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New Member
Posts: 2
Registered: ‎08-21-2007
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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
Posts: 6,182
Registered: ‎03-29-2007
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Re: Old Collection

New Member
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
Posts: 5,436
Registered: ‎03-10-2007
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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
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

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