Capital One

Greetings,

chase-me down and boa-the snake were by far my easiest to settle.
discover was tough.

carp one is very difficult to do anything with.
Do a search on this cc and you'll see.
Once in a while you'll read a success story.

Good Luck,
King "Kash" Jabba Labba

Well Cap One settled one of my cards at 50%, but the other one was charged off more than 3 months ago and is still in their recovery department and still only offering an 88% settlement. I would take 60% in three payments in a heartbeat but can't get them to offer anything less than the 88%.

I completely understand you not being able to do it. I went on hardship programs for several cards before I had to default on those and settle them, but I don't think I did one with Cap One. Let us know how it goes. Just so you know, the recovery department doesn't call you at all. I haven't received one call - they send letters stating they need to talk to you and you are assigned to one particular person. Even when I called in on the regular number I was transferred to her. She's a brick wall. Doesn't talk, doesn't ask questions nothing. She just asks what I want. when I tell her I am close to bk and would like to settle this first she just states the amount they will take and they will never take less and I can make $20 a month payments until paid off if I want to. Well that would take more years than I will live!

So anyway - being in the recovery department isn't as bad as it seems. Do a search on here - some people have been sold to collection agencies right way but I haven't.

thanks for the info. i wish they would offer me that deal... pay whatever i can till it's paid off. i could pay them 100 maybe 200 a month if they would drop the intrest down to 0 or even 1% like the others did i could get it paid off.

none of the others were hard to work with at all. i read on here that discover was hard but they were really nice with me. 150 per month for 5 years @ 1% one phone call is all it took. i'm gonna call cap one again tomorrow so i'll update what they say.

The problem with paying a minimum amount until paid off is that the charge off will still be a current item on your credit report until it is paid off. So instead of the charge off having no activity and less and less affect on your score each month, if you are paying on it and they are reporting those payments each month it will keep that charge off active and have a bad affect on the score.

I guess you could try to negotiate that they remove the charge off, keep the account closed by creditor status and then allow you to make payments that will be reported as paying on time (provided they are received on time). I have absolutely no clue if this type of negotiation is even possible. A charge off is an accounting deal and I don't know if they can just pull it.

I agree, cap one was more difficult than Chase (25%) and BOA (25-27%) .....we settled Cap one for 50%...that is as low as they would go after 120+ days......so they were our last and we settled.....lump sum, but we had some help. So keep at em....and keep repeating your story, but I do believe they are the toughest.....can you reduce any of your other cc card settlements so you have more to pay Cap one.....? sorry only suggestion I can think of! that is what I did...