Cap 1 Sold Account after GW. Whats next?

[Anonymous]

Got a response from my Good Will Letter from Capital One. Need advise on what to next.

"Thanks for contacting us about your credit report. Based on the information you gave us, we researched your account. We know you credit is important to you so we want to help you understand the steps we've taken. We are sending you an update to the credit bureaus to show that we sold your MasterCard account to Portfolio Recoveries Associate. If you have question about this account's current activity, reach out to Portfolio Recoveries Associate at 1-800-XXX-XXXX."
I can confirm that Capital One did change my Description to "Account transferred or sold Chard off account". Portfolio Recoveries Associate is not report anything yet, nor have i received anything from them. What is my next step?

Thanks, Kenny

[Lightntheglass]

Honestly, I never played the GW or PFD game, I disputed everything and had them removed. I got rid of 3 charge offs and a bunch of collections. I did pay a couple though. It wasn't exactly honest of me, but I couldn't afford them telling me no and using a GW letter against me, or a PFD because they may sense desperation. ...maybe I'm just paranoid. 

Anyways, you can go that route just to see what happens. But even if you pay the 3rd party, the OC doesn't have to remove the CO. But you could possibly get the 3rd party removed and maybe capital one will update the status to paid in full, at least lenders will know you paid it, even if it was CO.

I'm sure you'll get some wiser answers but it's just a suggestion.

[Anonymous]

I think I have a plan.

Call Portfolio Recoveries in the morning to see how much. That's still a mystery to me. If I can afford it, pay it off before it hits my report. Once pay off documentation in hand I will try another Good Will Letter to Cap 1. To help this along I applied for another Capital One card, was approved. So I hope that since I am a customer they will have a little more empathy to me as a customer.

If anyone has a better strategy please share.

[RobertEG]

I agree that preventing the debt collector from reporting is now a priority.

I would call and make them a pay for not reporting offer.

Any reporting made by the OC can be pursued by way of additional GW requests, but they will not receive a penny of any payment you make.

They are essentiall through with any future credit reporiing issues. 

If you feel that keeping your business on other accounts might help, I would certainly make that point in any requst for their good will.

[redbeard]

Lesson learned here, the hard way, is be careful of waking up sleeping giants, or probably better said:

Don't poke a sleeping bear!

Sending a goodwill letter on a debt you still owed and I assume were not paying on showed Cap One that you wanted to get this resolved. They are helping you do that, but not in the manner you would like to have it done.

If its important enough for you to send a good will letter, they will feel its a good time to collect. Good will letters work better when the situation is resolved. PFD's work (sometimes) when you still owe them.

Dan

[Anonymous]

I'm not sure why you'd send a GW on a debt you still owed. Was it outside SOL? If so, the good news is PRA can't do much about it.

[Anonymous]

I send a GW based on the recommendation to do so for any charge off reporting a zero balance. Is that the wrong approach?

[gdale6]

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@Anonymous wrote:

I send a GW based on the recommendation to do so for any charge off reporting a zero balance. Is that the wrong approach?

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If the CO wasnt paid and they sold it GW is likely to be low to non existent unless the account is in its last year of reporting. GW letters are typically used on accounts that have been paid off.

[Anonymous]

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@Anonymous wrote:

I send a GW based on the recommendation to do so for any charge off reporting a zero balance. Is that the wrong approach?

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Not necessarily wrong, just not likely to be effective, as gdale pointed out.