Capital One - Settled!!!

You are always welcome, Grateful Dad. Thanks for sharing the piece of info and we are eagerly waiting for your posts.

Thanks for the information. AKA riot posted that they settled at 218 days. Your settlement confirms that. Now, I know what to look forward to.

Thanks so much for sharing, you don't hear a whole lot of people getting a settlement with Cap One

How long did it take you to settle the $100K? Did you have money to settle them or did you save monthly?

Congrats to you!!! When u were settling the $100K how long did it take? Did you have money to settle or did you save monthly?

I am about to start a process to settle 60K loan. I will not settle the money owed but will ask them for 0 percent interest rate.

Congrats on the settlement. How do you guys come up with that kind of money to settle? Also, is there a step-by-step guide that you followed to execute the settlement process yourself? Thanks

WAY TO GO! Congrats on your success! That is really a great accomplishment! Thanks for the hope as well!!! I am nowhere near that much in debt so I know I should be able to get this done by the end of the year!

That's great news. I need to get a settlement from Capital One too. Can you let us know what steps you went through or which thread on this site helped you?

I haven't paid Capital One in like 4 months. The bill is over $2,000 now, all of it interests and late fees. Haven't used the card in years. Every time I'd make a payment, even more than the minimum, it would always go over the limit and then I got fee'd to death again. And my interest rate went over 29%. I couldn't afford it anymore.

So I'd love to know what you did, Grateful Dad. I don't want to talk with them, just want to write letters. Thanks in advance for any advise you can give.

That's good to hear. I'm currently about 50 days past due on Cap One and still just getting the daily automatic calls with a "special offer." Can I ask, was you balance a larger one or a small one? I understand they are more willing to deal on the higher balances. I owe $14k so hoping it will actually work in my favor.

Thats good news that they settled after 214 days. My Cap One acct is just over 90 . Before this all they tried as an offer to help is get my account up to date. One supervisor even told they NEVER settle for less than 30 percent and that is IF they decide to settle. He was talking " a mile a minute" and I told him to slow down. All the letters I get from Cap One stating " were here to help" didnt seem to help much.

I just got another letter stating if my account is not resolved I may face being sued but if they are willing to settle with you for less than a 100K why not 5K????? It just doesnt make any sense. If they do sue, I told them I would have to file chap 13 and doesnt that mean they are back to square one? they would have to settle and wait their turn as they are not the only creditor I still need to settle.

GD- Speaking from experience 32% on 100k is a very high number. Not so sure bragging about it is the best thing to do seeing how you really didn't get a deal. I am certain that you settled for less than the balance owed but did you negotiate with them to have them not file 1099's against you.

Probably not. Just an FYI your going to get 1099's totaling 68,000 next year and be very upside down with the IRS.

How do I know this you may ask? This year I received one 1099 out of 7 from my credit card companies. I had settled 118k with Everest Debt Solutions in 2008 and 2009 and they were able to stop the 1099's from coming by negotiating that into the deal.

As well I only paid 19k on 118k.

While you may be able to settle on your own with your creditors I haven't seen anyone personally get better results on their own versus using a debt settlement company.

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To the people asking how long and how. You have to cut way back on spending, cut back on EVERYTHING, even cut back on food. You can save each month and borrow a little from family to get the ball rolling. You can do it in about a year working full time and on the side.

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Wow I'm so glad to hear that Cap One actually settled, but it sounds like the collection agency is the one that actually settled. Also would be interested to know what the original balance was and what the 45% settlement amount was - because I'm thinking that over 218 days the balance could easily double. So did you end up paying 45% of the orignal balance or the end balance? I'd hate to wait and put up with the calls etc. and then end up paying the today's full balance 218 days from now.

I'm going to keep on trying on getting my settled but I'm beginning to think Cap One may be the bee in my bonnet that tips it over to the bk filing.