Question about an account I have in collections

[Anonymous]

I have a old capital one account in collections. It says I owe $2700. Originally they limit I had on the card was $500. Is it even possible it can be raised that amount since It was charged off or however you call it back in 2009?

Would It be possible to call capital one and say something like "if you recall this account from this agency, i will pay the amount i owed before going to collections"?

Would like some input, please.

Thanks!!

[Anonymous]

DV letters do not go to OC's, they are for Collectors.

OP, How old is the debt? OC's are allowed to continue to add late fees and interest on accounts for as long as they hold them. Cap One, like most of the major banks tends to play hardball with defaulted accounts, and will hold them for years. With default interest rates of 29% or so, those accounts double about every 2.5 years.

How you approach this is dependant on the age of the default and the SOL in your state.

[Anonymous]

I don't have my info in front of me... but..

It's somewhere in the 2009 area I believe.

Report says it should fall off in 3/2015 as an estimate. Im in mass so SOL is 7 years. 

[Anonymous]

Does Cap One still own it? They will show a balance in their report if they do.

---

@Anonymous wrote:

I don't have my info in front of me... but..

It's somewhere in the 2009 area I believe.

Report says it should fall off in 3/2015 as an estimate. Im in mass so SOL is 7 years. 

---

If the fall off is 3/15, then it should be past SOL and almost past report exclusion. I would wait until its gone from your reports, then if you want to put it behind you forever, try to settle for a no more than 10%

[gdale6]

---

@Anonymous wrote:

I don't have my info in front of me... but..

It's somewhere in the 2009 area I believe.

Report says it should fall off in 3/2015 as an estimate. Im in mass so SOL is 7 years. 

---

If its scheduled to drop this month I would call the CRA and ask for the early exclusion and then once its gone from your reports I would play hardball and make an offer to settle for no more than 20% especially if its past states SOL as well.

[Anonymous]

Sorry. I meant March of 2016

[gdale6]

---

@Anonymous wrote:
Sorry. I meant March of 2016

---

Ok in MA SOL Is 6 yrs for CC and its counted from the  DoFD. I would offer a PFD if its past SOL for no more than 40%, if they refuse I would just let them sit on it for awhile more.

STATUTE OF LIMITATIONS (IN YEARS)

Open Acct. other than Sales: 6

Contract: 6

Sales (UCC) Contract: 4

[Anonymous]

Actually Mass is 6 years, so you are still good. I would, however verify the actual DoFD before proceeding. You can request the actual reported DoFD from the CRA's for a few bucks.

If you pull your Equifax report from annualcreditreport.com it will show the actual reported DoFD.

[Anonymous]

Well that's good. Some reason I thought it was 7 years. I have my CR from TU at my household. I'll look into it. I know I opened them in '08 and I remember seeing info on my cr about it falling off around 3/2016. I will look at it again tonight and go from your thoughts.