I have an unpaid chargeoff with capital one. The date of last activity is 11/1999. This is my only chargeoff and I would like some help for possible strategies. I realize that it's within the sol date but the amount is small enough that if they were to pursue this, i can handle the payments. Original amount was >$100 and now currently charged off at >$400. From researcing the past threads on chapital One, I concluded my options to be: 1) Dispute with CRA and pray 2) Negotiate with Mr. Cooke to go from r9-r5(I realize that r5 is just as bad as r9) 3) Go the validation route and hope for violation 4) wait for chod to come around again and dispute 5) ??? From reading the past threads, I gather only 1-2 people have negotiated complete removal of neg. tradelines. It is more likely to negotiate a r5 which most people do if they have to apply for a mortgage. I am not looking to apply for a mortgage anytime soon so I'm not sure how that would help me unless it is easier to dispute a r5 off than a r9. Some people recommand and had success in disputing over and over. However, I was under the impression the cra label disputes as frivolous after 2 disputes and refuse to investigate again. How are people getting around this? Does disputing continuously work with r9 or just r5? I have yet disputed this account as I wanted to research my possiblilties and get input before I wasted any resources. I'd like to get rid of this tradeline either by deletion or pay as agreed but my chances seem slim. Any recomendations? All input will be appreciated.
Cap1 has an automated system for verifying to the CRA's. I was told at the cra's that if the tradeline matches your name, address( any on record at the cra), ssn, they won't delete. I made a mistake by not disputing this very old address that Cap1 is hanging my derog from and now the cra's won't delete the address and have even brought it t the forefront of my CR. So the FAQ's are right . First dispute any previous address that the tradeline may be linked to untill you get it removed and then you stand a better chance of getting a deletion. There is always a chance that the cras will delete any tradeline no matter how tough by using a "not mine" dispute. Removing all the other personal info other than current is a must, like ex wives, ex-wives ssn's previous employments, etc. I think that cap1 can be beat but you may have to sue them. They never label your tradeline as disputed by consumer, this is a $1000 violation.Try all the disputes you can get in and it may come off before that.
I guess I was one of the lucky few with Crap1. I had a $1500 balance charged off in 98 that after their fee's was $3,500. I wrote them a letter saying I had doubts that I had a balance or ever a card with them but in order to clear the matter up I would settle for $500 and full deletion, I told them to accept or I would go to validations since I had doubts about the account in the first place but wanted to clear it up as quick as possible. They wrote back a letter offering to settle for $1,500 and an R5. I told them no way and went into full dispute. That went nowhere, but I gave it 30 days and then filed a complaint with the Attorney Generals office. My complaint with the Attny Gen was for TILA and FDCPA violations. I had no knowledge of this card or how they arrived at the balance due. I asked for proof of the acct and all statements. Within 30 days Crap1 wrote the Attny General that they could not provide proof and were dropping the matter and removing from all credit reports. Entire process was done in a little over 3 months. I kept them on a strict timeline and gave them dates to respond in my letter. When they didn't I went to the next step that day. Maybe the idiots should have accepted my original offer.
Our State Attorney General uses an online complaint form so I do not have a copy. Before going to the Attorney General build a paper trail of their non-cooperation. First step is to send them a letter requesting validation within 30 days. Tell them you have no knowledge of this account or dispute the balance and want a copy of the original signature card and monthly statements showing how the balance was calculated. Quote the FDCPA and TILA (Truth in Lending Act) to show them you know what is required of them. Give them exactly 30 days to give you a copy of the signature card and statements. Ask for both your signature authorizing the charges per the TILA that they say you owe or that you ever had an account. Terms change and they must show your signature as to what you agreed to. On the 31st day follow up with a more threatening letter. I am distressed that you have failed to follow the law and continue to cause me stress and grief over an account I either have no knowledge of or dispute the balance, whatever the case may be in your situation. I may be the victim of identity theft but your refusal to provide documentation does not allow me to fully investigate or I dispute the balance you say I owe but your refusal to provide statements per the TILA does not allow me to investigate and compare to my records, again whatever applies in your situation. Give them 30 more days to provide. On the 31st day file a complaint with the AG's office. If the AG in your State is as good as ours they will see that Crap One is ignoring you and send a letter to them. Some people say file suit but I have always held that as a last resort only. I felt like if I gave them a total of 60 days and the AG's office tried I stood a better chance in Court. I had planned on filing suit if the AG was not successful. I actually expected that and was setting it up that way because I had read on creditnet where no one was having any luck with Crap One. Took a little less than 90 days start to finish, 1st letter sent, 31 days later the second letter was sent, AG complaint was filed62 days after the original letter was sent. They caved in shortly after receiving the letter from the AG's office. Do not give them any extra time, give them deadlines and stick to them exactly. Don't come off as threatening, you may be a victim but their violation of the law does not give you the chance to investigate or compare your records. Research the Law and quote it in your demands. This all happened a year ago so I have not kept copies of my first two letters to them or I would post them. I do remember copying the FDCPA and TILA that pertained to my paticular situation in my letters to let them know I meant business. Do not use the form letters floating around the internet. Read the form letters for ideas but make up your own letters. One other thing, never sign a single letter or provide them with anything that has your signature. You wouln't want someone who can trace making anything up.
Good job! We should pin this post to the top of the board as far as I'm concerned. These crap1 aka capone bank people are sure getting away with murder all the time. They seem to have a complete disregard for the credit reporting, collection and lending laws. If it wasn't for their outrageous fees and illegal padding of charged off balances they'd probably be out of business.
What is a TILA violation??? I have like 4 or 5 Crap 1 accounts, LA 4/99. What do you think the odds are this same thing might happen to my aco****s???
I don't recall the exact section but the TILA says they must provide you with copies of the statements and how the balance accumalated. Before sending the letter do a search and quote it exactly in your letter. If you have the time it is worth a shot. Worst case scenario they provide a copy of your signature and statements and you can at least negotiate from that actual balance instead of the crap they try to say.
Worst case scenario they provide a copy of your signature and statements and you can at least negotiate from that actual balance instead of the crap they try to say. rond1234 ============= Unless there are errors in these items. The END ************************* LB 59
Re: Re: help with charge off(capital one) What is a TILA violation??? BLONDENITA ================== Breaking the truth in lending laws. The END ************************* LB 59 quote: -------------------------------------------------------------------------------- Originally posted by rond1234 I. That went nowhere, but I gave it 30 days and then filed a complaint with the Attorney Generals office. My complaint with the Attny Gen was for TILA and FDCPA violations. ____________________ l*********l-----------l l*********l-----------l l*********l-----------l l*********l-----------l l------------------------l l------------------------l l------------------------l
Re: Re: help with charge off(capital one) Rond1234- nice job! Questions though - was this really your account? How long from dola were you sucessful with this? You asked for validation directly from Cap1? I thought validation was only for CAs?
Re: Re: help with charge off(capital one) qofther Validation is for any debt you have or they accuse you of having. Validation means you want them to prove (validate) the debt to you. Validation refers to anyone who is trying to collect from you. There is a complete section in the FDCPA that defines who a collector is. It applies to basically anyone who is trying to collect a debt from you. There is also a FTC opinion letters that says what defines a debt collector. If Crap One's in house collectors are calling you then they are debt collectors and subject to FDCPA requirements. If they sell the account to someone else then that company must validate the debt, which means they must contact Crap One to verify. If they cannot they must cease all collection activity, period. Which means they cannot verify it with the Credit reporting agencies when they ask for verification. That is a violation of the Law and what many here sue for. You are building a paper trail to prepare for a suit. You build your trail to make your case as strong as you can. If they cave in along the way all the better, but you should go in with plans to file a lawsuit if they do not do what the Law requires of them. Thats how I approached every line in my report that was not accurate. In my case with Crap One the dola was 1998 and it was not my card. It was my wifes card when she was single but they reported it as being a joint account. I knew they could not produce my signature because I never signed anything since my wife had it prior to our marriage. I also disputed the balance because this was a secured card that her savings balance disappeared on. That is where the TILA came into play, they had to produce those statements so that I could show they never applied the deposit. I knew I had them and planned on going to court. I wanted to go into Court with the AG's office saying they would not cooperate because I felt it would help. Some here just go straight to court and do fine. I would look for anything that is reported wrong and then tailer your dispute and validation around it. If you suspect excessive fee's make them validate and per the TILA give you copies of the statements. The agreement you signed says what the extra fee's can be and crap one is one of the worst about making them up as they go along. The do not want the AG's office catching them doing that and I suspect that is why they dropped ours. The AG sent them a request for the statements and signature card and Crap one responded saying they could not locate and they are ceasing all collections and removing from the credit reports. Illinois has been going after some of these lowlife subprime predators and the last thing they want to give the AG's office is proof that is what they do. I think the key to success is not chance disputing or sending out made up form letters. Get a plan together and attack the angle that best fits your situation. Go in with the mindset that you will be filing suit so a Judge will eventually see what you have sent. Then file suit when the violations build up. All of these scumback CA's and subprimes cave in when you build a strong case against them. They like to prey on people and slither off to their hole when the tables are turned. Get a gameplan and stick to it exactly. It really is not that difficult, but you have to lower yourself to their level. They don't play fair so why should you? When called to the mat they show themselves to be the cowards they really are. You should sue at least one, just for the fun of watching one of them squirm in court. Watch one of them try and run their bullsh$%#t on a judge sometime, it's great. It is worth the price of the suit alone for that thrill.
Re: Re: Re: help with charge off(capital one) I thought validation was only for CAs? qofther ============== Think about what you just said. Does it make sense that it only applies to CAs? Do you really think other creditors can just collect from you without having to prove anything?? The END ********* LB 59
Re: Re: Re: help with charge off(capital one) Yeah - you are right, I have it in my head that validation was meant for a CA that did not originally open or hold the account, therefor this "supposed" debt needed to be proved it was valid. Makes total sense. I can't seem to use the search effectively enough to find it, but I could swear I have read on a number of occasions that the OC was not bound to having to validate since they originated the account. I've got a large charge off with crap1 that is indeed my account and am trying to figure out a way to deal with it without setteling for a r5 and without them suing me. Seems like a complete loosing battle. Thanks a billion for this thread though. Very very helpful! Q
Re: Re: Re: help with charge off(capital one) I'm sorry, can you point out where. I am find what is a debt collector, and see many exclusions, including this: The term does not include -- A) any officer or employee of a creditor while, in the name of the creditor, collecting debts for such creditor; Again, I am only finding the opposite is true: http://www.ftc.gov/os/statutes/fdcpa/letters/zepkin.htm Would you mind sharing the FTC opinion letter in which you are referring?
Re: Re: Re: help with charge off(capital one) jlyn What are you trying to say? The question has to do with validation and whether crap one has to validate the debt they are trying to collect on. Are you saying they don't have to validate the debt? There are many opinion letters that may apply. Both FCRA and FDCPA opinion letters. Here are a few links to start the search. http://www.ftc.gov/ftc/opinions.htm http://www.ftc.gov/os/statutes/fdcpa/letters.htm http://www.ftc.gov/os/statutes/fcra/index.htm http://www.ftc.gov/os/statutes/fdcpa/commentary.htm#809 The above should give you all the information you need to apply to your situation. Find the section of the law in either the FDCPA or FCRA that applies to your situation and quote it in your letter.
