Maybe I am in trouble?

Discussion in 'Credit Talk' started by roni, Feb 24, 2001.

  1. roni

    roni Well-Known Member

    Hey guys, I was just thinking after reading Doris' post about capital one below. I got that letter from Arrow Financial wanting me to pay the $5k debt from long ago on behalf of Capital one services.

    But listen, I have 2 capital one accounts now. Should I be worried that they will try to attach that debt to my open accounts now. Should I just close my capital ones w/ 0 balances. I dont use them at all. They are just there because 1 is for $2K and the other is my oldest account (11/99) but it is only for $400. What do you guys think? Should I worry?

  2. Jim

    Jim Well-Known Member

    I wouldn't close the accounts. You need them for credit rebuilding. the chances that Capital One might attach that old debt to an account are minimal at best.

    I think you may wind up reading everything you can about debt negotiation and negotiate the debt or see an attorney who is skilled in debt negotiation and have him do it.

    I gave my opinion but I have to admit that this is one topic where I may not be the most qualified to speak.

    GEORGE Well-Known Member

    If they put it on your current account, it is better than dealing with a collection agency.

  4. LKH

    LKH Well-Known Member

    Roni I don't think they can legally attach an aged separate account to a different current account. I wouldn't close them now. If they make future threats about attaching (again I don't believe they can) then close them. And you know this - depending on the age of the debt they may be s.o.l.
  5. roni

    roni Well-Known Member

    Oh Geez.

    No. the sol has past.
  6. roni

    roni Well-Known Member

    The sol has past.

    I should have restated that here. This debt has already fallen off my credit report. It is from 1991.


    GEORGE Well-Known Member

    RE: Oh Geez.

  8. LKH

    LKH Well-Known Member

    RE: The sol has past.

    Then I would tell them to kiss off.They can't add it to your current accounts and they can't sue you.
  9. roni

    roni Well-Known Member

    RE: The sol has past.

  10. Doris K.

    Doris K. Well-Known Member

    RE: The sol has past.

    I agree. I thnk that might be why this Westmoreland outfit won't discuss this supposed debt with my daughter. Even if the debt were legitimate, the statute of limitations has run out on it. Almost anything they could do to try and collect on it would be illegal. However, if my daughter volunteered to pay it, it would be okay legally. I could be wrong, but that's my take on it right now.
  11. Manny

    Manny Guest

    Hi Roni,

    I have a Silver Master Card and a Visa from Capital one that were charged off last year. I also have a Master Card from them with a $500 credit line. I figured that they would have closed it by now but they haven't. I use it mostly for small purchases like gas or at the supermarket.

    Have had no threats from Capital One yet.
  12. roni

    roni Well-Known Member

    My account was not with Capital one. It was with Signet bank which was a part of the now Capital ONe.

    My account charged off in 1991.

    As for you, capital one will come after you. They have a tendency to offer their charged off people a card with the charged off balance attached to it once you accept. Beware if this comes in the mail. This is a way that they like to 'collect'

  13. ShyGuy

    ShyGuy Well-Known Member

    Cap One and new cards to colle

    Capital One was the only credit to contact me about reaffirming debt from my Chapter 7. The same thing -- reaffirm to a new unsecured card (the card in BK was secured) for about half of what I owed. The interest rate on the new card was actually pretty good.
  14. GEORGE

    GEORGE Well-Known Member

    RE: Cap One and new cards to c


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