I heard back from Capital One and

[RobertEG]

The governing federal, and thus overarching, statute is FDCPA 808(1), which makes it a violation for a debt collector to attempt to collect any amount greater than the princicpal amount of the credit, which includes any interest for fees, unless thay are specifically authorized in the account agreement that created the debt or permitted my law.

What was authorized in the account agreement with the OC that created the debt?

Most contracts will authorize the charging of interest on deliquent debt. 

Debt contnues to be owed after a charge-off, and the taking of a CO does not preclude continued interest.

Many creditors will, even though permitted under the account agreement, cease assessing additonal interest after taking a CO.  That would not necessarily require a purchasing debt collector from charging interest if authorized in the account agreement.

You can always assert to the debt collector that accrual of interest was voluntarily ceased by the creditor, and thus is no longer permitted, thus making your "settlement" for the amount of the CO not reportable as a settlement for less.  They may accept that offer.

[damnedanddetermined]

Not trying to hi-jack thread either, but Ive got a question maybe one of you guys will know the answer to. I sent a PDF to Capital Ones Pres/CEO...R.Fair-----, at the address in McLean, VA. That was on APRIL 28th. They are a CO but they are still reporting, so of course, killing my score!! They claim I owe 858.00 I offered 500 in my PFD, but I have gotten absolutely no response!!. Did I send it to the right person, address, or is it to early for a response yet. It was snail mailed, so I just wonder if it was trashed? Should I send out another one or continue waiting? One would think they would jump at this?!!?

[gdale6]

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@damnedanddetermined wrote:

Not trying to hi-jack thread either, but Ive got a question maybe one of you guys will know the answer to. I sent a PDF to Capital Ones Pres/CEO...R.Fair-----, at the address in McLean, VA. That was on APRIL 28th. They are a CO but they are still reporting, so of course, killing my score!! They claim I owe 858.00 I offered 500 in my PFD, but I have gotten absolutely no response!!. Did I send it to the right person, address, or is it to early for a response yet. It was snail mailed, so I just wonder if it was trashed? Should I send out another one or continue waiting? One would think they would jump at this?!!?

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They may never respond but I will let you know if you are trying to get them to remove the TL a full offer of whats due would be in order. You sent it to the right place if you sent it to the office of the CEO. I would send 1 letter a month until you hear something.

[damnedanddetermined]

gdale~ Well....I just located his email, so I shot him one of those too!! )  I will not go away...LOL

[damnedanddetermined]

Well.....I HAVENT heard back from Cap One and its been close to 30 days since I US mailed and emailed the CEO. I offered a pfd...I have heard NOTHING!  One would think even if they would not accept offer, they would respond....right? What do you all think I should do next? I have to get this off my reports because even though its CO'd...its still reporting ( of course...its Cap One! ) I just cant believe they are not responding to me! Ok...throw me your thoughts and ideas )

[tiger_uppercut]

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@damnedanddetermined wrote:

Well.....I HAVENT heard back from Cap One and its been close to 30 days since I US mailed and emailed the CEO. I offered a pfd...I have heard NOTHING!  One would think even if they would not accept offer, they would respond....right? What do you all think I should do next? I have to get this off my reports because even though its CO'd...its still reporting ( of course...its Cap One! ) I just cant believe they are not responding to me! Ok...throw me your thoughts and ideas )

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Capital One is a tough one. I would pay the full amount. A less than full offer of PFD was pretty much never going to fly.

Once you pay the balance off, that will let the account start to age and it will stop hurting your utilization immediately. Once it's reporting 0 and it's fully paid off, you can try to send GW letters. How old is it? Capital One typically doesn't budge until year 6, and even then the chances aren't great. However, when it's reporting a balance and updating monthly it's hurting you far more. Pay it off if you can.

[damnedanddetermined]

Tiger uppercut, thanks for your imput ) I have been thinking the same thing!! Where would I send the payment and to what dept, etc? I have no statement or account number, as this account is due to fall off around 12/2016

[damnedanddetermined]

anyone know if you could pay capital one with a visa card? I have the funds, just dont want them having my banking info~ideas?

[gdale6]

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@damnedanddetermined wrote:

anyone know if you could pay capital one with a visa card? I have the funds, just dont want them having my banking info~ideas?

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No, they are not going to take a CC for payment on the debt. Certified funds is the way to pay.

[MarineVietVet]

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@gdale6 wrote:

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@damnedanddetermined wrote:

anyone know if you could pay capital one with a visa card? I have the funds, just dont want them having my banking info~ideas?

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No, they are not going to take a CC for payment on the debt. Certified funds is the way to pay.

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I agree. Cashier's check, money order, etc.

That way they don't have any of your personal financial information.