with. Of course they are saying charge-off is next month, but I'm wondering if they'll hold off for a few extra months because I am willing to work with them?
I am wondering too if anyone lately has had success in negotiating to 15-20% on a personal loan with them before charge-off? Or if they will hold off on charge-off if you seem eager to work with them?
I made the mistake of not working with Capitol One until they su
I made the mistake of not working with Capitol One until they sued me for $2000. Now I'm making payments with a law firm. I wish I had dealt with them directly, but I was young and dumb.
Any way, my advice is this....
See if you can't put the $3,000 down and then make payment arrangements for the rest. If you put a "good faith" payment down, maybe they'll be more likely to accept longer term payment arrangements.
Again, I don't know for sure since I didn't work with them until I got sued. But I'm sure someone will come along and help you out. Best of luck!
