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Cap One Question

Discussion in 'Credit Talk' started by Shantel, May 23, 2001.

  1. May 23, 2001 #1
    Shantel

    Shantel Well-Known Member

    Of regulars and other experienced people....My dear friend has a problem with a Cap One account and we need to know the best approach.

    The details:
    The account went deliquent and she's been being contacted by a collection agency. The CA gave her a settlement offer for less than the amount owed. The account is of course closed. We don't know if it's charged off yet.

    Should she:
    1) Take the settlement offer with the "I agree to pay but you delete" letter
    2) Contact Cap One directly to try to settle and get the negs deleted.
    3) Or just dispute and pray to God they don't verify the info?

    This was fairly recent (2000-2001) so Cap One would probably be able to verify, but it's not a big deal.

    Any info as to how to proceed would be appreciated. Thanks folks.
     
  3. May 23, 2001 #2
    aigle

    aigle Well-Known Member

    Why should they delete anything? I wouldn't expect any deletions of accurate information. I think you ought to negotiate with Capital One since they are the bottom of the barrel anyway. Capital One buys 10 year old charge-offs and tries to create new cards with the full amount as the balance on the new account.
     
  4. May 23, 2001 #3
    LoFico

    LoFico Well-Known Member

    As for Cap One being the bottom of the barrel, I strongly DISagree. However, as for your friend, maybe she could try calling Cap One and aking them to rehab the old debt if they still own it. If it has been sold to the ca, then my guess is they can't. But it is certainly worth a try. I have found them to be very flexable. Good luck.
     
  5. May 23, 2001 #4
    Donna

    Donna Well-Known Member

    Shantel,

    It's good of you to help out your friend.

    I have to agree with LoFico. CapOne is not the "bottom of the barrel" and perhaps there is a chance the account could be rehabed.

    A few months back, someone on this board...I think it was Melissa...talked about getting an offer from CapOne to rehabilitate an account that was in collections. I don't recall all of the particulars but I believe Melissa said her account would be reopened, once the debt was paid. (Melissa, if you're here, maybe you could give us a refresher on the details.)

    Anyway, good luck to your friend. I hope a satisfactory arrangement can be reached.

    Donna
     
  6. May 23, 2001 #5
    Saar

    Saar Banned

    If it's not a very high balance (it is Cap 1 we're talkin about...), I'd write Capital One (not the C.A.) a check w/ the closed account number for the full balance. If it's not charged off, you'd avoid the R9 notation and the collection entry would eventually be removed/ not reported at all.


    Saar
     

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