So I have a Charged off account with Capital One that is about 6.5 years old. Original amount was $1000.00. They figure I owe them $2600.00 now, which I am fine with. In May of 2010 I got in contact with Capital One to try to resolve my debt as I hadnt heard anything from them in about 5 years and I wanted to take care of it to start building my credit. They told me to call NCO Financial, which I did. I made payment arrangment with NCO and paid them $1100.00 over 4 months (May, June, July, and August). In September I inherited a sum of money that would allow me to pay them off in full with no problem. I called NCO and they told me they were no longer handling my account and asked me to call Capital One. I called Capital One and they told me to call back in a week because they werent really sure who was handling my account. I told them I was calling to pay them off in full and they told me they could not help me. I waited a week and called back. They told me to call NCO Financial as they were handling my account. When I called NCO they told me the same song and dance. Since Sept I have called Capital One twice a month and told them I wanted to pay them off. Everytime I call they tell me to call another number, and that person tells me to call another number, and that person always tells me they are not handling my account. Today January 10th I called Capital One and asked to speak to a manager, they transfered me to NCO Financial where I remain on hold and have literally been on hold for 2.5 hours. How can Capital One report negatively on my credit and not let me pay them? NCO has never reported on my credit. What should I do? I am in a hurry to pay this off and build my credit as my landlord is in very poor health and wants to sell me the house I am renting for about 1/4 of the homes value. I dont have time to sit around and wait for Capital One to figure it out.
Has Cap One just assigned this debt to NCO for collection? That's what you need to determine first. And from what you've mentioned here, it sounds like that's the case. They haven't sold it. How is Cap One reporting it on your credit reports? A charge off with a balance? If Cap One still owns the debt, you need to be really persistent and get a hold of a manager that actually has the authority to pull your account from collections once and for all and let you pay your balance in full. Don't let them transfer you to NCO. Explain that you want your account pulled back so you can pay them directly. Don't expect your FICO scores to increase as soon as you pay this off though. Paid charge offs or collections are basically just as damaging to your credit scores as unpaid ones. They are both negative marks and will continue to hurt your scores until they fall off your credit reports or you negotiate removal in return for payment.
Yes, they are reporting it as a charge off with a balance. I also have one other negative on my credit report from LVNV Funding that is for a very small ammount. What is the best way to go about negotiating a removal of both or either of these? I need to do something to get my credit scores up!!
If Capital One refuses to remove this from my credit report, are you saying I shouldnt pay it off? I mean it is scheduled to come off my credit report in April of 2012. If paying them off wont help my credit score and they cant even figure out who I should be talking to, whats the point of spending the money.
I'm not saying you shouldn't pay a debt you rightfully owe. What I am saying is you shouldn't count on your FICO scores skyrocketing as soon as you pay it off so you can qualify to buy a home. If the debt is rightfully yours and the OC/CA refuses to work with you on this, then the question of whether or not you should pay becomes a moral one that only you can answer for yourself. Many people choose to pay, while many others simply choose to wait it out, let it drop off their credit reports and hope they don't eventually get caught up in a lawsuit.
I am 100% new to all of this so I may be incorrect in saying I shouldnt have to worry about a lawsuit as the SOL has long expired on this account. It was first delinquent in August of 2004. I believe the SOL in MI is 6 years but I dont know if it goes off of the state I reside in or wherever it is that Capital One is. Also my credit report shows this account will remain on record until April of 2012. I am not really sure where that date comes from? I really appreciate all your feedback!
Dont you have any kind of paper proof's on it ??? If you have , you need not to worry about any thing they do , just show them the paper proof's as they worth more than any other thing .
Generally, the SOL is based on the state in which the credit agreement was initiated. So if you were living in MI when you opened the credit card, then the SOL of MI would *usually* apply. There's a concept called "choice of law", where a contract will contain language like "this contract shall be governed under the laws of the state of (state)". Most contracts have this. However, whether or not it actually gets enforced is another -- and much more complicated -- matter. As for April 2012, that's probably seven years from when the delinquency was "first reported". I have had success removing entries from my report that were due for deletion by calendar year, even though the month may not have been reached. For example, if the seven years expired in December 2008, I was able to get it removed in January 2008. Whether this was due to sloppy record-keeping at the CRA or standing policy is beyond me, but I'm not about to start asking questions.
Does the SOL reset as I recently made some payments to the CA on this? The CA then gave my account back to the OC where it has been lost for the last 6 months and nobody can take the remaining balance from me.
Yes. Every time you make a payment, the SOL resets. It's unfortunate that you're attempting to pay this and they aren't working with you. Usually most OCs / CAs will trip all over themselves to get a payment, and here they are brushing you off! Sheesh. Good for you, though, on trying to do the right thing! It might be time to send a certified letter to Capital One telling them something like "As per our telephone conversation on xx/xx/xx at approximately xx:xx (am/pm), I am attempting to pay this balance. However, as you were unable to provide me with payment directions at that time, I am writing this letter as a good-faith effort to resolve this matter promptly. I am prepared to pay on this matter -- please tell me where I should send my payment and who I should make the check out to." It sounds like you're doing your best to straight this out by taking the high road. It sounds like Capital One needs whacked with a clue-by-four!
Well..Yesterday afternoon I spent all of 3 hours on the phone with Capital One and their associates constantly getting told by everybody that they do not have my account. Finally on my 4th call to Capital One (the first three ended in me getting transfered to (3) different CA's who all told me they didnt have my account or that they closed my account years ago) I got ahold of an account manager who actually took the time to listen to me instead of just transfer me as fast as possible, she is SUPPOSED to call me back today to let me know where my account is....so we will see. Might help that about 2 weeks ago I made a complaint to the better business bureau that Capital One is reporting negatively on my credit but wont give me any avenue to pay them. Its pretty bad that I have to work this hard just to give them money!!
All you need is your account number with Capital One and the address they receive payments at. Mail a check in the remaining balance certified (they have to sign when they receive it) to the address and your account is paid off.
Here is a good example of why you should always get everything in writing....I wish I would have found this site before I started negotiating with these people. So...Back when I was working with NCO they told me my balance was 2600.00 which matched what my credit report was saying. They offered to settle for about $1800.00 but I wanted to just pay them off in full (do the right thing I suppose) so i told them I was paying them in full. I paid them $1150.00 over 4 months before they transfered my account back to Cap1. FINALLY Cap1 found where my account magically landed..a Law Office of course...Now the law office says my balance is........you guessed it 2600.00. Furthermore my credit report NOW shows that my high balance was $3400.00 instead of the 2600 it showed before I payed 1150 to NCO (of course none of these numbers really match up completely and are still missing a few hundred dollars somewhere). The Law Office says they have no record I ever payed anything...Cap1 says they have record that I payed the 1150.00 but wont send me anything saying I payed that...and wont tell the Law Office I payed that much. The friendly acct manager and the manager I spoke to at Cap1 both basically said " I can see why this upsets you but unfortunately there is nothing we can do about it, the amount that the Law Office has as a balance IS your balance.". And basically i have NOTHING in writting...NOTHING....the only thing I have is the cashed checks to NCO that I did not write an account number on. So basically I lose out on $1150.00...and the moral of the story is...of course...get everything in writing.
Can you get a receipt from NCO on the 1150.00? Do you have more than one account with NCO? If you paid 1150.00 to NCO and only have one account with them then clearly it went to that account. Oh goodness I would be really p'd off right now!
New info...So I had made a complaint to the Better Business Bureau while Cap1 was giving me the run around about a month ago on who to pay. I just got a resolution letter from Capital One apologizing for the way I was treated. In the letter it states that I had a settlement in progress when the account was transfered....the letter says they will still honor the settlement and I owe 1017.00 to pay off the settlment. The problem is i told NCO over and over that i didnt want to settle and that I wanted to pay in full. Apparently they were telling Cap1 that I was in the middle of a settlement in order to keep my account maybe??? So I called the executive response rep who wrote me the letter and he said basically that they can see my payments but Cap1 system still shows a balance of 2600.00...so I can either pay the 2600.00 to pay in full....or pay the 1017.00 as a settlement. It is completely ridiculious that I started with a 2600 and payed 1150 and they still think I owe them 2600. I am not really sure what to do here now. On a side note they told me i should be working with a company called TDM and not the law office who I have been working with recently. The Law office is asking me to send them proof that I payed NCO and they will take the amounts payed to NCO off of my 2600.00 balance...or atleast they will attempt to get it through Cap1. This is getting VERY complicated.
If Cap1 can see the payments you made in their system, there's absolutely no reason why they shouldn't be able to apply them to your original balance. What reason did they give you for not adjusting the balance even though they have record of your previous payments?
The account manager and superviser that I talked to the first time around said that 2600.00 was my balance including my payments....which is strange since it was my starting balance (which they have no answer to...just change the subject when I bring it up). And the specialist who replied to my complaint with the better business bureau said he could see the payments and doesnt really understand why the balance didnt go down as my balance has always been 2600, but said he doesnt have the power to change that....he just kept telling me to pay the 1017.00 settlement and they would give me a 0 balance. He said my only two options were to pay the 1017 dollars for the settlment or pay 2600 to pay it off in full. It is all REALLY strange because after my run around for 5 months with Cap1...they had a rep call me from a Law Office (I confirmed with the account manager I was working with at Cap1 that I WAS suppose to be working with this law office)...and the specialist sent me a letter telling me my account was with TDM and to call them but the number he gave me goes to a full mailbox and nobody EVER picks up the phone...tried over 50 times at different times of the day. The Law Office still calls me, they are almost overly friendly and claim they are doing an investigation as to my actual balance and asked me for copies of the checks I sent to NCO. The rep with the law office seams to think he can get it so I can pay 13 0r 1400 dollars and pay it off in full based on my payments to NCO and the original balance of 2300 that he sees (2300 not 2600..wierd)....if they say that is the case you can bet I will be getting THAT in writing. This just goes on and on and on and on and on...I have had the money to pay these clowns off for 5 months.....
Sounds to me like you need to go higher than this specialist guy that doesn't have the power to actually do anything. If he can see your payments, he needs to figure out how to apply them to your outstanding balance. That just doesn't make any sense to me. I would also request that they pull the account back from collections so you can just deal directly with them and pay the account off in full.
The letter the specialist sent to me said they would work directly with me if I choose and gave me the address to send the money to. I am just unwilling at this point to pay another 2600.00 to them after already paying them 1100. I am waiting to see what the Law Firm says...they are suppose to get back to me tomorrow after they complete their "investigation". I am really growing tired of dealing with this one issue for so long.
