My wife has a Cap 1 chargeoff that is not that old (charged off in 2001) Today, she got a letter in the mail from their "solution tem". The letter was definitely designed to give her the warm fuzzies about how they will work with her, and how they a large number of solutions to offer. I definitely want to pay this, but has anybody had any luck with Cap 1? I have not validated yet or anything since I the account is so recent. Any suggestions would be great. Should I try to settle traditionally or should I try to get them to open the account with a credit line of the chargeoff? Thanks for the help...
I have a Cap 1 charge off from 1999. The original balance was $1500 and it has now balloned into almost $2900. Several weeks ago I received a letter from them stating that they would be willing to settle for $2k before October 20. Its funny becaue I haven't seen anything from Cap 1 regarding this account in over 2 years. I guess they figured I was trying to refinance my house and decided now would be a good time to hit me for $$$$. This morning I sent a validation request to Agency Recovery Group CRRR. Its there inhouse collection company and they are handling the account. I really don't have any high expectations that this will work since they are the OC but I suppose it cant' hurt at this point. The debt will become uncollectable per FL SOL June 2003. In your case I wouldn't let them reopen the account. I think you should try a settlement, start at 40% and the account be unrated. Good luck.
They must have sent a bunch of them off today. I got one as well...see my post capital one question from today! Good luck, let me know if anything you try works.
Not sure yet. I dont want to just ignore them, thats what got me in this mess before. I dont really want to call them up and have them try to con me into paying then still have neg. tradelines when all payed up... I might just end up sending in letter and see what happens. The DOLA is 01/00, so I think the SOL in mass. is up after 5 yrs. I have heard cap1 is sue happy at times, so I dont realy want to ignore them and have them sue me.......arghhhh. what a dilemma... What are you planning on doing?
I suspect if you pay them on a regular basis over a long period of time they will do anything, even delete bad trade lines. But you gotta play the game, which is minimum payments on time.
Don't bet your life on this statement. Search the posts here for Cap1. They are notorious for reporting incorrectly and one of the harder ones to fix.
I've not heard of one person on this board who had received pay for deletion terms from Capital One. They do like to be tricky though. Some recently settled and to have their R9 changed to an R5 and their score plummeted. Why? Because an R5 is a present tense rating. R9 ages. Do lots of research so you don't screw them up. They will finally fall off of my report in June of 2003. Can't wait!
Ive heard that about cap1, thats why I'm leery(sp?) of sending them any letters or replying to letters they send me. What about Northland group, the CA that has my cap1 acct. Since I dont see them on my TU or EQ reports( EX on its way in the mail by now I hope), should I just ignore them or try to validate with them. I just dont want to get cap1 riled up if I go fooling around with there CA. Im tempted to just leave it be for now as the DOLA is just 01/00 on my EX and 03/01 on my EX. I opened the acct in Mass and now live in FL, so the SOL isnt up for a while yet.
In your case I think the way to handle this account is to offer a lump sum settlement. If you pay installments you run the risk of Cap 1 trying to play games with you. Once you reach a settlement agreement, make sure you send a certified letter stating the agreement and it's terms. This certified letter will give you a record if this matter becomes an issue again in the future. One approach you might take in is to tell Cap 1 that you will settle this account in exchange for all negative credit entries to be removed from your credit reports. If they agree to this, make sure you cover this in your certified letter. The success of this strategy depends on who you speak with. Don't be afraid to hang up and try again with another person. This may take time, but with determination you should get a positive result
Someone had a post about a month or two ago regarding Providian/Cap 1 chargeoffs. She had posted the people that she had talked to (not Cooke) that gave her an awesome deal. I don't remember who posted, but I'm pissed that I didn't bookmark it. If you do a search and find the info, please post it. Charlie
