Hi, I've been trying to negotiate a settlement with Capital One and am getting absolutely nowhere. Every time I call, they offer me a settlement of $2500 on a balance of about $3200... They tell me that $2500 is the principle amount owed... Idiots. My principle balance was $1500 and $2500 is the amount they charged-off. I've been offering $1700-- I could go up to $2000 but am thinking I shouldn't raise my offer until they lower theirs? Because of the incompetence and lack of progress I've encountered during phone calls, I am wondering if sending them a settlement offer by mail might be a better approach? Thank you for any help.
I always recommend negotiating via mail. You'll want anything that's agreed upon in writing anyway, and it's best to have a paper trail along the way too.
Thank you for the response. Do you know the best address I should be writing to? Also, should I stick to my offer of $1700? I truly appreciate any help.
The best address to use is generally the one listed on your credit reports in connection the account. Have you pulled your reports recently? Also, I wouldn't raise what you've already offered until they officially counter and give in a little. Good luck, and keep us updated on how things progress.
Hi, Just a quick update. I sent a settlement letter about 3 weeks ago to Capital One. I stuck to my original offer of $1700 and laid out the terms under which I would pay. I sent the letter via Confirmed Mail with Delivery Confirmation. The address was a PO Box but it didn't seem to be a problem as far as getting a signature. Anyway, I have the little green cards they send back confirming delivery but as of yet have not had a response. I will continue to update with any progress.
