Well I was finally able to get a response, sort of, From capitol one I have snail mailed PFD letters and nothing so I sent a PFD via their website email address and got a response that they were mailing out a letter to respond I can only imagine what this will say but here it the email they sent back to me today I will follow up once I receive the letter from them I am guessing it will be a great letter from them.LOL.
January 10, 2013
Dear Mark xxxxxxxx,
Thanks for contacting Capital One. Your unsecured email message was
forwarded to me for response. Your concerns are important, and I'm happy
to address them.
Since regular electronic correspondence is not a secure method of
contacting us, and we wish to protect the integrity of any information
discussed, I will respond to your email via letter. Please allow up to
10 business days for receipt of my response. I apologize for any
frustration this may cause and appreciate your patience.
If your preferred method of communication is email, and you are an
existing customer, you can send us a secure message by following these
1. Visit us at www.capitalone.com and log into your Online
2. Click on the Messages tab
3. Click on the Compose a Message button
4. Select the Account Name and Subject
5. Compose the secure message
6. Click the Send Message button
If your issue is urgent and you would like to discuss this matter
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Ok So I finally got the letter from Capitol One. The letter says all the normal stuff, we are reporting accurately to the credit bureaus, can not remove TL, and on and on. On the second page they actually responded to a settlement I had offered in the PFD letter I sent them. They are basically offering me 50% of the balance they are reporting to the bureaus. From everything I have read here that seems about the lowest they will go. I have a direct line to a someone there now and I will call them Monday to see if I can at least get a Paid in full or Paid notation on my report and to see if I can get a lower settlement. They never mention how they will report in the letter so I would need to get another letter from them with all of that. I will update on Monday or Tuesday night with my experience with them.
Please let us know how it goes. I have an account that they received a default judgment on and would like to know how they handle this so I may move forward with them with some knowledge. Thank you.
Ok I spoke with someone in the Executive response Committee (whatever that means...LOL) They were actually very professional and did not treat me like I was a deadbeat like many of the CA's will do. They would not budge on the amount at all, 50% settlement, but I did get them to agree to a mark of paid and to show a Zero(0) balance. They are in the process of sending me a letter out ASAP because they are standing pat on the settlement date of payment.
Just from the little bit I have had to deal with Capitol One they are not easy to negotiate with and I did have to haggle a bit to get a letter outlining the terms of the settlement. They really wanted me to send money without anything in writing which I would not do, to which I explained to them in a calm and informed voice that I knew what I was talking about and it seems once they understand that you are serious about taking care of your issues they settle down and start working. I would say overall that the process with them was not awful but it was not the most pleasant thing either, the offer is the offer and you have to negotiate the little things with them.
That is just my experience with Capitol One maybe I had a decent individual or good timing but in my opinion it could have been worse.
They are not doing any favors by reporting the collection as paid, $0 balance. Paid simply means satisfied, regardless of the amount they chose to accept as satisfaction.
That is required reporting when they have accepted payment as satisfaction of the debt.
They are permitted to report an additional special comment, posting to your CR, of the fact that the paid status was achieved by your payment of less than the full amount of the debt. If you get their agreement not to report that additional special comment, no information will be present in your credit file detailing the terms of the satisfaction of the debt, and it will appear to one reading your CR the same as if paid in full.
They are not showing as a collection on my report, other than the balance and the charge off notation all other negatives have been removed. So they kept the account after charge off to their in-house collections. Like I said they are not reporting as a CA that is why I took the paid notation and 0 balance. Does that make sense Robert or did I look at this wrong?