Capital One - Legal Department, Not Collections?

[Anonymous]

---

@dpinside wrote:

Charge-off date is this year, Apr 2008.  SOL in Virginia is 3 years, so i am still vunerable to litigation.  Man, i should not have opened this can, on my CR its been reporting ND ND ND for the last couple months.  But with me, I can't let unsettled debts go.  Guess its my integrity of the matter thats going to hurt me in the long run.   Some say i should have just let it go and not worried about it.

I could try a PFD letter or PIF arrangement, but based on the history with people and capone they seem to not accept these and just out right don't care what happend or why it happend. 

NOTE** I've also heard of people having "rehabilitation" plans by Cap One?

---

Cap One IS known for giving second chances. We had a CO with them about 5 years ago and they just recently gave hubby another account. If your credit's better than ours, I don't see why they won't bend over backwards for you. I don't know about rehabilitation programs, but it's something to try!

If you talk to a Cap One CSR and they don't go for it, hang up and call again. Just as with every other business out there, sometimes you get someone friendly and helpful ... and sometimes you don't. But be persistent!!

Best of luck to you!! Keep us posted!!

EDITED: Because I thought I got a bit confused on the situation! o_O

Message Edited by Wonderin on 07-30-2008 10:53 AM

[Anonymous]

---

@valley_man0505 wrote:

Good point, I guess I really don't expect CapOne to accept a PFD either, but I definitely don't expect them to accept payment in return for updating it to "paid as agreed".  Is that even possible after it has been CO'd?  I have heard before that a PFD should never be tried until after the SOL is up, but why is that?  Could it hurt to try if you are planning to PIF anyway?  I don't have any PFD experience since many of accounts are getting close the SOL and I am trying to tip-toe around the sleeping giant as much as possible till then.

---

PFDs within SoL are pointless and can actually HURT you because not only do they have NO incentive to accept them (since they CAN sue you for the $$), but they also, more often than not, wake the sleeping giant.

In some cases and in some states, if the PFD isn't worded correctly, it can even reset the SoL (admission of ownership of the debt can reset in some states).

Message Edited by Wonderin on 07-30-2008 10:53 AM

[dpinside]

My FICO's according to myfico.com are

TU: 601 EX:610 EQ:598

Dunno if that qualifies for a rehab offer from CapOne but who knows.

Guess I will have to call and work something out with them.  I'll keep this post updated.

[creditwize]

If you talk to them, ask if they will do a pfd and re-fax the letter you sent or I would say to send the letter CMRR to make sure they received it. If you happen to settle, make sure you get the settlement in writing. I settled my chargeoff in 2005, however when I recently pulled my credit reports, they are reporting the chargeoff with a balance and are updating it every month! I read from another post (do a search for capital one chargeoff) that they did this to another user on this board. That person had to wait for 7 years until the chargeoff fell off his report.

The balance that they are showing is almost twice as much as the balance that I did not pay in settlement. I am in the middle of disputing this. I kept all the documents I received from Eskanos & Adler (their law office, CA), which includes the settlement agreement and the letter they sent indicating the payment amount and the total debt owed.

[creditwize]

One more thing. Do not agree to anything over the phone. Make sure to have them fax a settlement offer if you choose to settle.

[Anonymous]

What happened to my post?