I have been perusing the forum for a couple of days and done a number of searches. Couldn't find exactly what I am looking for (and if the answer is already here please forgive me for asking again!) 3-4 years ago I was sued by Capital One for two accounts. I had a prolonged illness and finally gave up trying to pay - Cap One wasn't willing to work with me and I had bigger issues. I went to court, but since I actually owed the amount Cap One got a judgement. They have done nothing else with the account. In Florida I can't be garnished except by the IRS (and I think student loans) and have next to nothing in the bank. Now, having thought about it I'm not even sure it was Cap One who actually sued - the accounts show as written off and I called Cap One today to ask about the accounts and was transfered to NCO - a debt collector. No matter what number I call I get NCO. I haven't spoken to NCO - in fact I told them I would not discuss any accounts over the phone under any circumstances (they called about another account that was paid and outside the SOL anyway). I have three questions: 1. The original amount was $6500 and less than $9000 with all the fees. I don't have the paperwork in front of me but I just need a ball park figure. How much should I offer to settle? 2. I will not settle unless they agree to delete everything on my credit report. If it is with NCO can they delete Cap One's entry? 3. Once settled is there any way to remove the judgement notation as well? If NCO misrepresented themselves as Cap One can the judgement be vacated, and what are the odds? Thanks!
Hi Scubus, 1) The average settlement from my records show that NCO settles around 45% for all debts under Capital One. Capital One is actually one of the few creditors where it's a little more difficult to get a great settlement. But given your circumstances, I think it's worth a shot to start a low ball offer around 25%. 2) Assuming that this account is 3-4 years old, I don't think it's logical to say that you won't settle unless they remove it from your credit report. This account is pretty old, and with each passing year it has less of an affect on your credit. I've honestly seen 700+ scores for some people with some collection accounts appearing on their credit report. 3) From what you're saying, I don't think NCO ever represented themselves as Capital One? So do you see a collections account from NCO + a judgment from Capital One on your credit report?
Thanks. I'll start at 25% and see where it goes. Can never hurt to ask - I just want to be sure I have enough cash on hand before I start. I see what you're saying. I am still going to ask that any notations be removed as part of the deal. Can NCO agree to remove the information that Cap One has reported on the accounts? Can a judgement be removed from your credit records? The only information on my credit report is from Cap One. I am not really interested in getting the judgement vacated to avoid paying it anyway - just to have the record of a judgment off my credit report.
It definitely doesn't hurt to start at 25%. Regarding your other questions, I'm going to leave this one for a credit expert. I've personally rarely seen creditors willing to remove "accurate" items on your credit report. However, don't take my word on this one. Hopefully someone else can help you with this question. I'm calling on Josh to jump in on this! Good luck and keep me updated! I'm interested in learning how it plays out.
AS far as I know, judgements can't be removed from your credit report, they stay on for 7 years. The most you can do is have the status updated to say paid. As it ages it will affect your credit less, paying it wont do a whole lot for you credit score wise.
@Scubus - any updates for us on your dealings with NCO? Don't expect them to be able to do anything for you regarding the Cap One charge off. Based upon what you've told us, it sounds like the debt was charged off and then sold to NCO who obtained a judgment.
So far I have received no reply to my letters. None. I don't want the judgements removed (well, I do but they are controlled by the court) but I would like the negative notations left by Cap One removed as well as the reports by NCO. I also want to make an offer and have the judgements show "PAID." But they aren't talking to me. Should I contact Capital One directly?
Have you confirmed that this debt was charged off and sold to NCO? If you're not sure, an easy way to do that would be to contact Capital One directly. They won't want to talk to you if the debt has been sold. They'll just tell you that you need to get in touch with NCO. Also, what letters did you send to NCO, how long ago did you send them, and did you send them via CMRRR?
Capital One won't talk to me. When I call I am automatically transfered to NCO. On my credit report the debt shows as charged off (the date is prior to the court action,) I sent the letters October 1 and they went out CMRRR. I got the return receipt.
When you have the charge off, you are in tough position. We have seen people settle for 40% to 50% of the amount they actually owe. Let me ask you this, are you trying to buy a house or you just want to repair your credit? You could see if they would update the judgement as paid.
I am just trying to clean up my credit. We already own our home but I'd like to be able to buy a car etc. The judgement is in Cap One's name. WHo do I talk to , Cap One or NCO?
