debt settlement(experts help)

Discussion in 'Credit Talk' started by popnsan, Mar 28, 2001.

  1. popnsan

    popnsan Member

    Has anyone had any experience with Capital One trying to settle a charged off debt. My wife has an account that was charged off in 1996 owing $2500 ,now it is up to about $4600.Should I even try this myself or should I try an find someone to do it.I contacted a couple of settlement firms listed on various boards but we didn't meet their minimun amount to take us on as a client(isn't that ironic)!!Capital one is still holding the account,they didn't sell it to a collection agency.Please any advice on this will be greatly appreciated.

    P.S. I did read the debt settlement information on this website
  2. lucy

    lucy Well-Known Member

    Re: debt settlement(experts he

    About 6 months ago, I was trying to refinance my mortgage through FHA. I had a few charge-offs, and the broker suggested I call the credit card companies and make an offer. I called Capital One, the original credit limit was like $500, with a date of last activity of 9/95. The statute of limitations is 5 years in my state, so it had run out. Needless to say, by the time Capital One finished adding on their ridiculous fees, the original $500 amount was up to $1878! They wouldn't settle for anything less than $1200, so I said forget it, and abandoned trying to refinance my mortgage with a slightly lower 9.9% rate through FHA. My rate is now 10.4% for my first mortgage, and a second mortgage at 11.5% with a 5-year balloon due in 2 1/2 years.

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