Cap One & NCO Financial

Discussion in 'Credit Talk' started by rednesss, Sep 25, 2003.

  1. rednesss

    rednesss Member

    So I'm getting barraged by Capital One and NCO Financial Systems on an old debt (past SOL). I consider it more of a nuisance than anything else but there is no way in heck that I'm going to open up a Crapital One card with an initial account balance of $2,454 in order to pay off NCO. Today I got about the third such "offer" and I want them to stop. Should I just send a drop dead letter and tell them I will never ever ever do this. NCO apparently purchased this debt so now they feel that they can try and collect on this even though the SOL ran out on this like a year ago. What would you do?
  2. connorw

    connorw Well-Known Member

    I'd write them a "drop dead" letter as you put it letting them know that you know that the SOL is up, that they're in violation of the law, and that you'll take legal action if they continue.

    Just my opinion.
  3. jam237

    jam237 Well-Known Member

    1) send a time-barred c & d -- to both C1 and NCO and their parent company.

    Marlin Integrated Capital Holding Corporation, et. al.
    100 Constitution Ave
    Upper Darby, PA 19082-2230

    Chances are good that the C1 letters with the offer doesn't have anything that can be used as an account number, so just use the address on the letter. I couldn't find anything like an account number on the C1 letters that my sister received anyhow.

    2) file a BBB complaint against both C1 and NCO for deceptive marketing practices, regarding the credit offers.

    3) file a FTC complaint against both C1 and NCO for deceptive marketing practices, regarding the credit offers.

    Maybe if C1 gets a few BBB & FTC complaints regarding the deceptive credit card offers on time-barred debts, they'll put an end to the predatory practice.
  4. psp in nm

    psp in nm Well-Known Member

    go to and click on "special". They are looking for people that have received this offer.
  5. rednesss

    rednesss Member

    Thanks for the advice. I think I'll craft a letter this weekend. This whole tactic really just amounts to a huge annoyance. But I'm thinking maybe I'll start returning their postage paid envelopes to them attached to 20 lb. bricks. Wouldn't take long until it cost them more in postage than what's it's worth to harass me.
  6. 95207Chick

    95207Chick Well-Known Member

    My DH got one of these letters recently.
    I am not sure of his charge off date with Cap1. I am sure it is close to the SOL if not past it. His TU only shows the date open and date reported, not DOLA. But the Cap1/NCO letter offers 50% of his balance which is less than $1000 according to his TU. It also says this offer is only available by phone!

    What is the info on dealing with the attorney? Is this "offer" illegal, misleading or both?
  7. jam237

    jam237 Well-Known Member

    The offer this is about isn't for people who have cap1 accounts, but to open a new cap1 account to 'pay-off' (usually) a time-barred account with another company. Essentially the CA makes a deal with cap1 to provide their consumers with a cap1 credit card to bring their alleged account paid, in exchange for cap1's Westmoreland Agency giving the consumer a cap1 credit card, which has a prior balance of the old debt in a sequestered account; they then say for every $xxx you pay off on the alleged debt, they give you a whopping $xx credit line increase.

    If you 'take the bait' and reply to the offer, you are the proud owner of a brand new account for the most-likely time-barred debt, that cap1 can sue you for if you miss a payment; since the previous CA wouldn't have been able to sue you for the 'time-barred' account.

    The main problems with this bait-and-switch is that they a) hide the required disclosures into small print. if they're included at all. b) they misrepresent the legal status of the account in order to decieve the consumer into opening a new account to replace the time-barred one.

    Now, as for the "CALL US IMMEDIATELY" offers; are there the required FDCPA disclosures. Validation rights, and this is an attempt to collect a debt. Most likly, it is one of the 'devices' which they use when they can not obtain a phone # via any other method. They have you call a toll-free #, enter a code which they can attach your phone # to the alleged debt, and provide that to the CA.

    They can use any type of enticement to get you to call, but whatever it is, even if its a you may have won, you have a free phone card, call to activate, or claim this prize... it is still an attempt to collect a debt, either directly or indirectly.

    The reason they only want you to call only is because you are not able to bring your validation rights via telephone communications, therefore they don't have to cease collection activities if during the call, you dispute the validity of the account.
  8. lbrown59

    lbrown59 Well-Known Member

    It's a scam !
  9. 95207Chick

    95207Chick Well-Known Member

    Well, I figured that. I would have never agreed to it anyway. It must attract the same sort of people that will send $149 processing fee to apply for a CC with a $300 limit.
  10. rednesss

    rednesss Member

    Well, these guys are just amazing. I got another offer in the mail from RMA and C1. So it's not just NCO that's doing this but RMA Acq. as well. I'm thinking about a very short reply, something like FU@% OFF! Short, but to the point I think.
  11. 95207Chick

    95207Chick Well-Known Member

    Maybe a photocopy of a certain finger or part of your anatomy sent back in those prepaid envelopes? Just make sure no one is around the office when using the copy machine.
  12. jam237

    jam237 Well-Known Member

    Yep, its all of the major ones for the most part...

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