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Credit card debt with Chase and Capital One

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Hello everyone,

This is my first time posting here. Thanks in advance. I have run up some debt with Chase and Capital One credit cards. I won't go into the how, but...It happened over time. I am working again and so is my wife, but the credit card bills are as follows.

Chase is at just over $11,000.00 interest rate at 29.99%
Capitol one is just over $7000.00 interest rate at 29.40%

My wife and I have been trying to catch up but falling behind for a bit has been making it impossible to catch up. Both cards are coming up in 60 days late. Getting hit with late fees high interest etc making it very hard.

We also had AM EX card at $9000.00 with 29.50% or so. I worked out a deal with them. 0% interest for 6 months, paid them $3300.00 up front, $650.00 a month for 6 months, then approx $750.00 for another 6 at 9.99%, card is shut down till paid off then restored at 9.99%. No hit to credit rating, although not sure that even matters at this point.

My question will either of these companys work something out like this. What can I do to get my interest down like the AM EX and work out a payment schedule, or do I offer to make a settlement? Should I not try to do anyting till I become more past do? The AM EX was 90 days late.

Just want to hear what others think. I might be able to borrow off my 401K if it was worth it to get this over with, maybe 50% or so. I would like to work out some payments but not at this interest rate.

Help and thanks!!!!

If you feel you will have the funds to settle at 50% or less (you can generally negotiate 35ish%) then I would stop paying them anything and put aside as much money as you can. Start negotiating settlement and be done with it. If you're concerned about your credit rating, a hardship plan might be a better option. Generally, your account is closed and stays closed when you're put on the hardship plan.

Sub: #1 posted on Wed, 12/22/2010 - 11:42

OhioGal1 OhioGal1
Moderators Cum Industry Expert
(Posts: 5253 | Credits: )

Chase has settled recently with me at .20 on the dollar for lump sum payment which was through the CA. Capital One, as you will see see from many threads here will settle lump sum for 50% but not less. They are willing to do some short payment plan, maybe 3-6 months but it will cost slightly more money.

Sub: #2 posted on Wed, 12/29/2010 - 16:36


With Chase the offer really seems good, but with Capital One it seems they'd only go for a settlement worth 50% or more. In the end, what really matters is how things are gonnabe in your credit report. It's worth going for a repayment plan if your creditor ultimately agrees to report it as "Paid in full".

Sub: #3 posted on Thu, 01/06/2011 - 02:22


Do any of you have the contact number for the correct department at Capital One? I'm desperate to find it and the regular customer service people say they don't have it... whatever! Please help!

Sub: #4 posted on Tue, 02/15/2011 - 15:34


I don't have the contact number either but I am positive that for past due accounts it should be the Collections Department that you should be calling. Just tell the customer service representative to connect you with this department and you should be routed to the right team. If this doesn't work, ask for a supervisor to help you out. I' m hoping that everything goes well for you though.

Sub: #5 posted on Sun, 03/31/2013 - 21:43

mydebtrelease mydebtrelease

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