Will Capital One settle balance?
I have close to $7,000 on two Capital One credit cards that I used for business purchases before my business went under (due to the bad economy). One balance is about $700 and the other is close to $6,000. Does anyone have experience with settlements with Capital One? I'd like to offer .30 on the dollar to settle these. I have a small fund from the sale of my business that I'm using to settle with other vendors and one other credit card.
How tough are they and are there any recommendations for opening discussions with them regarding a settlement? I'm a few months behind on payments - only because they won't deal with you when you're current, and I was advised to fall behind in order for them to take notice of my hardship. Of course, my credit is bad right now. I have an F on the late payment section but everything else on the reports (available credit, etc) is an A+.
If they won't settle, would they do anything to lower the interest rate to aid in the payment of the balance, and credit any late fees incurred?