Cap 1 charge off settlement difficulty
Date: Tue, 03/15/2011 - 11:15
I have a 21,000 CC debt with Cap 1. It has recently been charged off.
About 2 weeks prior to the charge off I spoke with capital one to attempt to settle and after several hours of discussion they agreed to a 11,500 payoff...I did not have the money at the time so I told them I would work on getting the funds and call them back. I got the funds and called them back but they told me the offer was no good anymore because the account had charged off.
Now they are only offering a 15,000 settlement with me paying a lump sum of 10,000 and then $850 a month until the 15,000 is paid. They say that since the account is charged off they cannot give me a settlement offer as good as the previous one.
I cannot make this payment plan. I am in their hardship area...the debt was incurred during a divorce and my house is in foreclosure.
Is it realistic goal for me to keep negotiating until I can get closer to the 11,500 mark...is it even possible after a charge off...and anyone have any ideas on how to get them to that mark if possible?
Thank you for any comments
About 2 weeks prior to the charge off I spoke with capital one to attempt to settle and after several hours of discussion they agreed to a 11,500 payoff...I did not have the money at the time so I told them I would work on getting the funds and call them back. I got the funds and called them back but they told me the offer was no good anymore because the account had charged off.
Now they are only offering a 15,000 settlement with me paying a lump sum of 10,000 and then $850 a month until the 15,000 is paid. They say that since the account is charged off they cannot give me a settlement offer as good as the previous one.
I cannot make this payment plan. I am in their hardship area...the debt was incurred during a divorce and my house is in foreclosure.
Is it realistic goal for me to keep negotiating until I can get closer to the 11,500 mark...is it even possible after a charge off...and anyone have any ideas on how to get them to that mark if possible?
Thank you for any comments
We have original balance of $18,500, now over $20,000 with Capit
We have original balance of $18,500, now over $20,000 with Capital One. They have agreed to except a little over $9k as settlement, this is a couple of weeks before charge off. When I spoke to their executive office she let me know that if it charges off the offer will no longer be 50% but rather 80%.
At this point the only thing I would suggest is do not agree to this new offer but rather wait and see what happens... you can always settle later down the road.