04-19-2009 06:40 PM
04-19-2009 06:44 PM
1. Do not communicate by phone, only in writing. What they say means NOTHING.
2. DV the CA
3. Seek a PFD settlement if you can.
04-19-2009 06:47 PM
04-19-2009 06:49 PM
If you have received a notice from the CA or even calls, DV the CA. This legally prevents them from reporting it to the credit if they have not yet reported it as CA.
If the OC refers you to the CA, then this debt probably must be handled through the CA. But this is part of the value of the DV.....it will let you know if the debt is assigned or sold to the CA. If assigned, then the OC still owns it but hired the CA to collect. If sold, the CA sold for loss and is out of the picture.
04-19-2009 06:56 PM
04-20-2009 10:43 AM
04-20-2009 12:58 PM
Uh... Cap1 will screw you at every possible turn.
I had an account with them that went into collections, and was able to work-out a settlement offer, but they still reported -- I wasn't able to get anything in writing as they're loathe to do that.
You're best bet is to reach Cap1's recovery, get a manager on the phone and say that you're willing to PIF if they don't report as a CO, but you need to be preparted to pay off as much as possible. In earlier times, you could get a bank loan to pay off the CC at a different interest rate.
It's too late to try a DMP, but use their tactics when talking with the Recovery manager. Ask for reduced interest rates -- in writing -- and see what happens.