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Settlement Option or Pay-in-full Option?

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ariesdreamer
Regular Contributor

Settlement Option or Pay-in-full Option?

I received a letter from Portfolio Recovery Associates regarding my Capital One account. It gives me two options to pay - settlement option or pay in full option. Within those two options, I have several ways I could make the payments. My question is, is it better to pay the settled amount or the full amount?

02/17/2021: 654 (EX), 633 (EQ), 608 (TU)
12/8/2020: 668 (EX), 630 (EQ), 630 (TU)
Message 1 of 5
4 REPLIES 4
Anonymous
Not applicable

Re: Settlement Option or Pay-in-full Option?

I have been looking into this for me, as well and I don't see any difference between the two options. I am getting ready to call a debt settlement lawyer and will let you know what they advise. I believe getting out of the debt the fastest way is the way to go.

Message 2 of 5
MarineVietVet
Moderator Emeritus

Re: Settlement Option or Pay-in-full Option?


@ariesdreamer wrote:

I received a letter from Portfolio Recovery Associates regarding my Capital One account. It gives me two options to pay - settlement option or pay in full option. Within those two options, I have several ways I could make the payments. My question is, is it better to pay the settled amount or the full amount?


The notation of a settled account is scored the same as a charge off whether it's paid in full or not. A settled account is a major derogatory.

 

Your better approach it to try for a PFD. Are you within the SOL for this debt?

 

Also does Cap 1 still own the account? Have you tried a PFD with them?

 

 

 

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Message 3 of 5
ariesdreamer
Regular Contributor

Re: Settlement Option or Pay-in-full Option?

 


@MarineVietVet wrote:

@ariesdreamer wrote:

I received a letter from Portfolio Recovery Associates regarding my Capital One account. It gives me two options to pay - settlement option or pay in full option. Within those two options, I have several ways I could make the payments. My question is, is it better to pay the settled amount or the full amount?


The notation of a settled account is scored the same as a charge off whether it's paid in full or not. A settled account is a major derogatory.

 

Your better approach it to try for a PFD. Are you within the SOL for this debt?

 

Also does Cap 1 still own the account? Have you tried a PFD with them?

 

 

 

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".


 

Thanks for the info about PFD. I'm not sure if Cap 1 still owns the account but I'm going to assume they don't since I received this collection notice for the CA. Should I contact Cap 1 and see if they still own it or try the PFD with the CA??

 

Thanks again!

02/17/2021: 654 (EX), 633 (EQ), 608 (TU)
12/8/2020: 668 (EX), 630 (EQ), 630 (TU)
Message 4 of 5
MarineVietVet
Moderator Emeritus

Re: Settlement Option or Pay-in-full Option?


@ariesdreamer wrote:

 


 

Thanks for the info about PFD. I'm not sure if Cap 1 still owns the account but I'm going to assume they don't since I received this collection notice for the CA. Should I contact Cap 1 and see if they still own it or try the PFD with the CA??

 

Thanks again!


The CA can send you that letter even if Cap 1 still owns the debt. Cap 1 can either assign the debt or sell it outright. If Cap 1 still owns the debt and has just assigned it to the CA they might be willing to work with you.

 

You can call Cap 1 or look at your reports. If Cap 1 and the CA both show a balance then the debt has just been assigned. If Cap 1 has a zero balance then the debt has been sold.

 

 

 

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Message 5 of 5
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