topic Re: Old Collection in General Credit Topics

Old Collection

Anonymous — Tue, 21 Aug 2007 21:38:21 GMT

I had a credit card from capital one go to collections about four years ago. The original amount was 1400 now its 2800 plus. It is with the collection agency NCO financial. I am looking to try to get this paid but I am not sure how to approach this. Basically I can't pay the full 2800 so should I just arrange monthly payments? Or should I try to settle for less? And suggestions on how to handle this would be appeciated!

Re: Old Collection

Tuscani — Tue, 21 Aug 2007 21:38:49 GMT

Welcome.. Please read the Scoring 101 thread:

http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&thread.id=2654

PFD!

Re: Old Collection

Anonymous — Tue, 21 Aug 2007 22:03:58 GMT

Thanks so much for the 101 info! I should for sure do PFD letter. The only question I have then is...what should be the settlement amount? Like I said before the original amount was 1400 now its 2800.

Re: Old Collection

Anonymous — Tue, 21 Aug 2007 22:28:48 GMT

Keep in mind, NCO are sharks and almost impossible to negotiate with. Have money to put on the table before you do anything

Re: Old Collection

Anonymous — Wed, 22 Aug 2007 00:56:57 GMT

And if you settle with Cap 1 they will report any balance still owed under the collection account with it saying settlement for less than full balance and if you call to ask why they are reporting a balance they say well because you still have one if you wanna give us XXX money we can report it as paid in full zero balance