Collections

Discussion in 'Credit Talk' started by L, May 23, 2000.

  1. L

    L Guest

    I got a letter today from a collection agency attempting to collect a charge-off from Capital One that I have. Now that it's sent to collections, I have no recourse to go back to Capital One and try to make a deal do I? Can I make a deal with the collector or is that not possible? Also, it says that if I write and refuse to pay the debt, they will contact me and tell me their efforts are being terminated or that they, and I quote,
    "will intend to invoke specific remedies permitted by law." What are those exactly? Any insight would be greatly appreciated. Thanks so much.
     
  2. Daniel

    Daniel Guest

    Try to deal with Capitol One Directly. They should be more than willing to make a deal with you, if you are willing to pay off the balance. But you might want to ask Kristi.

    Daniel
     
  3. C

    C Guest

    Who is Kristi?
     
  4. L

    L Guest

    Is it too late to make a deal with Capital One now that the charge-off has been forwarded to collections?
     
  5. bg

    bg Guest

    L, It's never to late to work with the original creditor(capital-one), most of the time it's easier to work with the original
    creditor than it is to work with a credit
    bureau. So yes you can try and make a deal with cap-one.
     
  6. SuperBen

    SuperBen Guest

    I work for a collection agency that collects on Capital One Credit Cards. Your account is past the point of doing any negotiations with Capital One. You will have to deal directly with the collection agency. Each collection agency is different on how they collect on accounts. My agency for example does not accept minimum payments. When Capital One puts an account into collections it is for the Balance In Full. We will accept that, a settlement of 70% of the balance or 40% down then payments. As far as the specific rememdies as required by law. There are none. Capital One does not sue anyone nor do the collection agencies. Capital One does not sell their accounts either. All that will happen if you do not pay is that your account will get turned over to a different agency. Sorry this is so long but i hope it helps.
     
  7. SuperBen

    SuperBen Guest

    I work for a collection agency that collects on Capital One Credit Cards. Your account is past the point of doing any negotiations with Capital One. You will have to deal directly with the collection agency. Each collection agency is different on how they collect on accounts. My agency for example does not accept minimum payments. When Capital One puts an account into collections it is for the Balance In Full. We will accept that, a settlement of 70% of the balance or 40% down then payments. As far as the specific rememdies as required by law. There are none. Capital One does not sue anyone nor do the collection agencies. Capital One does not sell their accounts either. All that will happen if you do not pay is that your account will get turned over to a different agency. Sorry this is so long but i hope it helps.
     
  8. spyguyjim

    spyguyjim Guest

    Collection agencies typically have about six months to get any sort of payment plan going before the creditor sends the account to the next agency. Most use two or three agencies before the accounts go to "uncollectable" status at the creditor.

    Negotiating with the creditor is an option when the accounts come back in this manner. All it takes is a call to the original creditor to find out who has the account. If it is with the creditor, there will be someone in-house assigned to work with these accounts.
     
  9. lbrown59

    lbrown59 Well-Known Member

    I work for a collection agency that collects on Capital One Credit Cards. Your account is past the point of doing any negotiations with Capital One. You will have to deal directly with the collection agency. Each collection agency is different on how they collect on accounts. My agency for example does not accept minimum payments. When Capital One puts an account into collections it is for the Balance In Full. We will accept that, a settlement of 70% of the balance or 40% down then payments. As far as the specific rememdies as required by law. There are none. Capital One does not sue anyone nor do the collection agencies. Capital One does not sell their accounts either. All that will happen if you do not pay is that your account will get turned over to a different agency. Sorry this is so long but i hope it helps.
    SuperBen
    ===============
    So validate with the CA
     
  10. lbrown59

    lbrown59 Well-Known Member

    1*Is it too late to make a deal with Capital One now that the charge-off has been forwarded to collections?
    L |

    2*L, It's never to late to work with the original creditor(capital-one),

    3*most of the time it's easier to work with the original
    creditor than it is to work with a credit
    bureau.
    4*So yes you can try and make a deal with cap-one.
    bg
    ===========
    1*May be it depends on who owns the debt.
    2*It is if they sold the debt.
    3*He should be validating with the CA not working with either the OC or CRA
    4*No he can't because CRAP 1 no longer owns the account.





    THE END ** *** ** LB 59
    """"```--~~~~~~~~~--```'""'''
     
  11. Thundabird

    Thundabird Member

    Re: RE: Collections



    That's not completely accurate...Cap 1 is suing me for a charge off under $2,000!
     
  12. Butch

    Butch Well-Known Member

    Re: RE: Collections

    Pay attention Browny.

    :)
     
  13. fletchlive

    fletchlive Well-Known Member

    Re: RE: Collections

    I have an Chase account that is charged off and is on the second collection agency that Chase refuses to work with me on - any secret words to use? They just simply tell me that the account was sold and there is nothing they can do about it.
     
  14. lbrown59

    lbrown59 Well-Known Member

    Re: Re: RE: Collections

    Have you sent the CAs validation letters.???
    You have to deal with the account owner.
     
  15. lbrown59

    lbrown59 Well-Known Member

    Re: Re: RE: Collections

    I have a Chase account that is charged off and is on the second collection agency that Chase refuses to work with me on -
    1*any secret words to use?
    2*They just simply tell me that the account was sold and there is nothing they can do about it.
    fletch live
    ============
    1*Val.Letter to CA.
    2*How can they do anything with something they don't own?

    THE END ** *** ** LB 59
    Subject: Said It Better Than I could
    The Ten Commandments display was removed Wednesday from the Alabama Supreme Court building.
    There was a good reason for the move.
    You can't post Thou Shalt Not Steal in a building full of Lawyers and
    Politicians without creating a hostile work environment.
    > --------------------------------------------------------------------------
    ---- >>
    """"```--~~~~~~~~~--```'""'''
     

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