My friend's ex-husband but now boyfriend (long story) got a letter from Cap1 today. He had a $250 cl, but now owes them $1000 from over limit fees and late payment charges. Oh, and he hasn't paid on the thing in like 2 years. Anyway, the letter said if he pays 2 payments of $250 they'll mark the account paid. I never had to deal with this before, so I'm kinda lost but them marking it paid doesn't mean it's gonna move from a negative to a positive, right? I mean, the late payments would still remain but instead of 'charge-off' or 'collection' it would just say 'paid', right??? I don't think he's going to take advantage of this offer. He's too busy goin' on Wal Mart shopping sprees to worry about something as silly as a past due bill <g>, but in the rare chance that he would take advantage of this offer, is this a fair offer? Will they make him another offer if he doesn't reply to this or is this a one-shot deal and then it goes to 'charge off' status?? I don't think he wants it to get to charge off status since he'll be needing to rent an apartment soon, but I know he doesn't have $500 to pay 'em off either (unless he gets help for his addiction to Wal Mart shopping..<g>). Thanks, Ozzy.
It will still stay negative but will be marked as PAID/SETTLED or SETTLEMENT FOR LESS THAN FULL AMOUNT depending on the CRA.
