What did I get from Mr miller?cap1

As the SOL approaches, they will probably discover that they have room to negotiate, after all.

Why give them money when you get practically nothing in return? If it was me... shrug....

 

With such a new charge-off, personally, I would pay it. If negotiations for deletion have failed and you have no leverage, in that situation, I believe a paid charge-off is somewhat better than an unpaid one...especially, as I said, one so recent.

You can always dispute the account later, perhaps during CHOD and there's a chance it will come off.


L

 

I'm in a similar situation with my one and only charge-off. I just paid it off after negotiations for deletion failed. (its only 2 yrs old and they provided detailed validation).

That doesn't mean you're done though. I plan on trying to dispute this thing off during CHOD and maybe trying the nutcase series if that doesn't work. I plan on going for a mortgage this spring so I had to get this thing paid or deleted (if I wasn't going to be mortgage shopping I'd probably would've tried other things first...)

 

COUNTER OFFER THIS...

Payment in full
PAID/NEVER LATE
"ACCOUNT CLOSED BY CONSUMER"

IT'S A TWO WAY STREET...ISN'T IT???

 

IT WOULD BE PAID IN FULL SO WHY NOT HAVE IT NOTED AS SUCH.

There was once a post by Doc about asking for a certain notation on the credit report that was neutral. It was very fair for both persons as it diid not go as a negitive but then again it wasn't a positive either. I think that is what Cc companies bauk at. They dont want a person coming out of it with a positive rating.

But neutral would be fair. Nobody benifits but nobody gets punished.

I can't remember the thread. Anyone?

 

I think that Mr. Cooke was relieved od duty for sinning!!! He was actually helping to many people.

 

alright... I'm going to say something for once on these types of threads...

I think most of us want (or want to feel like) we're doing the "right things" in life... and for most of us, that means paying our debts to the best of our ability.

And so... settlement offers allow us to do that pretty easily. If this is one of the few debts you owe... sometimes emotionally it's good to "put it behind you" and then just work on the credit. Then you can see the light at the end of the tunnel...

I can see both sides of this... since I've been there. On the one hand... when we do pay we want something for it... and what we really want is clean credit... but... what's likely fair is something in between. You're getting to pay less money than is owed (presuming there are no acct errors) and they get part of their money... you put the actual debt behind you and then move on... the credit part can be dealt with later as well..

Now... if you have reasonable credit otherwise... or if you're rebuilding... perhaps you could call him back and explain to him that since you're rebuilding... and since you really would appreciate a relationship wiht Cap1... could he make it so that either that trade line is reactivated (as secured if need be) so you can rebuild... or could he allow you a small NEW secured card to start again if he can't reopen the old card...

Cap1 is a great source for rebuilding and not burning them (or fixing a past issue) is a great thing... and you guys know I love Cap1... (can you say Plat)... but I also know that I paid Amex off with no other reason than I WANTED a relationship with Amex... and I've got to tell you... it felt good to pay them... and I don't normally say this stuff... but it did

Now I do NOT want a stampede of "do not pays" to this.. it's just my mood today... you know I'lll fight when there's a cause... but I can also see the point of settling and putting things behind you. If you can get a rebuilder card out of this... then you would also have a new trade line pumping good fico points into your profile... try it and see what he says...

He's a very reasonable and professional guy... and we know from the board that his office can do an R5 and that's about it.

the only leeway you might be able to give him would be if there had been billing errors that would have impacted the reporting.. then they'd have an obligation to correct the reporting.. barring that... try to get a new relationship out of this and pay it...

pay it and put it behind you... I'm getting the feeling you'd like to do just that... and with the holidays coming up... you can try the CHOD method of removal and perhaps catch the CRAs messing up... bust on them... and get it changed/removed for THEIR errors ...

and once the underlying debt is paid... all that's left is the reporting and we have lots of tricks to catch the CRAs screwing up and you can go after the credit reporting that way if you want...

 

For what it's worth, my wife was in the same situation and paid the charged-off balance. For the results of that check out http://consumers.creditnet.com/straighttalk/board/showthread.php?postid=61019#post61019.

Just my $.02.

Kirk

 

Now, the first thing I want to say here is that this is largely a matter of personal preference, and I understand and respect that fact. Everyone has their own world view, their own moral system (at least I hope so), and as such, there is no one right answer to this issue, just the one that's right for you. That being said, I'm going to put my own case forward for non-payment.

Here is a situation where a $20 dollar debt ballooned into $550 through fees and interest, if I understand voodoochild correctly. That's something on the order of a 2,700% profit for the lender. That's not taking into account the tax writeoff that came with the chargeoff. To be sure, there were some costs incurred by Cap1 in resolving this issue, but nothing close to the loot they are making off with. In return for that, what is being asked? A removal of a tradeline from his credit report. It barely costs Cap1 a dime.

Even granting that this is an extreme example, I think this pattern holds true in most instances like this. The amount that is payed back for a chargeoff is far in excess of the original amount of the debt. Since the lender is making a killing in these circumstances, and since the debtor is paying through the nose, the least the lender can do is throw a bone to the debtor by clearing their frickin' credit file. Simply paying and getting nothing in return means that the debtor is doing the right thing, but gets punished anyway. I wouldn't do it, as a matter of principle.

Again, I realize that not everyone sees things this way, it's just my viewpoint.