I have an old account with Capital One which as charged off and I currently owe $3288 (high balance was only $1784...but I guess late fees and interest have added to this over time). Its due to be removed in May 2010....however, I 'd like to send them a PFD letter offering a 40% lump sum settlement. If this is not accepted though, am I better off waiting this out than taking any other terms of settlement? The way I understand this is that any change to the account will update the timeframe and if I pay it off without a deletion it would remain on my report to 2014!
I'm hoping to buy a car in 3-6 months and this is the largest negative item I'd like to correct (I have a couple of judgements in public record...but don't think I'll be able to do anything with those).
Thanks in advance for your help.
P.S. I just recently acquired a new active card from Capital One within the last 2 months....should I mention this in the PFD letter or is this better left unsaid?
Most folks here have had no luck PFD with Cap1. They will sometimes agree to settle for less then owed, but their not cooperative about PFD. If your still in the SOL, you may be giving them reason to pursue you. IMO
OK...I definitely want to prepare this letter and send it tonight....I think I'll still shoot for a PTD, but be prepared to accept a straight settlement if they come back with an offer (better to have it cleared and still listed than still on there with a balance). How do people feel I should handle the situation of having an account with them now though? Since I got the new card (its only been a few months), I have paid them on a timely basis and hope they would consider this a postive factor. However, I'm actually surprised they gave me another card with this charge off unpaid. I'm wondering if its a mistake on their part and would bringing this to their attention cause them to cancel my new account? Any last minute advice???? Thanks in advance for any help which is provided.
You should also know that Cap 1 is very sue happy and with a balance of $3288 they would have no problems suing over that. They also have been known to sneak in the judgment close to when the SOL is about to expire. So be carefull in dealing with them
Here are the SOL for Nevada..... Nevada Statutes of limitation Written contract: 6 years. Verbal contract: 4 years. Property damage: 3 years. Personal injury: 2 years. My question is though....is my account with them a written contract or a verbal contract? I'm guessing a credit card account would be classified as a written contract...but does anyone know for sure? Also when does the SOL start? Date of last payment was June 2003 and Date closed was Feb, 2004. Would this place me within the SOL until Feb 2010? Sorry for the questions....but I'm not real smart when it comes to this stuff (but trying to learn!)
Message Edited by salukidean on 07-09-200702:13 PM
Capitol One reages their accounts, so it is doubtful it would drop off in 2010 anyway. I just recently settled an old account with Capitol One. They offered me 60% off of the balance -which was all interest charges anyway- so I paid it through the collection agency. The agency sent me a letter stating the account was considered paid in full and reported the information back to Capitol one. Capitol one then DEDUCTED what I paid as a settlement from the balance due and reported the new "balance" to the CRAs. My score with TU dropped over 30 points that day- I was pissed. Long story short, a few phone calls, faxes letters later and now EX is still the only one still reporting it- I am mailing out my proof of payment to them tomorrow. TU and EQ deleted the entire thing. I guess all in all it was a good decision to pay it, just a lot more aggravation than I had anticipated. My advice would be to settle it, but be prepared to have to back up everything and don't expect it to drop off overnight.
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