charged off debt

Some people have reported that Cap One tends to retain ownership of their charged off account, but sends them to various CAs. If you want to settle, you might be able to settle directly with Cap One.

Some have also reported that they have received offers from Cap One, probably after they went SOL, to transfer the charged off amount to a new card, in effect resetting SOL, but reestablishing a new credit account that can help reestablish a good credit history if paid. Some consider this sneaky, others consider it helpful.

I have no direct experience.

 

As ontrack correctly mentioned, it depends upon whether the debt was sold or assigned. If the OC only assigned the right to collect, and retains ownership, they could try to collect later. If they sold the rights to the debt they can't come back and collect.

 

I will need to research how to find out how to know if it is sold or assigned. The evidence I see on the report is that they have been reporting this for two years and continue to update this on the credit reports every month. I'd be willing to bet that it wasn't soldbecause of this vigilant reporting. I think that ,maybe if we stick it out until SOL is up then we can start to tackle this issue with a little more leverage. Thanks for your advice on this. BTW she has a derog on her report as a collection with Equifax. It shows no OC or CA name anywhere and I have looked at all contact information on her report. None mathces up. That outta be an easy delete.

 

I'm bumping this up to see if there are any updates.

I just checked my credit report yesterday and as a recent college graduate, I'm sad to say this is really only the second time I've ever checked my credit report. I was shocked to see that Cap One was reporting an unpaid revolving cc charge-off with a balance of $841. I had no idea that I owed a single penny to Cap One or a collection agency, as I have never received any bills or notifications. When I called Cap One and was referred to the agency now handling the debt, it was a truly awful experience and major wake-up call to the harsh realities of dealing with debt collectors. The person I spoke with did not tell me anything about having a right to verify the debt and when I kept questioning him and asked to speak to his superior, he said he didn't have a superior and that he would no longer negotiate as I would now have to pay every penny of the total amount. He then hung up on me two times just because I was trying to get the name of someone higher up.

Well, I was able to speak with someone in the corporate office today and they said a letter was mailed to me months ago but was returned to them by the USPS as a bad address. I had moved and while all of my other bills and items of mail were forwarded to my new address, for some reason I did not receive ANY contact from the OC or the CA. However, I suppose it doesn't really matter whether or not I knew about the debt. Unfortunately I'm assuming that they do not have any legal obligation to contact me at my correct address, or to seek the correct address if mail is returned. I moved states during college and my address was changed with USPS. I never had any problems with other mail, so I'm really shocked that this was so messed up. However, I don't understand why even the collection agency did not pull my credit report which has my current address and telephone number listed. I guess they make more money by not finding me?

Anyways, I'm sorry to ramble. My basic questions are what I should do at this point. I know the first step is to send certified validation letters, but should I even bother contacting Cap One as the OC?

The CA has not reported anything to the CRA's, but Cap One has reported the charge off with the full balance still remaining. Who should I try to negotiate with in order to pay no more than fifty percent of the balance and have the negative item deleted from my report? Is that asking for too much?

It seems that I will be able to negotiate a settlement with the collection agency, but that would still leave the OC's charge-off on my credit report. I'd really like to know if there are any steps I can take to get Cap One to agree to delete the item if I settle the debt... however when I call to speak with representatives at Cap One, they can't access my information because it's apparently been in collection for longer than six months, although I knew nothing about it until I pulled my credit report and contacted Cap One myself. Cap One will then say they are transferring me to an Account Specialist and transfer me directly to the credit collection agency.

Hopefully someone will be able to make some sense of my thoughts in this post. I apologize for the confusion! This seems so frightening to be going through as I am looking for a job after college and didn't need another financial burden, but I am learning a lot so I guess it's always best to see the positive in any situation.

I have several other negative reports of late payments from creditors listed on my credit report, but nothing derogatory behind that. I have more accounts in good standing than in bad but I believe this outstanding balance and charge-off, which I was unaware off, has really resulted in a drop in my FICO score.

 

How much money is involved here?

Is the amount they claim is due accurate, or do you know, having not received the final statement?