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Established Contributor
mymy
Posts: 510
Registered: ‎04-20-2007

Debt Settlement Form Letter for Cap 1

[ Edited ]
Does anyone have a letter templete for an offer to settle Credit Card?  They have NOT contacted me.
 
I want to settle with Cap 1 on two closed CC accounts that are killing my UL.  They are still reporting 90+ every month, and way over the CL, in turn giving me a 157% UL.
 
The TL are do to drop in 2/08 and 07/08, but ive heard that Cap 1 has a lot of "tricks" and before they turn over to CA.
 
HELP!
 


Message Edited by mymy on 07-05-2007 11:16 PM
Valued Contributor
SmartCookie
Posts: 2,010
Registered: ‎07-01-2007

Re: Debt Settlement Form Letter for Cap 1

Are you just wanting a PFD?  Example letter is here and just customize to your specifics.  There is no one fill-in type letter as everyone's circumstances and details vary so.
 
 
You can use one letter for both CCs.  You can post your letter here for review if you wish, just of course X out any ID'ing info.
EQ 787 EX 781 TU 737 11/17/07 *** I am not an attorney. If I was, I might not clip coupons. If you want legal advice, consult an attorney. If you want my personal opinion, feel free to consider my posts***
Established Contributor
mymy
Posts: 510
Registered: ‎04-20-2007

Re: Debt Settlement Form Letter for Cap 1

yes a PDL is good, however i hear that cap 1 RARELY does a PFD. 
 
i just want to try to settle this before it gets too close to the 7 year mark and/or goes to collection or lawsuit....
 
thanks
Moderator Emeritus
HappyDays
Posts: 7,326
Registered: ‎06-18-2007

Re: Debt Settlement Form Letter for Cap 1

[ Edited ]
If it is due to drop soon why do you want to settle.You are talking about 2 different SOL when you thinking about law suit & CA.
 
If it is turned over to a CA the date doesn't change first missed pmt.& drops in approx. 7 years.
 
 
Law suit goes by SOL of the state that you are in!!
 
 
this is main link to all info. check it out!
 
 
as to your credit report (federal law) baddies drop off in 7 years!!!!!
As far as law suit - judgement they go by what your state SOL is & most are less years.
 
But god help you if you live in RI.
 
I am in Ct.  my SOL is 6 years from last activaty.The way this works is...my  first missed pmt was 1/2001.....it will drop off credit report 7 years from that date, even if I tried to pay again in 4/2001.
NOW law suit or judgment---- they must sue you  in your state!!!
 
now use same dates...1/2001  and 4/2001...My state is last activaty so they would use 4/2001
 
The CCC or CA can try & sue me BUT state SOL is 6 years...after 4/2007...is the last date that they can...I must prove SOL of 4/2001.  Case would be dismessed.
 
You Must Check your State SOL!!!
 
there are  a few links that I do not have handy BUT  someone will post them to you.
 


Message Edited by HappyDays on 07-05-2007 11:33 PM
Valued Contributor
SmartCookie
Posts: 2,010
Registered: ‎07-01-2007

Re: Debt Settlement Form Letter for Cap 1



mymy wrote:
yes a PDL is good, however i hear that cap 1 RARELY does a PFD. 
 
i just want to try to settle this before it gets too close to the 7 year mark and/or goes to collection or lawsuit....
 
thanks



Yes I get that feeling too regarding Cap1.  I'm at a loss here... the letter you are describing would be a PFD.   Are you asking for someone to post their PFD letter that was accepted by Cap1 for you to use as an example?   Please clarify. 
EQ 787 EX 781 TU 737 11/17/07 *** I am not an attorney. If I was, I might not clip coupons. If you want legal advice, consult an attorney. If you want my personal opinion, feel free to consider my posts***
Established Contributor
mymy
Posts: 510
Registered: ‎04-20-2007

Re: Debt Settlement Form Letter for Cap 1

yes i know that  it will be dropping soon, ( one in about 6 months the other 12 months) but the amounts  are $2250 and $1230. and offer 50-60% settement. (which I can afford rite now) and lower my UL sooner.
 
I live in Texas and it is 4 years SOL.  I am not sure how that helps.
 
Pay for Delete letter is fine.  I just wanted to get an idea of how to iniciate one. 
 
also, my employer does a quarterly review of my CR and it came up last week.  Those two are the only ones that were brought to my attention.  so I figure i would give it a shot.....
 
thanks guys!
Moderator Emeritus
HappyDays
Posts: 7,326
Registered: ‎06-18-2007

Re: Debt Settlement Form Letter for Cap 1

[ Edited ]
I understand the WORK thing  The state SOL only protects you against law suits....nothing to due with CR drop off.
This is the main page with all kinds of letters & info.
 
 
check all these threads....look for anything that has to do with PFD....you will find many people that have used them & how it worked for them.You may also find different wording also.
 
ALWAYS do everything by CMCRR and copy everything even the Green Card. I would also put the cert.# given by usps, ON your PFD letter.  Before you pay or ok anything from your answer from them, come in here & post their answer.  There have been some that sounding correct until a person in here noticed that wording was not correct & that the CC or CA did not state properly that it would delete.


Message Edited by HappyDays on 07-06-2007 05:59 AM
Valued Contributor
Boswd
Posts: 1,065
Registered: ‎04-26-2007

Re: Debt Settlement Form Letter for Cap 1

Yeah I would get it settled  PFD or whatevery you have to do.   Cap I is very sue happy and those amounts of money owed to them is prime meat for Cap 1.
Established Contributor
mymy
Posts: 510
Registered: ‎04-20-2007

Re: Debt Settlement Form Letter for Cap 1

Thanks Again for all the important info.
 
 
This is how the accounts appear on My Fico.
 
Unpaid balance reported as a loss by credit grantor,  AND Account closed at credit grantor's request.
 
 
There are multiple 30+.60+,90+ day lates, should i mention this in my PFD letter. specifically?
 
$2,226 Unpaid balance reported as a loss by credit grantor $2,226 Seven year payment history [?] 30 days late 2 times (Oct 2001, Jul 2001) 60 days late 1 time (Nov 2001) 90+ days late 5 times (Apr 2002, Mar 2002, Feb 2002, Jan 2002, Dec 2001) Recent payment history [?]Not ReportedNot ReportedNot ReportedNot ReportedNot ReportedNot ReportedNot ReportedNot ReportedUnknownUnknownUnknownOKOKOK60 Days LateOKOK60 Days Late90 Days Late120 Days Late150 Days Late150 Days LateUnknownUnknown 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 2000 2001 2002 Legend: Not Reported Not Open Unknown Unknown Current paid Currently paid as agreed 60 days late 60 days late 90 days late
 
Date opened [?] Dec, 2000 Date of last payment [?] Mar, 2002 Account number [?] XXXXX Account type [?] Credit Card, Terms REV Credit limit [?] Not Reported Largest past balance [?] $1,102 Credit Type [?] Revolving Account holder [?] Individual
Descriptions [?]
  • Account closed at credit grantor's request

No contact information provided by Experian

 
 
 
Based on this file, does anyone have any suggestions?
 
Thanks again....
 
 
 
 
Moderator Emeritus
HappyDays
Posts: 7,326
Registered: ‎06-18-2007

Re: Debt Settlement Form Letter for Cap 1

Im sorry but I'm not that sure about PDF letters.  If you do not get an answer from someone that knows more, click reply & type BUMP....go to top so more people will see & can help you more.
good luck!

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