Providian/Cap1 chgoffs settled!!

I finally was able to settle 2 current charge offs with Providian and Capital One by dealing with them directly.

In all it took about 5 days and countless phone calls to reach the right people to hear my sob story.

These were charge offs that needed to be paid off before settlement and closing for our home purchase.

Capital One to my surprise had balloned up to $1360.00 and Providaina and their outrageous fees totaled $2600.00.

I told about 20 different people my sob story until I actually had the right person hear it and want to settle with me.

These were my wife's chargeoffs from about 2 years ago. I had stated I lost my job and we could barely keep a roof over our heads. We had just found out we were having a child on the way (true) and could barely make the minimum payments. We had to stop paying the credit cards to pay the rent and afford food. I said as the record will reflect up until this point we had never paid late and always paid more then we could. I said we had gone in to see an attorney to talk about filing bankruptcy. The attorney went over all of our debts and what little assests we had. He tried to talk us out of bankruptcy for now because of the damage it would do. He said since my wife has a 401k to try and take a hardship withdrawl and try and use the money to settle these debts with our creditors. If a settlement couldn't be reached we were to tell him and that creditor would be added to our bankruptcy and in essence you would get no money at all.

I said we had limited funds to pay all of our creditors off and didn't feel right not paying our debt to you. We at least wanted to try and make good on our debt and try and salvage our credit rating for the future.

At first neither of them bit on our settlement offer. I finally got transfered to an executive at each company who really sympathized with our plea and want to work something out so we didn't have to file for bankruptcy.

Results......

Providian settled for $1500.00 and all notations of charge-offs and lates erased in exchange for just the notation of "PAID"

Capital One settled for $700.00 and all notations of charge-off and lates erased in exchange for just the notation of "PAID"

I had both of them outline and fax me this in writing!

Next month when we settle and close the final credit report should have no negative listings and 2 paid accounts!!

This will erase all bad credit from all 3 of her credit reports!

I didn't think this would happen and was depressed all week at my results of dealing with pretty much ignorant and unconcerned people from both companies.

Only when I reached a top person at each company did it really pay off.

I am glad we settled our debts and were able to get good credit in the process.

The lady at capital one encouraged my wife to apply in the future when our financial situation was better.

To all of those who feel like giving up, Dont!

It will work with persistance!

Tac

 

I spoke to an account rep who said her name was Dia, Telephone #1-800-897-4895.

I faxed her an authorization letter allowing her to send me a fax to my home outlying our settlement we had over the phone.

The fax # she gave me was 707-864-5913.

As soon as I received her fax outlying our conversation and what we settled upon, I called them back and spoke to another rep who I then made a check by phone payment to.

They gave me an authorization number for the payment and all is history now.


Good Luck!

Tac

 

She works in the Executive office and her name is Melissa.

I will withhold her number and post it here once I receive her offical letter in the mail outlining our settlement.

This is in case I have to call her back should their be an issue. I don't want her flooded with calls and get her pissed off at me should I need her again.

I have a tentative offer that she faxed to me but she is sending an offical one in the mail giving me until December 13th, 2002 to pay the agreement.

Once I receive that letter I will definetly post her number. She is very nice and understanding.

Tac