I have a charged off account from MBNA that was recently purchased by Capital One. I now have both listing on my credit report, the MBNA was charged off in 1999, and the Capital One is showing charged off in Februrary 2003. Is this legal to report the same charge off twice and with separate dates? Capital One has now sent me an offer to turn my charge off into a credit card, with no interest on my charged off balance. As I pay off the balance the credit limit increases. Is this something I should do? Thanks,
No its not legal to have two separate dates. An account can only be charged off once, it matters not how many hands it passes thru after that. Have you checked out the SOL for your state. It may be past the time you can be forced to pay thru a lawsuit. How is MBNA reporting as well?
MBNA reports as a charge off on June 1999 Capital One reports as a charge off on February 2003 What is the statue of limitations in texas
4 years. Looks like they can't sue you and win for collections. That puts you in the jumpseat for negotiations, especially since it sounds like they have illegally reaged it. How much is the debt for, and if you have your cr's can you post exactly what they say (minus account numbers)? Was the offer of settlement the first communication you received from Cap One? Does it have the mini-mirandas on it? It would say something like "If the consumer notifies the debt collector in writing within the thirty-day period...blah blah
I do not know if it was the first offer for settlement, because it was sent to my old address and was forwarded to me. It does contain the legal jargon, were do you find the SOL. I thought Texas was 7 years? thanks
