topic Received Settlement Letter - What does this mean? in General Credit Topics

Received Settlement Letter - What does this mean?

Anonymous — Mon, 20 Jun 2016 22:21:57 GMT

So I got a letter from CA regarding Capital One charge-off of $180. Said they were willing to settle for $139. I called them and asked if that would mean it wasn't on my report any more and they said they don't do any reporting to bureaus, they work on behalf of Capital One to collect.

I am willing to pay this amount to get it removed from my records (though ideally I'd like to counteroffer with $100 or thereabouts) - what are the implications of what they've said? Do I pay them? Call Capital One? Send them a PFD Letter (they say they're not the ones reporting to the CRAs).

Help! Want to get this resolved ASAP. Thank you!

Re: Received Settlement Letter - What does this mean?

RobertEG — Mon, 20 Jun 2016 22:33:29 GMT

The debt collector will not be reporting their collection activity to the CRAs, so you are not concerned with a PFD offer sent to them.

The only reporting is apparently that of the creditor, who reported derogs that at least included a charge-off.

The debt collector cannot agree to deletion of reporting they did not make, so they cannot agree that payment will result in the deletion of any derogs reproted by the OC.

You can send a PFD offer directly to the creditor, ofering payment in exchange for their deletion of any reported derogs.

They may or may not accept.

Re: Received Settlement Letter - What does this mean?

Anonymous — Mon, 20 Jun 2016 23:03:34 GMT

Thanks! Calling Capital One now; any other pointers before I do?

Re: Received Settlement Letter - What does this mean?

RonM21 — Tue, 21 Jun 2016 03:36:03 GMT

Just to be truthful and if trying to delete, not argue or dispute with them. Remember, you want their help. Keep it to the point.