I have been battling Crap1 for onver 1 year on a CO acct from 5/2002. After letters to Atty General and BBB. I finally got a letter from the Regulatory Response Team of Capital One. The CO balance is $963 today, they are taking a settlement of $275.00 and stated they will update the tradeline with the CRAs as R9 (settled). They actually lied in the letter saying they wrote me letters in 2003 which is SO untrue. Nonethless, it is now at a resolve. Question #1: If I pay this, will this change the DOLA on the account? (I do want to pay just to move on with my life) They did completely validate, they provided ALL statement copies, signed application, signed checks, online bill pay, etc. So my hands are tied, though my "Ex-SO" was the one that used the card now that I see the signature. Anyway, I know they will NOT delete... Any advice, opinions or ideas... they want the settlement check by April 30 or the settlement is rejected... I have no problem overnighting $275.00 to them to pay this in full.
R9 means charged off acct. I am dealing with Cap 1 regulatory response team right now Ms. Trudi weigle-harris to be exact. My opinion here is dont do it ! they will take your money and still list your report as a negative. what is the SOL left for this acct ? if you want to settle this matter get a letter from cap 1 specifically stating that they agree to settle this acct in full for that $ amount before you send in 1 penny if they say they cant its because they do not intend to do so. I would talk to an Attorney first. if you need a second opinion go to a web site called ripoffreport.com and type in cap 1 name under the search key that will give you an idea of what to expect. good luck.
Cap 1 is an Oc they dont have to validate but they do have to verify most likely they will still ignore your request unless you contact them at their regulatory response center 15000 Capital One Drive Richmond, Va 23238 or e-mail regulatoryresponseteam@capitalone.com if they still ignore you file a complaint with the richmond Federal Reserve they regulate Cap 1 and the richmond BBB good luck.
Ok total newbie here but I'm in the same situation. If I understand you all correctly I should send a validation letter to Cap 1 regarding how the account should be listed after payoff before I pay them any money? I'm dealing with NCO on this and they are certainly persistent. *edited* NCO is offering me 40 cents on the dollar and will settle for right under what my original credit limit was.
Listen to them. Don't pay Cap1 a penny. Something fishy about their offer to accept such a pittance to wipe out your debt. Don't believe it. Is your 7 years almost up? Because if it is, that may be why they want to settle so quickly for so little.
The letter they sent me, they forwarded a copy to my Atty General where I filed the original complaint. Their (Cap1) letter stated that if I pay them the $275.00 by 4/30/04 that they will consider the matter settled and closed. This $275.00 figure was from an "original offer" I made them back in Nov 2003 to be rid of them... so I know where they got this amount, when it was with NCO and the Northland Group both were offering $476.00 settlements in full. But they couldn't validate, etc.. But I thought I would send the check as restricted endorsement and figured if they tried to come after me on the balance I have their original letter, restrictive endorsed check ( I checked my state laws on this), as well as documented letters to the Atty General.... They will NOT delete, I have attempted this over and over again. Only reason I want to settle this is that I want to buy a new home this year and this is my only unpaid chargeoff on my report.
for harlquin I recommend that you send your written dispute to NCO and request validation to make sure they really have this acct to collect. if not then send cap 1 a verification letter cmrrr to the address I posted earlier for their regulatory response team in richmond, va Cap 1 will not budge, so everyone having problems file a complaint with the FTC so they can log it in their system, then file a complaint with the Federal Reserve who regulates them , and has the power to force cap 1 to comply with fed laws. and possibly deletion. if cap 1 does not respond within the 30 days send a letter informing them that they are reporting inaccurate unverifable info and request deletion this will probably only give you a big headache but opens the door to rack up the violations for a future lawsuit if necessary. cap 1 will only do what the Fed Reserve forces them unless a lawsuit is filed if we all hit the Fed reserve at once I bet we can shut cap 1 down ! lol good luck
if they couldnt validate then what makes you think that they can now? why do you think they are offering you a settlement hello??? I know cap 1 they always add interest , late fees, etc. why would they take such a low settlement now in a hurry that you offered 2 yrs ago? t he only thing I see that may be in your favor is the letter they sent to the AG agreeing to that, but dont fall for it, if they cant prove a debt they can not legally collect it and the AG knows this as well. I understand you want to rid the C/O to buy a house but dont sell yourself short they will list this acct as settled charged off but not paid in full. its your choice but I personally would force them to delete, its a challenge but in the end its worth it. talk to an attorney. there are the only ones able to give true legal advise. depending on your state, I may be able to give you a few web sites, east coast, west coast, etc.
fun4u2, Thanks for the reply, I'm going to try that. Going over the CRs last night with my husband we found that cap1 listed a closed acct that he paid off as a paid collection but nothing about it being paid in full. I'm definitely going to do my best to fight this. Just wanted to add that Cap1 added over $1400 in fees after I lost my job and tried to work with the on paying the card off. So I was really happy when Mitchell from NCO told me they would take 40 cents on the dollar as that ended up being what my ending balance was. No way I was paying their stupid fees! Can anyone on here point me in the direction of a good validation sample letter? TIA!
there are some in the beginning of the home page ck it out . did you read my sucess story against cap 1 today its entitled success against cap 1 and all the violations my attorney is suing them for ,and that I will have total deletion. its a milestone when your dealing with cap 1 because they never delete, but they have no choice now. i want to make the way for other consumers to obtain deletion by them.
dg0474, If this account is not preventing you from buying a house then fight them. If it is preventing you from buying a house then I suggest paying to settle out of the escrow at closing. This way if the escrow doesn't close then Cap 1 doesn't get paid. I've heard of cases where people pay off collections to buy a house and still end up without a house.
