Hi, I sent a letter to Capital One over 30 days ago, trying to begin negotiations on my credit card debt. I had previously tried negotiating over the phone but got absolutely nowhere with that avenue. I sent the letter Certified Mail through USPS with Delivery Confirmation and have the green card as my receipt. I haven't had any response. No letter of acceptance, counter-offer, or even just acknowledgment that they've received my letter. So what should I do now? Should I send another letter? Call them again? Or just keep waiting? Thanks, as always, for any help. I'm slowly inching towards being debt free...
I would give them a little more time. If they just received your letter in the past 30 days, then I would give them another 30 days to respond.
I would absolutely not follow up again.... I've had creditors ignore my correspondence too. Some of the other folks might have different insights, but I think if you reach out to them again then they're going to assume you are desperate to settle, which you probably are. Best to let it sit until they contact you.
Re: I would absolutely not follow up again.... I agree. Debt collectors deal with so many accounts that it's really impractical to review each one manually. As such, you're given an internal score based on the age of the debt (still actionable?), your credit history (likelihood to pay), demographic information, how many times you've attempted to settle, payment promises, etc. My only advice is to keep track of everything you've done. Capital One sued me once before on an old debt. They lost due to failure to appear, and never bothered to re-file. Huge bark, tiny bite. Sit tight.
