I received a settlement letter from Cap One. I fell behind due to buying my mother meds, she is retired with limited income. Has anyone had luck settleing with them via Viking? They are offering 70% of balance, or should I negoiate?
What is the balance? Is it high enough they will try to sue you over it sometime in the future? How long has it been in default? 70% seems high. Most offer to settle for closer to 40%.
The balance is around 2500, I would be willing to settle all for around 1500. Should I offer or let them do the dickering?
If it is just 6 months out, you may want to try to wait it out a little longer if you do not want to pay the current offer. It may still belong to the OC and viking is just the agent. If viking has purchased the debt, then you should be able to get them to settle for less, plus deletion. The older it gets, the less you will be able to settle for. Some CA's buy really old debt for 3 to 4 cents on the dollar, and will settle for 20% or so. You will not be able to go much lower than that. With admin cost they would lose money settling for less.
I just settled with them on a CO account that was 2 1/2 years old. I owed them $1241. Settled at $620. Sent it by Moneygram and got a satisfaction letter the same day.
i wouldn't settle for anything unless part of the settlement was for removal of all negative info from the credit bureaus....and get it in writing. if they will go along with the removal letter, then you can settle for whatever you can afford to pay. if it stays on your cr as a negative entry, then what would be the point in settling?
All good info, cause they are wanting to do the 1099 crap. So I guess I will start the vaildation process and buy some time for a more favorable settlement.
