12-02-2008 11:08 AM
I have a CO with Capital One on my Trans Union and Experian report showing the following:
Capital One (16 Digit Account #)
Address: POB 30281, Salt Lake City, Utah 84130-0281
Phone #: (800) 955-7070
Date Updated: 08/2008
High Balance: $601
Credit Limit: $200
Past Due: $1,277
Pay Status: Charged Off as Bad Debt
Account Type: Revolving Account
Date Opened: 06/2003
Date Closed: 03/2004
Loan Type: Credit Card
Remark: Account closed by credit grantor
Estimated date that this item will be removed: 08/2010
Address: PO Box 30281, Salt Lake City, Utah 84130
No phone number available
Account Number: (First 12 digits)
Address Identification Number: Provided
Status: Account charged off/Past due 180 days. $625 written off. $1,277 past due as of Aug 2008
Date Opened: 06/2003
Reported Since: 06/2003
Date of Status: 05/2004
Last Reported: 08/2008
Monthly Payment: $0
Creditor's statement: Account closed at grantor's request.
1. Has anyone had any luck with a PFD to Capital One? If so, what address did you use?
2. Should I PFD the Past Due amount of $1,277 or the High Balance amount of $601? I can pay either but of course less is more especially during the holidays
12-29-2008 12:06 PM
No luck with PFD for me. However, I did do a settlement with them for $575 that they let me split into 2 payments! They reported on all three CRs and showed I owed them over $1700 and my CL when it COed was only $300. The only reason I settled was that the CO was being factored into my credit utilization.
There is always a first time for everything. Maybe they will do it for you! I have a new saying now after coming to this forum-- Persistence works!!!
Don't give up!
12-29-2008 12:13 PM
12-29-2008 01:23 PM
12-29-2008 01:24 PM
How does the age of this account compare to your other accounts on your CR?
It is one of my oldest TL - 2003. Any suggestions?
12-29-2008 01:42 PM
why do you want to settle now?
PROS: paid might look better at a manual review
CONS: you will pay now the principal plus the exhorbitant interest charged; it will stay on your CR as paid but with major derogatories for another 18 months, with little impact on your scores;
I would wait for the drop off date - they might decide to file suit against you in about one year, just before the SOL expires. At that point first you send a letter to Cap1 and the lawyers offering to pay the debt plus a nominal interest in exchange of dismissal. Then, if they insist, you go to court, you subpoena for all documentation about the debt, and the day of the hearing, you tell the judge that Cap1 did nothing to collect this debt for 7 years even refusing to accept or discuss your offers, then one month before SOL expires they file suit - you'd be willing to pay the principal on the spot, you might have been willing to pay the principal all along (you might bring your PFD letters with you), but you hit a wall with no responses from Cap1 .
The judge will lend a sympathetic ear, in some case grant a dismissal if the lawyers are not ready to present a witness with direct knowledge of the debt, and in many other cases will make you pay a lower amount than what they would request. Sometimes, the judge will avoid the judgment to be filed in your CR if you ask politely.
And you pay at your convenience when time comes.
12-29-2008 01:49 PM
BTW, many states limit the interest that can be charged on a charged off account to about 6%.
$600 at 6% for 7 years brings the amount to about $900. That's what I would offer if served with a suit.
12-29-2008 01:58 PM
I contacted them. The only reason I decided to settle was because of the utl factor. The CO was already out of SOL, but I did not want to wait another 2+ years for it to fall off. It has decreased my utl alot! I did not get much of a score increase, but I feel better knowing I paid my debt.
I called them at 800-846-9966. (Recovery Dept)
12-29-2008 02:01 PM
Demed & Daisy: Thank you both very much for your advice.
I love this forum!!!