Re: Capital Trying to pull a fast one on me, can they do this legally?[ Edited ]
06-08-2012 08:44 PM - edited 06-08-2012 08:44 PM
So I have a charged off credit card account with Capital One that was sold to Weber and Olcese collection lawyers once I started rebuilding my credit. Starts out that they serve me papers. So I called them and said great that you got in contact with me because I am ready to pay off this debt. We agree to in writing that the case will be pulled back from the courts and reach an agreement once again in writing that covers a dollar amount to settle the account. In the letter it states that once money is paid that it will be a full and final settlement. So I pay them the money and thinking that I will start to GW Cap One once they update the account on the CRA's. So I pull my reports yesterday from USAA and I see the EX and EQ have updated and now show the difference in the balance between the original owed amount and the settlement amount. Should I have taken this full and final settlement statement to mean anything other than reporting a $0 balance? That is what I was after anyway's. Basically I accomplished nothing with this settlement. Did they break any reporting laws or is their fancy wording screwing me over. Thanks in advance.
I suspect there is a footnote that says "account settled for less than full amount". The note is irrelevant as the account is considered paid in full - you have a written letter stating that fact. If the amount "forgiven" is greater than $600 expect another "gift" in the form of a 1099-C where you are taxed on the forgiven debt.