Cap One Still Won't Settle

You might get a better offer from a collection agency. Some creditors are stubborn than the others and won't budge much in making settlement offer.

You can search the site to read about others' experiences with Capital One.

I have heard that Capitol One is one of the most difficult to settle with. Might have something to do with all the expensive advertising they do.

Have you considered getting a settlement company or attorney involved? If you need a reputable referral, check out my blog.

No, I am not an attorney or a settlement firm. Just a consumer like you who got in WAY OVER MY HEAD and painted myself out of the hole. I did a ton of research and just sharing what I learned.

Best of luck.
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It wouldn't be worth it to hire a company to settle just this one debt. I have settled 3 of my 4 cards myself.

I agree that going to a collection agency would be a good thing. The interesting thing is that I have not had one phone call since March on this account. so I'll let you know how it goes.

Even a Junk Debt Buyer collection agency is going to give you a better deal than that. Just wait it out. It sucks, but we have all heard this about capit "alone".

Debt Free to Be: Unfortunately, I do have experience in this field but looking for advice. I see that you have settled one card with Cap One. I need to do the same but do not know what steps to take. I have been researching online but have not found detailed information. How did you settle it? What steps did you take? How long did it take? What percentage of the debt did you settle for? Any help would be appreciated. Thank you so much.

Don't pay it. 88% why would anyone pay that kind of money. Your getting break on the compounding interest. What you should do is find out if they are selling the debt or forwarding to an attorney. Upon forwarding to appropriate party to settle the debt. Attorney will take 70% . Collection agency 50%.

Good luck.

keep us posted.

Ben

Notfare -- the first card was rather easy to settle it was about 120 days late and I mentioned I could pay a certain amount and then we just went back and forth for a while. I kind of laughed and told the guy it sounded like i was at an auction. He kind of laughed and came down to 50% and I took it. This was my first settlement and I thought - wow cap one isn't as hard as everyone says. LOL

Today I received a letter in the mail from the recovery department stating we can come to any payment arrangement I want and it looks like they are offering 0%. I don't think so.

Yeah dantheman - I'm just going to wait it out and see where it goes. I asked what was going to happen now - are you going to sell it to a collection agency or what. She said she doesn't know and no one knows until the day it happens. So I'm still waiting for something to happen. They haven't called me once since it charged off. So that part has been very nice. I guess I'll know it has been sold once the calls start from someone else.

Notfare -- I settled at about 120 days I think. It was relatively easy. They wanted to put me on payments and I told them I could not do that but that I had sold some stuff and would be able to settle it with that money. We went back and forth and back and forth on the settlment amount. Finally when he got to 50% I said fine done. Did it in two payments since it was higher than the money I had on hand at the time. That's why I have been so surprised at the second one going to charge off and today I received a letter stating that they would take any payment plan I wanted at 0%. No thanks I'll wait it out.

I did ask her what will happen now, will they sell it to a collection agency. She said that she doesn't know and that no one knows until the day it happens.

So we will just wait it out. It's the lone holdout.

I am 120 days late with Cap One for about $15K. So far I have avoided their calls. The only calls I have gotten have been the automated ones from "Linda" and they call me multiple times a day. I have only received one letter in the mail saying they were suspend my credit privelidges if I didn't make a payment by yesterday.

I plan to call them back this week to make an offer of 30%. I'm a little concerned because I also have a personal unsecured loan with them. This one as automatic payments deducted from my checking account. It's a hard payment to make, but I'm current on that one. I guess I can argue that I'm not paying one of my other credit cards. I was also 2 months behind on my mortgage payment (I have since caught up just a week ago, but I know it went on my credit report). I'm sure they can argue that they put me on a payment plan. I'm going to stick to my guns and see what happens.

Definately stick to your guns. They know what you are current on and what you are behind on. They will pull your credit report when they begin negotiations for settlement. I just got a copy of mine credit report and it shows the inquiries. It is to your advantage to be behind on your mortgage - may make the more prone to settle with you.

UPDATE - yesterday I talked to an attorney from one of my business groups and told her I was helping a friend settle her accounts. Told her they are unmoveable and if she hired you would you be able to shake a settlement out of them. The attorney said no. the attorney's advise was simply to wait. She said time will cure all and eventually I would get better offers but it might take quite a while.

she said the only issue with it going longer was that once it was settled they would then report the settlement and the 7 year clock would start over on it coming off the credit report. so basically this one last one will delay my credit score rebound. But at this point there is nothing else I can do, if I start making payments then it keeps reporting and it would take me longer to pay it off in payments then the time it will take to get a settlement that I can do.

so here I wait.......

UPDATE 2 -- Well received another letter from Cap One yesterday with the same settlement offer of about 88%. It has now been about 90 days since charge off and it has not been sold nor are they really trying to settle it. Still haven't received any phone calls or attorney letters. I'll keep you updated.

I used DS Financial and they settled my Cap One card for less than 35 cents on the dollar. They can be reached at 866-833-6398. They did not charge me any up front fees until they settled.

^^ good lord when is this DS Financial crap gonna get blocked. at least make it where they frickin have to sign up to post.

ANOTHER UPDATE - well got ANOTHER letter from Cap One today that says "we don't understand your reluctance to contact us about your account". Are you kidding me? I have talked to this chick several times and they simply won't settle. I'll call tomorrow and let you know how it goes. The letter states they may take additional action. Oh spare me - so will I bk.

Well I got ahold of cap one today and she is still holding firm on the 88% settlement. Said my only options were to either pay the settlement or start making payments to pay the balance in full. I explained I can't do that and she said to just call back when things changed.

It's been three months since charge off and I'm still in the recovery department. I wish they would just sell off to collection agency so i could get it settled. But looks like they are going to hang in for the long haul.

DFTB, isn't this your last card to settle?

Yes this is the last one. They have waited so long that if they pull my credit again they will see that I have settled everything else. I made my last payments on the other settlement agreements a couple of weeks ago so it will report soon. I didn't want each creditor to know that I had settled with the others thinking that the last one would just hold out knowing that the borrower is no longer in a bk position with just this one card.

but the reality that they fail to see is that I still can't afford the payment with my income reduced. So I guess we'll just see what happens next month. I'll keep everyone updated. i know cap one is popular card and hopefully these posts will help others.

Thanks for the update. Doesn't make me feel too optimistic about getting them to settle for me, but I'm still hoping. I plan to give them a call tomorrow and make another offer.

yeah thats why i was asking. i bet there are playing that card on you.

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dftb....congrats. you are almost there. I have this eerie feeling that at some point, the banks are going to see all of these forum posts and ALL draw the line that cap1 does. After all, they are very generous. Looking back, I was balking at 35% wanting 25%...but they are taking off 65% or 75%. wow. Truth be told, if I knew about this, I would have defaulted 3 years earlier when I first got into trouble. Instead, I borrowed on an sba loan that must be fully paid. Oh well, at least others benefit. Good Luck to all.

Greetings to all of Carp One settlers!

These guys were brutal.
88% must be burned into their collective foreheads.

Their workers are the most hardheaded "fungus crabs" around.
They even beat the goons over at discover!

Carry on the good battle!
Regards,
King "Kash" Jabba Labba

What's not in my wallet?
Carp One!

Hellow everyone,
this is debtor in CA....my husband had two Capitol One accounts.....one was a SBA loan that could not be settled....and the other was for a little over $8000 which we were able to settle at 50% for $4004.....they would not budge, but did get 50% at about 120 to 150 days. They were one of the least flexible. My husband dealt with a guy who sounded like they were from India.....maybe they have call centers in India....but he was okay, considering what you all are saying. Anyway, wanted to add to the info here and give some hope

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