Another OC/CA Dispute/DV Question

[tfkallday]

Hi everyone.  I am sure by now you are sick of my stupid questions  

I defaulted on a 1300 dollar debt from Capital One.  Capital One charged it off and another agency is attempting to collect it.  The company offered to settle for $400.  I am trying to forumulate a plan.

Do I:

Send a letter of DV to the collection agency?

Try to settle or try to get a pfd?  I dont have the full amount.  Should I offer a PFD anyway and see what they say then if they say yes try to get the money?  Or will that screw up the settlement amount they are offering?

Should I dispute the capital one account which is showing I am 1300 in the rears?  

I need a little direction. Thanks everyone

[DaBears]

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@tfkallday wrote:

Hi everyone.  I am sure by now you are sick of my stupid questions  

I defaulted on a 1300 dollar debt from Capital One.  Capital One charged it off and another agency is attempting to collect it.  The company offered to settle for $400.  I am trying to forumulate a plan.

Do I:

Send a letter of DV to the collection agency?

Try to settle or try to get a pfd?  I dont have the full amount.  Should I offer a PFD anyway and see what they say then if they say yes try to get the money?  Or will that screw up the settlement amount they are offering?

Should I dispute the capital one account which is showing I am 1300 in the rears?  

I need a little direction. Thanks everyone

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Since the Debt is yours and the CA offered $400 to settle I would take it. PFD will or could only happen when paying it in full. The DV would serve no purpose as you already know the debt is yours. Is Capital One showing a bal or $0 bal on their tradeline?

[newmomnewme]

@DaBears, I thought the same thing...I heard that PFD means Pay for Delete...doesn't mean you have to pay in FULL?  I was hoping I could get a "settle" for delete.

[themizlyne]

PFD does not always mean PIF. It's whatever amount they are willing to accept and that they are willing to delete.

[tfkallday]

Yes Capital one is still listing a balance.  It does not show $0.  It does say that it has been charged off though.  A little confused. Thanks again

[DaBears]

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@tfkallday wrote:

Yes Capital one is still listing a balance.  It does not show $0.  It does say that it has been charged off though.  A little confused. Thanks again

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Capital One still owns the account. I would first contact and see if they are willing to recall the account from the CA. The purpose of a Charge-Off is it helps support a tax deduction for bad debts under Section 166 of the Internal Revenue Code for the OC. The charge-off, though, does not free the debtor of having to pay the debt.

[tfkallday]

Ok I will try that.  When I contacted Capital One last week they told me that I have to deal with the collection agency, though.  I will still try to have the debt recalled. Thanks

[Jaxavier]

Is the CA reporting as well as the OC, or just the OC? How old is the account?  A 30% settlement usually doesn't come around till a few years down the line. If that is the case, a PFD may be a viable option, however it won't remove the OC account. 

[tfkallday]

Here is what it says on my CR

Status: 
Account charged off. $1,349 written off. $1,349 past due as of Nov 2013.  It doesnt have the collection agency on the account but Cap one directed me to go through the collection agency.  A bit confused

[DaBears]

The CA is not reporting yet. However making a payment (settlement to them) could get the collection listed on your credit reports.