Capital One Settlement-Only for Principal? (Updated) I am trying to settle an account that I have with Capital One. Total balance is approximately $9500 with principal at approximately $7700. I was offered a settlement amount of the principal. The account manager said they would not go any lower than the actual principal. Can anyone shed light on this? I do not want to proceed until I know if this is the general practice of this company; or do I need to play "hard ball" a little to try to get that reduced even further? Thanks! I should probably add some add' info based on another's thread.... I am getting phone calls from NCO on this account now. When I call Cap1, it is NCO that I reach. The rep said that it is in prelegal (for what that is worth). I do not currently work (stay at home mom) and I live in KS.
Have had the card about 5 yrs. & stopped making pymnts about 150 days ago as I was informed that a settlement would only be offered if it was between 130-180 past due.
It's about to charge-off. After that Cap1 will either assign it to collections or sell the debt off (typically). If you can afford it, pay it.
Don't let it charge-off if you can help it. A R-9 is the worst thing you can get. However, it is not been our experience that Capital One sells much debt. They are buying it now as the Westmoreland Group.
I have been told the same thing by Capital One. Have a debt that I have not made a payment since January 2008, they referred it to NCO who was calling me every HOUR. After two weeks of that, I sent a Cease and Desist Phone Call Letter. Now Capital One and NCO wont call me at all. I offered Cap One a settlement of 20% of the debt in June, and again in late July. Both times I was told that they would only settle for the amount that was charged on the card, but hte funny part was both times they gave me two different amounts - off by about $800. They keep insisting that they will only take a settlement for the amount that was charged, and I tell them I don't have that.
