Well, I did it and settled with Capital One, bought a home and really happy as this was my only bad credit issue since 1999. Been lurking on this board for years, posted once and wanted to ask for more advise about the offer. I have in writing their offer to settle for less than the amount owed and they would report it as Paid In Full, this did not happen. On my report it shows Settled for Less than Owed. Is there any recourse for this, legally or otherwise? Any comments on how to proceed? Thanks,,
Hey cobra. I also have an issue with capital one. I was wondering if you could give me a few tips as too how you settled with them. Did they sell the account to a collection agency? What address where you sending your correspondance too?? Would you be able to post your settlement letter you sent to them so it can work for me? As far as your issue is considered, if you have a letter stating that they would do something they are not, then dispute that item on your CR. Send the agencies a copy of that letter and explain what it should be reported as. Thanks
Gymbo, mine was on an auto loan. I called them and got them down to 9000 from the 18,000 they wanted. Asked for a settlement letter which I was informed they did not do, and would not send. Told them I would not make the payment until I received it in writing with a good till date. Of course they asked for current address and all so I took a chance. I then waited about a week and guess what, got the letter with the agreement and it said they would report it as paid in full. NOT. Anyway I sent them the money and that was it. Pretty painless on my part. Don't know if your problem is with auto or not but when I called in and put my ssn it sent me to one lady who was pretty head strong but seemed fair. I even went past the time frame due to her not being there and she still honored the agreement. My account was in Texas and I live in a one party state also so I taped all the conversations. Let me know if you still need the above info.
Capital One is the worst. I had the exact situation as yours. More so, a local law firm had told me that it would be removed from my CR - nope! I'm just going to wait it out. Please be careful in challenging Cap. One.....they have re-aged me twice. If you get any advice on how to fight these low lifes, please let me know. Good luck!
cobra443 You can do one of two things. You can send the letter to the CRA's to show them how it should be reporting but they will probably push it back on the OC saying that they can't do that or you can (and this is your best bet) take them to court and sue them for breach of contract. If you sue them you may be able to negotiate a "paid as agreed" with no lates as well.
