Capital One Refuses to Settle
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  1. #1
    Join Date
    Jul 2008
    Posts
    38

    Capital One Refuses to Settle

    I have a Capital One Debt that I have not made a payment on since Jan 2008, after 5 years of trying to pay it the best I could. The account had been current for 3 years before that. The original high balance on the card was $4800. The remaining balance at the time of my last payment was about $3800. (Interest and fees killed it!). At this point, I have no assets or property left and my only income is Social Security and Pension. I have tried to offer Capital One Settlements three times. They refuse to settle for less than $3300 because that is the amount they say was originally charged on the card. They now claim the balance owed is $4200 because they say interest is still accruing even though they charged off the account. I have been able to settle accounts with 3 other credit cards, and have told Capital One that there is no money to give them! The money for the settlements I have made is coming from a family member. I had been receiving calls from NCOwhich began in March 2008, but after sending them a cease and desist I no longer receive any collection calls on this account. I just live in fear that they will one day send the sherriff to my door to serve me with lawsuit papers. Anyone have any ideas or suggesstions? I only have $1000 to give them.


  2. #2
    Join Date
    Jun 2008
    Location
    tulare ca.
    Posts
    1,291

    settlement

    Hi i wouldn't worry that much over a lawsuit they usually can't touch a ss the penison maybe.If your dealing with nco who has many problems.Offer them a settlement starting at 10 cents on the dollar,a little more if they delete but don't go over the 1000.00 dollars you set aside and never discuss any finance's with them.just keep reading for more help.good luck
    jjgross* The answer my friend is written on the wind

  3. #3
    Join Date
    Jan 2008
    Posts
    824
    Quote Originally Posted by christiele View Post
    I have a Capital One Debt that I have not made a payment on since Jan 2008, after 5 years of trying to pay it the best I could. The account had been current for 3 years before that. The original high balance on the card was $4800. The remaining balance at the time of my last payment was about $3800. (Interest and fees killed it!). At this point, I have no assets or property left and my only income is Social Security and Pension. I have tried to offer Capital One Settlements three times. They refuse to settle for less than $3300 because that is the amount they say was originally charged on the card. They now claim the balance owed is $4200 because they say interest is still accruing even though they charged off the account. I have been able to settle accounts with 3 other credit cards, and have told Capital One that there is no money to give them! The money for the settlements I have made is coming from a family member. I had been receiving calls from NCOwhich began in March 2008, but after sending them a cease and desist I no longer receive any collection calls on this account. I just live in fear that they will one day send the sherriff to my door to serve me with lawsuit papers. Anyone have any ideas or suggesstions? I only have $1000 to give them.
    Let em sue. You seem judgement proof and even if your are not they are not going to be able to get much from you.
    Do you have an paper work to the fact you have tried to settle?
    For now..
    Keep your 1K .
    If you are sued you may lose and then they will get a judgement against you but you have nothing.
    1K in these hard times is a good thing to have in case of an emergency.
    You take care.
    Woofer

  4. #4
    Join Date
    Jun 2008
    Location
    tulare ca.
    Posts
    1,291
    Quote Originally Posted by woofer View Post
    Let em sue. You seem judgement proof and even if your are not they are not going to be able to get much from you.
    Do you have an paper work to the fact you have tried to settle?
    For now..
    Keep your 1K .
    If you are sued you may lose and then they will get a judgement against you but you have nothing.
    1K in these hard times is a good thing to have in case of an emergency.
    You take care.
    Woofer
    thanks woofer i was thinking if see also wanted to try to get it removed but your way is better
    jjgross* The answer my friend is written on the wind

  5. #5
    Join Date
    Jan 2008
    Posts
    824
    Quote Originally Posted by jjgross View Post
    thanks woofer i was thinking if see also wanted to try to get it removed but your way is better
    Everyone always wants to get a tradeline removed,BUT this poster probably has more than one neg on her CR's and IMO when the OC does not want to work with you well then let them sue, and they may win they may not, or they may sell to a JDB who you have more of a chance of them screwing up and you getting something back ; )
    Of course you need to be organized and go pro se or get yourself a lawyer and a laywer will take your case on contingency(if you have a good paper trail) as they will feel they can sue for violations and their fees.

    Woofer

  6. #6
    Join Date
    Jun 2008
    Location
    tulare ca.
    Posts
    1,291
    Quote Originally Posted by woofer View Post
    Everyone always wants to get a tradeline removed,BUT this poster probably has more than one neg on her CR's and IMO when the OC does not want to work with you we