We had two Capital One accounts -- one in my name w/ an $800 limit; one in my husband's w/ a $500 limit -- and we're trying to settle with the CAs because they're the only accounts with a low enough balance for us to take on at this point. I just agreed to a settlement on my account with Northland/LVNV, which now has an outstanding balance of about $1600, for $580. And when we contacted Zenith about my husband's account, we hit a brick wall. His outstanding balance is over $1500, and they won't accept anything lower than $906.67 (and that was the "special" they could offer that particular day).
I don't understand why his account would cost more to settle or why these accounts were sold to different CAs. They went delinquent at the same time with the same company.
Is it typical for Zenith to be so difficult to deal with? How should we proceed from here? Everything I've read has led me to believe they purchased this debt for pennies on the dollar. How can they be so unreasonable?
The next lowest balance we can try to settle is with Portfolio Recovery Associates, and from what I've read in the forums, they sound like a pain too. I'm hoping I figure out how to deal with CAs like this sooner than later. Any suggestions would be appreciated.
EX 695, EQ 703, TU 681 (1/17)
Every account I had is no longer with the OC with the exception of American Express. The two I've been working on were Capital One accounts, and one CA was much more willing to negotiate than the other. I understand they have a larger outstanding balance they can pursue, but from what I understand, they buy these debts for pennies on the dollar. We were willing to pay as much as the original limit of the card ($500), but they want just about double that minimum.
I believe the statute of limitations will run by September of this year. Obviously, I'd like to avoid being sued or risking having my wages garnished. On the bright side -- if you can call it that -- I don't have any assets for them to pursue. Even our car is in someone else's name because we couldn't finance anything. We just pay the bill every month. Looks nice on their CR though.
I've read one post after another about Capital One and their CAs taking people to court even for small amounts like ours, so I was really hoping to get them off our back.
It's just difficult to understand why some CAs bend over backward to settle and others are totally unreasonable. I had one account with a limit of 12k, which now has an outstanding balance of nearly 18, and that CA is asking for 5, which I can't begin to afford. But to be honest, if I had the money, I'd take the offer and thank them for it.