Within last month ordered all credit reports for my fiance and myself. We discovered he has a charge off on his account. However, he had not recieved any bills for this card in over a year. Anyway, yesterday recieved a letter from collection agency asking for 70% of original debt(2200). As I was reading the other collection agency, alot of you advised to first dispute it. Honestly do not have the $1600 to pay it off in one shot. However, there have been advisories regarding a payment plan. This debt though will not fall off til 2006 anyway, so even if they put it back on it really won't matter, I guess. So my questions are I guess 1. Disputing it first is the first step? 2. Then deal with collection agency next if dispute does not work? 3. Ask them to erase what is on the credit report if you pay them off? 4. How low do you think they will lower the debt? 5. Also capital one was listed on the credit report, but that was before it went to collections so they probably won't deal with him right? Sorry I am so long winded however, i want to do this right. Thank you
RE: Just recieved a letter fro 1. Disputing it first is the first step? I think so. 2. Then deal with collection agency next if dispute does not work? Yea..I'd try two disputes first. 3. Ask them to erase what is on the credit report if you pay them off? Absolutely, get it in writing. 4. How low do you think they will lower the debt? It's pretty recent, and enough to make a judgement worth-while, so I'd be careful. 5. Also capital one was listed on the credit report, but that was before it went to collections so they probably won't.... Go news..I had a cap 1 with a million lates, etc. I disputed it once, it got worse. After the second dispute, it showed as a perfect account. Worth a try.
RE: Just recieved a letter fro RE: Capital One The good news and the bad news I had a delinquent acct with them that went to charge off and collection. They were by far the nastiest of all creditors/collectors to deal with. They had me in tears on numerous occassions. Then I got smart and sent letters requesting no phone calls. Then about 2 years later I received an offer from them in the mail. The deal was, they would report my account as paid in full, transfer the entire balance to a new Capital One credit card, give me an open limit of $200, and after 6 months of payments they would forgive 10% of the debt (which of course really was all their late charges, over limit charges, etc anyway, but I was responsible for them) So I did it. And now it's a year later, I have a Paid acct, AND a new unsecured card. I'm establishing good credit, and the best part is that the APR is only 2.9% (on past and future purchases). Just thought I'd share my experience with them. Good luck!
I got the same deal with Capit After ignoring all the threatening letters (at least 6 mos. worth), they sent me the same letter and I took them up on it. My only problem with this is that they only apply a certain amount of my payment to the special transfer balance. Example, my transfer balance is $30, purposely I send them an extra $30 to be applied to the transfer balance and they only credit the transfer $3.00 the rest to the regular balance. It's frustrating because it seems the "special transfer" will never die.
RE: I got the same deal with C I guess I figure, I'm trying to pay it all off, whether it's part of the 'special transfer' or the regular amount. And they're both at the 2.9% rate. The funny thing is, for a couple years, they were my biggest headache, and now that I'm at the point of having almost everything paid off and clearing up my credit, they've been the easiest to work with.
