how to deal with capital one with a chargeoff

Anonymous · ‎02-01-2008

Hello i wanted to see if i could get some opionions on this and what i should do. I sent a PFD letter to capital one and they responded back asking me to contact them. The tradeline is a chargeoff and i want to get this settled. Since the account is still with them i contacted them and tried to work something out with the. The total amount owed is $719.00 but they told me the least they would take would be $550.00. The guy also told me that they cannot delete the tradeline he said that is impossible because they would have to lie. He said the only thing to do is either 1) settle with the $550.00 amount and the tradeline would then read settled chargeoff or 2) pay the full amount and then it will read on the credit report paid in full charge off. He said that would look better. My question is what would actually help raise my credit it's at a 527 right now. Thank you.

Anonymous · ‎02-01-2008

# 1 you want everything in writting! Cap 1 is almost impossable to work with and they will tell you 1 thing on the phone & nothing after you pay......if it isn't in writting you have no recourse.

YES they can delete it of they want.

Mail a PFD CMRRR use the $550.00 amount............. Make sure to state everything in writting you need an answer in writting!!!

You can state to them......the law states....all reporting must be 100% accurate.....IF reporting. There is no law stating that an account can not be deleted or shown paid as agreed!!

I was told by 3 different people 1 was a superviser who read my contract......transfer int. was for life of loan........I received mail from them ...not life of loan but until Feb.

The people that you talk to want to help BUT then it goes to another office & everything that was said goes out the window!

Anonymous · ‎02-01-2008

Then why is the guy telling me that it would be a fine if they did that. He just kept repeating to me that there is no way they can do that because no payment has been sent for a while. I will send another PFD letter like you mentioned. Where can i get the laws for california at to state in the letter? Thank you i heard capital one was not easy at all and after this to stay away from them.

Anonymous · ‎02-01-2008

tHE PEOPLE THAT YOU REACH BY PHONE ONLY KNOW WHAT THEY ARE TOLD!

You are dealing with federal law not Cal. law. State has nothing to do with CR.

Anonymous · ‎02-01-2008

Here's how one deals with a charge off, paid in full or settled, with Capital One:

1. Pay them.

2. Get out Bible. Swear on said Bible that you will NEVER do business with them again.

3. Close your eyes when reading credit report as to not see that 5 years later they are still reporting it as a charge off, even though you paid it in full.

4. Refer to #2.