Reply
New Member
Shell25
Posts: 2
Registered: ‎08-21-2007
0

Old Collection

I had a credit card from capital one go to collections about four years ago. The original amount was 1400 now its 2800 plus. It is with the collection agency NCO financial. I am looking to try to get this paid but I am not sure how to approach this. Basically I can't pay the full 2800 so should I just arrange monthly payments? Or should I try to settle for less? And suggestions on how to handle this would be appeciated!
Moderator Emeritus
Tuscani
Posts: 6,182
Registered: ‎03-29-2007
0

Re: Old Collection

New Member
Shell25
Posts: 2
Registered: ‎08-21-2007
0

Re: Old Collection

Thanks so much for the 101 info! I should for sure do PFD letter. The only question I have then is...what should be the settlement amount? Like I said before the original amount was 1400 now its 2800.
Moderator Emeritus
Brammy
Posts: 5,436
Registered: ‎03-10-2007
0

Re: Old Collection

Keep in mind, NCO are sharks and almost impossible to negotiate with.  Have money to put on the table before you do anything
New Contributor
whitewitch23
Posts: 58
Registered: ‎07-18-2007
0

Re: Old Collection

And if you settle with Cap 1 they will report any balance still owed under the collection account with it saying settlement for less than full balance and if you call to ask why they are reporting a balance they say well because you still have one if you wanna give us XXX money we can report it as paid in full zero balance

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}