I just got something in the mail yesterday from Cap1 telling me they will re open my acct at 9.9% on new purchases until 2004 and my chargeoff amount will be added on there with 0% interest for the lifetime that I have the card. Background on this TL: Opened in 5/99 Went into chg off status approx 11/00 CL: 200 Since the charge off the account has had interest amounting to 867.00 The amount they are stating they will reaffirm is 910. The question is this better than just trying to pay a portion for a deletion? Has anyone done this? How does it report to the CRA's? I could you a positive TL ,but I'm not sure this really the way to do it.
I guess they know where to find you. That means they could find you to sue you and the SOL has at least another year or two. If you are not thinking of BK then it's not a bad opportunity to turn a bad situation around. Has your financial situation turned around so that you could manage the payments? If so then it's a good way to re-establish even though your paying a lot for the chance. I would probably do it if I wasn't going BK. Do they say whether or not the charge off is deleted? If so, then it's definately a good deal.
How can the debt be that high in that short of time? I'd ask for a full accounting of the old debt... then I'd use the Exec dept and see if you can negotiate a percent of the amount due. that's nuts. Worst case scenario.. you could save for a month or 2, pay 50% or so as a full settlement.. and be done with it. I am against paying that kind of penalty in full... but that's just me. I'd settle it in another way... Can the Exec dept offer you that offer but closer to the amount that was charged? I'd try that first...
I kind of wondered about the amount of the charges and whether I might be better off PF Mr. Cooke and trying to make a settlement. My orig LOC was 200.00. so the rest is interest. Crazy huh! I BKD in 96 and probably would not consider BK just for this acct. I am still fighting with Providian on a R9 with them. It was sold and is showing paid chg off on one report and paid as agreed on two. I did have a offer to settle about 18 mos ago from NCO for 312.00. So I am thinking they would take alot less to settle.
My wife recieved the same offer fron capit one, but the funny thing is I just settled her account for 50%. I think that is a reasonable settlement for Capitial One, and I believe she we shortly receive a pre-aprroved card from them for $300 unsecured. Which we will glady take. The offer to re-pay, re-establish, re-age the old debt just sounds questionable. Her Experian went from 599 to 600 today. My Exp is at 635. John
