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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?
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.
@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".
@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!
@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".