thanks creditnet! i am about to submit a settlement offer to Capital One in exchange for full deletion of my account on all the CRA files. i found an excellent letter on here and will personalize it to fit my situation. i was wondering has anyone had any success with Capital One in settlements and how much on the dollar should my offer be? original debt = $1500 penalties = over $700 total debt = $2200 (approx.) i will have the money to pay them and they are my most negative tradeline. if I didn't mess myself up with this card, i think they were one of the better ones. i know better now, thanks to this board, so i'll do better. 20/20 is hindsight. had i found this board BEFORE i was denied credit . . .
This brings a ?? to mind. What if a CA (or OC) agrees, in writing (signed and all), to remove a derog in return for full payment....but doesn't remove the derog after payment? Legally they are required to truthfully report (the derog) aren't they? Can this contract be upheld in court? I ask because I'm considering an offer to B 0f A for a couple of small NSF collections from a few years ago. You know, back when I was a nitwit.
But they don't have to report the TL at all. Since they are the furnishers of information, it is their choice to report it or not report it at all. By agreeing to the settlement, they are agreeing to not report it at all. At least that is my understanding. I am having trouble with a credit card company upholding thier end of a settlement right now. A complaint has been filed with the AG and if it doesn't get deleted in the next two weeks, I'm filing a lawsuit. peace, delilah
Cap 1, will usually accept %50. They will not likely delete. you may be able to get them to do R5, but good luck trying to get them to delete a derog. I think they would rather chew broken glass than to delete. Good Luck!!
