Capital One

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From my understanding, Capital One does not sell any debts to CA's, so you can keep trying to settle. I would try at day 151 and Day 175, right before charge-off. You can keep trying even after it charges off, but Capital one sues often, so be careful.

I settled with them for 40% after chargeoff. Keep at it!

My first one and last one was Cap One. The first one was rather easy to settle at about 120 days I think. But then the other card they simply would not settle on. It charged off on 4/7/2010 and then went to the recovery department for 4 months. Last week it finally was assigned (not sold) to United Recovery Systems. I was able to settle with them on the first day of contact for 55% but it was tough and took all afternoon.

PM me if you want more details. I have put them in another thread and don't want to bore everyone with them all over again.

My folks settled with them for 50% spread over 6 payments. I told them not to as we had the arbitration option and would have stomped them with it. I don't think you can use it but maybe can if they didn't provide written changes to your agreement...I think they took out the arbitration provision in Early 2010

Yes the arbitration clause was eliminated in the new agreements received in January 2010. If you defaulted prior to that though you would probably still be able to claim it. But if you defaulted after January then you are probably out of luck.

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I'm a little over 120 days with Crap one as well. Last offer was 85% but that was a couple months ago. After the settlements I just made with Chase, I only have 35% to offer. IF they won't go that low, hopefully I can hold them off from any funny business (lawsuit) until after I finish up with Chase which will be in November.

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If your lawyer can get 25% from cap one prior to charge off he or she is a hero. Let us know how they do, but we have not seen anything remotely close to that for anyone else.

Due to unauthorized charges, I closed my acct & returned cut card 9/03, I pd closing balance 10/03 but an unauthorized charge came through 11/03 which according to CC automatically reopened my acct and I have been charged until this day, when I prove that I do not owe the money CC just sells the debt to another collection agency. I have reported them to the office of comptroller but to no avail...so I just filed a small claims law suit for deletion and punitive damages.
California

Well Crap one went silent on me. I got a "statement" a few weeks ago saying that this will be my last statment and now I will get them quarterly or something of the sort. Got a call 2 days ago from their collections department so looks like it's moved to the next level. Just the one call at work from them and nothing else yet. I'm hoping to get the time to call them this week and give my low ball offer. I'll let you know how it goes.

My credit card acct. balance of $21000 has just been charged off. Cap One has taken it back from NCO. It is now in their Pre-legal Dept.

I offered a $11,500 settlement, they said no and came back with this.

They have offered me $15,000 settlement with the following conditions
$8000. lump sum now, and $ as low as $50. per month INTEREST FREE up to 340 months to pay. Acct. will read "settled in full" at the end. Of course it could be paid off sooner, and would be.

I was very concerned but decided to get it all in writing and take my chances, I did not want it to go legal. $7000 int. free make it all work, I will try to pay it off as soon as i can because CR wont reflect "paid in full for less than full amount" until it is paid off.

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