Best way to deal with a Cap1 CO

[Anonymous]

My original balance was $3000 and now Capital 1 has charged it off and the balance is in the $6000s. It has been sold to CA

What is the best way to go about dealing with this situation. I searched the forums for ideas and seemed to become fairly confused.

Any advice from a seasoned pro would be great! Thanks

[guiness56]

What state are you in, what is the DOFD and the DOLA?

Are you positive Cap One sold it? What is showing on your CR?

Who is the CA?

[Anonymous]

I found out they "assigned" the account.

I am in SC, the company is willing to settle the account for $3200, the account balance is in the $6600 range.

They have NOT sold the debt, and they keep reporting it as 120 days late.

[guiness56]

Your SOL is 3 years on CC debt. How old is this account?

[Anonymous]

CAPITAL ONE BANK USA

Account # [Edited] XXXX
Account Type Revolving or Option
Balance $6,469.00
Date Opened 11/1/2003
Account Status
Mo. Payment
Close Account Details
Past Due $6,469.00
Payment Status Bad debt & placed for collection & skip
High Balance $4,472.00
Limit
Terms
Comments CHARGED OFF ACCOUNT
ACCOUNT CLOSED BY CREDIT GRANTOR



Here is one entry...it now reports as "ok" since November 2007 I have not made any payments or even talked to them since 2006


CAPITAL ONE BANK USA
For This Bureau
Account # [Edited] XXXX
Account Type Revolving or Option
Balance $0.00
Date Opened 11/1/2003
Account Status
Mo. Payment
Close Account Details
Past Due
Payment Status Pays account as agreed
High Balance $0.00
Limit
Terms
Comments CREDIT CARD


Here is another entry- only on EQ...no activity whatsoever


AP ONE No Data Returned
For This Bureau CAP ONE
Account # [Edited] XXXX
Account Type Credit Card - Revolving Terms
Balance $6,572.00 $6,469.00
Date Opened 11/1/2003
Account Status Closed
Mo. Payment
Close Account Details
Past Due $6,572.00 Charged off as bad debt
High Balance $6,572.00
Limit $3,500.00
Terms Revolving
Comments Credit line closed-grantor request-reported by subscriber


And the final entry: Last reported in October 2006 as 120 late no activity since then

Edited to remove personal information. Please use caution when sharing sensitive information, such as account numbers. -sidewinder

Message Edited by sidewinder on 08-12-2008 07:49 AM

[guiness56]

Without knowing the exact DOLA, I am going to assume this is still within SOL, if you made a payment in 2006.

Cap One can still sue you and for the amount you owe, they may. Sometimes they will wait until right before SOL expires and file suit. Be careful.

I have a Cap One CO. It was not assigned to a CA so I called Cap One and asked if I could make payments on the account. They agreed.

I believe that if you make payments after a CO it does not reset the SOL.

Are you in a position to PFD or do the settlement?

[Anonymous]

Not as of now.

I heard Cap1 will not do a PFD.

[RobertEG]

It is correct that payments do not reset either the SOL date or the DOFD.  SOL and DOFD have nothing to do with CO or CA activity, either by them reporting it as a CO or CA, or by any partial or full payments you make.  The SOL runs from the DOFD. Unfortunately, most CRs dont provide you with the current account DOFD, so you must know when your first default in the most recent chain of consecutive defaults occured.  This is not always easy to establish.

[fused]

---

RobertEG wrote:

It is correct that payments do not reset the SOL

---

This is NOT true for all states. Making payments can reset legal SOL in some states.

Also:

legal SOL = DOLA

reporting SOL = DOFD

[Anonymous]

---

@RobertEG wrote:

It is correct that payments do not reset either the SOL date or the DOFD.  SOL and DOFD have nothing to do with CO or CA activity, either by them reporting it as a CO or CA, or by any partial or full payments you make.  The SOL runs from the DOFD. Unfortunately, most CRs dont provide you with the current account DOFD, so you must know when your first default in the most recent chain of consecutive defaults occured.  This is not always easy to establish.

---

Since Fused already corrected you as re payments possibly reseting SoL, I won't belabor the point.

But nope. SoL runs from "date of last action/activity" on said account. DOFD is solely applicable to CRTP. DOFD is, for the most part, an unchanging entity ... whereas a simple $1 payment can change DOLA.

Also, to expand on Fused's post, some states even allow payment promises or admission of ownership to reset the clock. Its always best to check the state's SoL just to be on the safe side.