My sister has an account with Cap One that is 120 days past due. she is wanting to offer settlement or negotiation to bring the account current or settle it. Does anyone have a good letter offering settlement or offering payment arrangements? TIA
I'd say that the best thing she could do is to bring the account down to at least their bare minimum payment demands including any amounts over due or over limits immediately. In otherwords, it's best to just pay it off if there is any way possible. If the amount is too huge to do that, then bring it down to at least $10 below limits of the card If that is still too huge, then I'd simply call them and see what the best payments they will take to bring the card out of the danger stage at the earliest possible time. If the card can be paid off in full, that's the best of all options. Remember that one can pay the card off in full even though it means using rent or other utility bills money to do it. The reason is that you can borrow right back the next day to take care of the bills and continue paying in full each month, borrowing the least amount possible to cover absolute living expenses so as to bring the outstanding balance down as quickly as possible. Doing that will help rebuild the credit you have lost over the last 120 days or so.
Zcraws: Is there any particular reason youâ??d want to use a letter, because in this case a phone call may be more effective. Is your sis able to phone and speak with a Cap One rep, or better yet a collections supervisor? Also, what is it that sheâ??d be attempting to negotiate; a discount, credit report redress or some combination of both? In a situation where the consumer is only 120 days back, a letter stands the risk of delaying the settlement process and confusing issues. Additonally, Cap One reps are people (not mindless automatons programmed for nastiness) who can offer amicable solutions over the phone if given a chance. Now if your sister is (God forbid) ill or somehow unavailable and she cannot phone, there are other procedures to consider.
ACTUALLY, my sister doesnt do well on the telephone. I thought a letter might be better. I guess she is wanting her credit delinquency addressed along with bringing the account current. the credit limit is $500.00, the balance is now over $700.00. I am willing to call on her behalf, but I don't know if they will talk to me, since it is not my account. Any suggestions?
What is the monthly payment on a $700 balance? twenty dollars? Not being able to come up with $20 a month is pretty bad I would say. I would call up and ask them what they need to bring it up to date.
I am not sure what the min payment is or what amt she needs to get to bring it up to date. I will be sure to find out. Also, I don't believe the original question had to do with WHY she is in the situation she is ...it was geared more towards...on suggestions as to HOW TO RECTIFY IT!
I do that all the time. One of the cards I am using actually belongs to the wife. They will want a verbal confirmation from her that it is alright for them to talk to you instead of to her. After that, it's all peaches and cream. As other(s) have suggested, a phone call is far and away the best in this type of situation.
Thanks for the suggestions. I think I will just give them a call today. I'll be sure to have her on the line also. Thanks again
