I got an offer from collection agency for Cap One. 2,000 balance for 650.00. Its three years old. Do I have a reason to settle, or does it matter? I have read both on here and am needing direction. Thank you ! Ron
how is it showing on your CR ? is cap1 showing charge off and is the CA showing anything on CR. if there is a derog on your CR the only advantage to paying is if they delete the TL. but before you do anything you want to get it in writing, delete the TL, no 1099 at the end of the year, no selling remainder of the debt to another CA (get something that says *paid in full*).
I concur, get a deletion letter and written agreement up front... something just isn't right ,there is a reason they are willing to settle for so low for a debt that is only 3 yrs old? did the CA validate the debt ? I could see if it was past the SOL they may make an offer, be careful the Ca may not even have the debt to legally collect. Cap 1 usually uses their own recovery dept or they transfer to W & A which I can't see them offering that they are known to be bulldogs.
