Capital One Refuses to Settle - Credit Repair Forum from Creditnet
Page 1 of 2 1 2 LastLast
Results 1 to 10 of 14
  1. #1
    christiele is offline Junior Member
    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.  
  3. #2
    jjgross is offline Senior Member
    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

  4. #3
    woofer is offline Senior Member
    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

  5. #4
    jjgross is offline Senior Member
    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

  6. #5
    woofer is offline Senior Member
    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

  7. #6
    jjgross is offline Senior Member
    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 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
    Right quote{we here to help you we have many plans to assist you}that's first premier cap one however none that exactly will work with your budget as you explain to them,so when they do have an chance to really help it's like screw you are way or we'll charge off.you know if they did work with you it would benefit both.I'm sure theres some who say why should they, my answer is why shouldn't they Other than the fact that some of these ca would vanish
    jjgross* The answer my friend is written on the wind

  8. #7
    Hedwig is offline Senior Member
    Join Date
    Jan 2003
    Posts
    4,928
    I know--for most people, getting tradelines removed should be the least of their problems.

    When you deal with the other issues, the tradeline may disappear as a result of the fallout. But way too much emphasis is placed on removing things.

    Many times, people are saying "I need to get this removed so I can get a mortgage." The more important issue is can they AFFORD to get a mortgage. Many times the answer is no. They have no savings and no idea of the expenses involved in maintaining a home.

    That's a good part of what precipitated this current mortgage "crisis." Everyone seemed to want what they really couldn't afford.
    The Answer is 42!!

  9. #8
    Hedwig is offline Senior Member
    Join Date
    Jan 2003
    Posts
    4,928
    To the OP, I agree with Woofer. They can't garnish your pension in most cases.

    You said the calls have stopped. If you sent a cease and desist, of course they have. However, if you sent a full cease and desist you have left them no option but to sue you. They cannot contact you other than to sue you. Next time, just say it is inconvenient to take calls at any number at any time, and that all correspondence should be in writing. At least then they have an option.
    The Answer is 42!!

  10. #9
    jjgross is offline Senior Member
    Join Date
    Jun 2008
    Location
    tulare ca.
    Posts
    1,291
    Quote Originally Posted by Hedwig View Post
    I know--for most people, getting tradelines removed should be the least of their problems.

    When you deal with the other issues, the tradeline may disappear as a result of the fallout. But way too much emphasis is placed on removing things.

    Many times, people are saying "I need to get this removed so I can get a mortgage." The more important issue is can they AFFORD to get a mortgage. Many times the answer is no. They have no savings and no idea of the expenses involved in maintaining a home.

    That's a good part of what precipitated this current mortgage "crisis." Everyone seemed to want what they really couldn't afford.
    I agree 100%.Example We have a friend who's been married 10 times always looking for the rich man.She married a farmer on paper pretty well off.her dream to live like a movie sta rshe convince him to buy this manison closer to town,
    he drew 2300 a month from the farm to live because the farm house WAS free and clear.They bought the house their payment is 2800 a month,she quit a good job do the math on the payment anyway she calls us there losing the house and the farm that has 3 houses on it.just thought i'd toss that out.
    jjgross* The answer my friend is written on the wind

  11. #10
    woofer is offline Senior Member
    Join Date
    Jan 2008
    Posts
    824
    Quote Originally Posted by Hedwig View Post
    I know--for most people, getting tradelines removed should be the least of their problems.

    When you deal with the other issues, the tradeline may disappear as a result of the fallout. But way too much emphasis is placed on removing things.

    Many times, people are saying "I need to get this removed so I can get a mortgage." The more important issue is can they AFFORD to get a mortgage. Many times the answer is no. They have no savings and no idea of the expenses involved in maintaining a home.

    That's a good part of what precipitated this current mortgage "crisis." Everyone seemed to want what they really couldn't afford.
    When you rent, you don't think about how much water you are using in a shower that is going to fill your septic tank.

    Or what you throw down the drain...

    Or not having the lawn mowed and raked and gutters cleaned of leaves...

    Or having to cut a tree limb down as it is over the house...

    All of these things are costly when you become a home owner.

    I have a big place and because I do and because I live on the water people always want to be here.

    Well after may many many years, I have RULES...

    After the beach you wash off in the outside COLD SHOWER.

    You use the SAME towel that has been drying on the line , and thenyouhang it back up to dry.

    You just flush for Number 2

    (Amazing how much this saves on the plumbing)!!

    And you do not throw anything down the toilet but toilet paper, and the kitchen sink NOTHING gets to go down it except grey water.

    Everything else goes into the composte..

    Really when you own a home it is amazing how much things costs that you do not even realize.

    Outside porch light doesn't work, well think electrician and about 400 bucks not including the light.

    Whatever you think you are going to have to spend as a homeowner things come up so think at least another 10 - 30 percent a month on incidentals if not a heck of a lot more.

    Woofer

Page 1 of 2 1 2 LastLast

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  

Sign up for the Creditnet email newsletter.

Creditnet - Find the right credit card for you Best Airline Cards Best Gas and Groceries Cards Balance Transfer CreditNet Best Credit Cards for Building Credit

Find a
Credit Card

Research, compare, & apply

Bad Credit

0% Interest

Cash Back

No Annual Fee

search

Perusahaan Outsourcing Bekasi

Outsourcing Tenaga Kerja