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Has anyone ever settled with Capital One?

Contributor

Has anyone ever settled with Capital One?

I'm down to two baddies.  Capital One is being a real bear. 
 
Here's the deal: 6 and 1/2 years ago I defaulted/stopped paying on a Capital One CC.  The total amount on the CC at that time was about 240.00
 
Now the total is 1383.00  They said (their first offer) they'd come down to 50% (690.00).  A PFD is out of the question (they said).
 
I can't wait for this to drop off the reports (have to clear up delinquent accounts for other reasons - a bar license), but 690 is too much. 
 
Has anyone EVER had Capital One settle for less than 50%??????  PM if you'd like or post it here.  I can put off paying for about 3 months, but that's it. 
Message 1 of 10
9 REPLIES
Established Contributor

Re: Has anyone ever settled with Capital One?

That's too bad since it'll drop off in 6 months. I settled with them a couple of years ago. Same story. NO PFD, but I just sent a GW asking ever so sweetly, being a current customer in good standing bkah-blah-blah. We'll see....
" I like to live as a poor man, with a lot of money." - Pablo Picasso (who was a jerk.)
Message 2 of 10
Frequent Contributor

Re: Has anyone ever settled with Capital One?

I also sent them a PFD and it was a no go.  I owe them 999.00 on a 600.00 credit limit.  I am getting ready to send them the full amount.  They offered a settlement but I have read that it doesn;t look as good when someone sees settlement instead of paid in full.  I could be wrong, but that was my understanding.  Since mine is also showing as an open account I want it off ASAP since it is making my util at 110%.  Mine is also with a collection agency and as soon as I pay I am going to dispute that.
Message 3 of 10
Moderator Emeritus

Re: Has anyone ever settled with Capital One?



ALEXREDD wrote:
I can't wait for this to drop off the reports (have to clear up delinquent accounts for other reasons - a bar license), but 690 is too much. 
 

Just out of curiosity ... can you say which bar requires you to pay off delinquent accounts?  What do they consider "delinquent" --  only items in collection? anything over 120 days?
-----------------
Bartender, bring another round of FICOtinis please!

9.4.2011: TU 805. EQ 815.
Message 4 of 10
Contributor

Re: Has anyone ever settled with Capital One?

Which Bar?  All of them.
 
They require you to settle/pay/ bring current all outstanding (late, collections, student loans defaulted, etc.) within 18 months or POOF goes my license. 
 
I've been saving Cap One for last.  So...any one out there settle for less than 50% with Cap One?  Anyone?  Anyone?  Buhler?  Buhler?
 
 
 
 
Message 5 of 10
New Contributor

Re: Has anyone ever settled with Capital One?

I have paid 50% before, in 2002. It is still on my records and a recently sent GW letter to Cap One was just answered, generically, that they are OBLIGED to report and that I should turn to the CR agencies. NEVER, EVER get a Cap One Card. It will haunt you!

July 2014: EX 790, TU 810, EQ 828

Starting Scores: EX 521, TU 508, EQ 486

I came straight out of Hell
Message 6 of 10
Valued Contributor

Re: Has anyone ever settled with Capital One?

I didn't realize you were already admitted... congrats! 
 
How many PFD's did you try with Cap1?  Wondering if you should put aside their last response and try again offering what you want to offer... if you have not.
 
There is a great PFD example floating around here somewhere... I'll post it if I can locate it.  It's the one where you write out the legal agreement and enclose a tasty check to tempt them, which is binding if they cash the check.  Has gotten good results from what I recall.  If you find it first, please post?
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***
Message 7 of 10
Valued Contributor

Re: Has anyone ever settled with Capital One?

Here is the thread with the information... must read.... lf I can, I'll search around for an actual example later.   http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&thread.id=4797&view=by_date_asc...  
 
Maybe they would be more apt to settle for under 50% if they were staring at a check... and you say that's all ya can pay, take it or leave it.   No doesn't always mean no... keep pluggin!   
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***
Message 8 of 10
Moderator Emeritus

Re: Has anyone ever settled with Capital One?



SmartCookie wrote:
Here is the thread with the information... must read.... lf I can, I'll search around for an actual example later.   http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&thread.id=4797&view=by_date_asc...  
 
Maybe they would be more apt to settle for under 50% if they were staring at a check... and you say that's all ya can pay, take it or leave it.   No doesn't always mean no... keep pluggin!   


This thread is advice given to a creditor, not to a debtor.  And the law about restrictive endorsements is very tricky.  Ya need legal advice if you were going to go that route.  You can't just send a check and write on the back "here's my mortgage payment, if you cash it, then my entire mortgage is paid off." 
 
If you're going to settle, and CapOne agrees to it, you need a written settlement agreement that says, among other things, that your payment is accepted as payment in full of the account.  Otherwise, they can cash your check and still chase you for the balance.
-----------------
Bartender, bring another round of FICOtinis please!

9.4.2011: TU 805. EQ 815.
Message 9 of 10
Highlighted
Valued Contributor

Re: Has anyone ever settled with Capital One?



masdeocho wrote:


SmartCookie wrote:
Here is the thread with the information... must read.... lf I can, I'll search around for an actual example later.   http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&thread.id=4797&view=by_date_asc...  
 
Maybe they would be more apt to settle for under 50% if they were staring at a check... and you say that's all ya can pay, take it or leave it.   No doesn't always mean no... keep pluggin!   


This thread is advice given to a creditor, not to a debtor.  And the law about restrictive endorsements is very tricky.  Ya need legal advice if you were going to go that route.  You can't just send a check and write on the back "here's my mortgage payment, if you cash it, then my entire mortgage is paid off." 
 
If you're going to settle, and CapOne agrees to it, you need a written settlement agreement that says, among other things, that your payment is accepted as payment in full of the account.  Otherwise, they can cash your check and still chase you for the balance.


Correct, correct, and correct... that all goes without saying.  Sending him to that link where he can research for himself and yes that thread notes that an attorney is suggested.   Cap1 declined his original PFD.
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***
Message 10 of 10