topic Re: CAPITAL ONE AND COLLECTION ACCOUNT in General Credit Topics

CAPITAL ONE AND COLLECTION ACCOUNT

dieselcafe — Mon, 07 Apr 2008 22:50:45 GMT

I have an Capital One Account that was sent to Collection Agency over a year ago. I just now decided to clean this up so I called Capital One to ask if I could make payments directly them so that I don't have to deal with collection agency. They, Capital One agreed to set a monnthly payment plan with me and they will withdrawl fund from my bank account on the 28th of every month until the debt is paid full. Then my credit report will be updated.

Re: CAPITAL ONE AND COLLECTION ACCOUNT

Anonymous — Tue, 08 Apr 2008 00:31:05 GMT

Is the CA reporting on your CR?

Re: CAPITAL ONE AND COLLECTION ACCOUNT

dieselcafe — Tue, 08 Apr 2008 00:46:16 GMT

No, Capital One is reporting and it says: bad debt/ Charge off. I remember receiving letter from a collection agency a few months ago regarding this account also.

Re: CAPITAL ONE AND COLLECTION ACCOUNT

Mythic850 — Tue, 08 Apr 2008 02:56:49 GMT

Do you have the name and number of the person you spoke with? I'm in a similar situation, but everyone at CapOne says they can't help.

Re: CAPITAL ONE AND COLLECTION ACCOUNT

Anonymous — Tue, 08 Apr 2008 05:47:29 GMT

I would get it in writing before you start making payment. I dealt with them for about a year and they lied to me 5 times. They told me they had fixed it and it never was fixed. GET IT IN WRITING.

Re: CAPITAL ONE AND COLLECTION ACCOUNT

dieselcafe — Tue, 08 Apr 2008 11:00:53 GMT

I called their backdoor number Cap1: 800-889-9939 (Account Specialist) and spoke to one of the Account Specialist on the phone. She says I would receive a bill regarding the payment every month. I will called them to again today to find out.

Re: CAPITAL ONE AND COLLECTION ACCOUNT

dieselcafe — Tue, 08 Apr 2008 14:27:54 GMT

I was able to call back and get the name of my account manager. Dont call the regular Cap One customer service number because many times they can not pull your account up since it was sent to a collection agency.

This is the number you should call: Debt Recovery 800-258-9319.

Re: CAPITAL ONE AND COLLECTION ACCOUNT

Anonymous — Tue, 08 Apr 2008 15:10:30 GMT

dieslcafe--- do you think that phone number will help as a GW over the phone? My dh has 2 late pyments, sent them a GW yesterday but if that back door number will get me somewhere then maybe i cna get luck for them to delete the lates, he has been on time every month for 2 years now, they should be able to, right? you had luck with your issue right?

Re: CAPITAL ONE AND COLLECTION ACCOUNT

dieselcafe — Tue, 08 Apr 2008 15:19:27 GMT

Momo,

I don't know if we can use that number for GW purpose as I have not tried to ask them for a GW. we could always try.

Re: CAPITAL ONE AND COLLECTION ACCOUNT

Anonymous — Wed, 09 Apr 2008 03:07:30 GMT

I'm debating calling that number about my account since they sold it, I'm terrified about it coming up as a new collection... hopefully I get something in the mail soon about it... or hopefully the CA slacks off long enough that they'll go past SOL (which I doubt since it's got about a year).

I'm so happy to have the Utl off my reports, but I'm terrified at the same time. I might call that number and see what they can do. I just rather not have them reopen the darn account on my reports and repost the balance because my scores are so much nicer without them lol

Re: CAPITAL ONE AND COLLECTION ACCOUNT

rom828 — Sat, 12 Apr 2008 03:37:22 GMT

Diesel, did you work out a settlement or are you paying in full, interest and all?

Re: CAPITAL ONE AND COLLECTION ACCOUNT

Anonymous — Sat, 12 Apr 2008 04:51:19 GMT

I'm curious about this too. I have an old Cap one account thats due to fall off in a year and its one of two negatives left on my file . I wish they had a redemption program, the only other problem is the outragous fees they charge, my limit was 300.00 and now their trying to collect 2572.00 thats outright robbery.

I also have a question for anyone out there. On my file its listed as a chargeoff account closed by grantor 1100 writen off, but still shows the total amount 2572.00 owed, and that number has changed four times since January at one pont it was 2433.00. Is that legal for them to change amount owed like that? Can they try to recoup what they have written off?

Also its listed on my cr as Cap one with a p.o box address, but when I called Cap one they refered me to a collection agency.

Re: CAPITAL ONE AND COLLECTION ACCOUNT

Anonymous — Sat, 12 Apr 2008 05:07:01 GMT

We got the same BS offer from Cap1 in 2006. In exchange for a PIF, CR would be updated from "paid charge off/collection" to "paid/closed".

Don't go for it unless you get something in writing. It's two years later, and guess what? DH has a "paid charge off/collection" still sitting on his account from Cap1 & they refuse to change it, saying we shouldn't have been offered that deal to revert status in the first place.

I would be very leery. Actually, if they do it for you, then I would ask you to PM me your name so I can call them back and raise hell so we can get his reversed to "paid/closed" as they promised.

Re: CAPITAL ONE AND COLLECTION ACCOUNT

dieselcafe — Sat, 12 Apr 2008 11:54:55 GMT

@rom828 wrote:
Diesel, did you work out a settlement or are you paying in full, interest and all?

Hi guys,
My account was at one time sent to a collection agency and could not get a hold me so I think they sent it back to Cap 1. The account shows on EQ as 90 days past due in 2006 and currently pay as agreed and the account is open. They allow me to pay the amount in full within 6 months and they send me monthly statement to confirm the payment as well as monthly update on my CR to show the deducted balance. I have my account manager direct number and will call again on Monday to ask for a letter state terms and condition on this issue.

Re: CAPITAL ONE AND COLLECTION ACCOUNT

dieselcafe — Sat, 12 Apr 2008 11:59:52 GMT

Hi, my account was in a collection at one time and I remember calling their customer service number last year and was referred to a collection agency. I tried the customer service number again last week and they could not pull up my account. I hung up and called their debt recovery number where they was able to pull my account up and allowed me to pay the debt in full within the next 6 months. I have her direct number.

Re: CAPITAL ONE AND COLLECTION ACCOUNT

rom828 — Sat, 12 Apr 2008 15:06:49 GMT

Ralph, I have very similar issue with mine, altho not due to drop til 06-10.

$200 credit limit with total now at $1958, charged off am't $1081.00. the am't keeps increasing due to interest, and it's my understanding they can continue to add interest like that. They can indeed continue to try to recoup, and if you do pay a settled am't, they can giv eyou a 1099 for the balance that you didnt pay, as IRS counts that as 'income' to you! I've also seen on this forum that Cap 1 usually doesnt sell their accts to collectors, but assigns them, so they still own the acct and can sue when the am't gets big enough, and just before SOL runs out.

When I first ran into trouble with the account, I contacted Cap1 and had the rudest rep advise me nothing could be done but for me to pay this big monthly am't I couldnt afford. I'd never exceeded the CL, but late fees (I know, I know, the pyt due was really small but at the time I was really broke due to husband's illness, etc)) kicked it to over limit and the fees kept mounting. I'd pay $40 to $80 a month and still never get it caught up. After they would not work with me (and I didnt know now a lot of what I've learned on this forum or i wouldve handled it better) I concentrated on the ones that would work with me...and got them paid off. I then stuck my head in the sand, I guess, hoping it would just go away.

Now that I've been actively working to repair my credit, and this forum has been a God send for me in that aspect, I know it's essential I get this Cap1 taken care of. This unpaid C/O is one of my last 2 remaining baddies (the other is a paid C/O with Provid that drop 10-09---another long story-wasnt supposed to show as chrge off since I contacted them to close the act & paid it off in full but didnt get anything in writing) and the $1958 balance CAP1 now shows is killing my utilization.

I've rec'd letters from collectors since the 05-05 charge off, the last ones from NCO. The last letter said they'd settle for less than am't due, but no specifics. I've been reading on other threads about others having good success with NCO and am comptemplating contacting them to arrange settlement. Another member just did so and I'm waiting for update from her to see what they said. if cant work wth NCO, I guess I'll have to deal with Cap1, but I dont think I'd get a very good settlement offer from them based on past experience. I believe I should pay this acct, but not with all the excessive fees, especially when I tried to get them to work with me before it got to this point.

Re: CAPITAL ONE AND COLLECTION ACCOUNT

Anonymous — Sat, 12 Apr 2008 19:27:10 GMT

It really sucks knowing I have to wait so long since I've been working on my credit since last year around Sept and I have successfully deleted a 14000.00 judgement and 2 medical collections, First Premier Bank that was paid after the fact, Time Warner, and just the other day a collection from Afni for a Sprint account that Sprint had no record of.

That leaves me with 2 negatives the biggest being CAP 1 , But I have been able to get CC from Hooters 1000cl, Orchard 300cl, Tribute Visa 350cl, continantal Finance 375cl, all subrime cards the oldest being 8 months, New car through Kia Motor finance with a 12.9 interest rate , can't wait to refinance hopefully through my wifes Credit Union at work. Trying to GW some late pays from her student loan before we do.

My scores Tu 590 has gone up the highest since I started

ex 566 has has been up and down

Eq 528 the worst has not budged but also due to some positive old accounts that don't show up with them

I know over time the scores will go up as the accounts age but really curious as to what would happen if I could take care of the CAP 1

Re: CAPITAL ONE AND COLLECTION ACCOUNT

Anonymous — Sat, 12 Apr 2008 19:40:25 GMT

Well, I have a good number of major baddies (COs/Collections) and recently Cap1 sold my debt (I was shocked) of $1117 which was a large chunk of my debt.

My EQ score went up 32pts (they hate me too), and my EX score went up 35pts, haven't pulled TU yet because I've been pulling too often as is lol, gonna wait until my last new acct hits TU then pull it.

It's still a derog account it's just listed as sold now with zero balance, so taking care of it would probably give your scores a good boost. I'm still trying to decide if I should wait around for the CA (who is yet to contact me) or call Diesels cap1 number...

Re: CAPITAL ONE AND COLLECTION ACCOUNT

rom828 — Sat, 12 Apr 2008 20:24:53 GMT

Hey, Modern,

How old is your Cap1?

I've seen others mention their accts were sold, but I dont understand how this works.

Do they sell it when you're past SOL? I've read that Cap1 doesnt usually sell their accts so that they can sue later. Had you been contacted by collectors for that acct in the past?

How does it actually show on your report? Does it still look like an unpaid charge off?

yeah, this unpaid C/O is killing my score because it's unpaid AND the high balance is half of my available credit so it's horrible for my utillization and thus my score, so I know getting it paid/settled would help. I just dont want to take the wrong course of action and find myself in worse straits! NCO hasnt been very aggressive in their tactics, just a few letters, which is all the previous Cap1 collectors did also.

so far, tho, only Cap1 is reporting and I dont have any other collection accts, so dont want to risk having any!

AAAGGGGHHHHH! This credit repair stuff is so hard!!!! LOL

Re: CAPITAL ONE AND COLLECTION ACCOUNT

Anonymous — Sat, 12 Apr 2008 20:39:46 GMT

I got the card in 04, it was COd around 05, my SOL is 4yrs, so it's not near SOL imo since it's like 13 months from expiring. It was $1117 from a 300 CO and was making up all of my revolving debt on my EX report (EQ and TU have another CO reporting in a manner that adds to my utl but it's much smaller), and until recently I had no open revolving credit so the Utl was sky high (over 300% on TU). The CA that was "handling it" while Cap1 still owned it, never contacted me UNTIL I contacted Cap1 to try and settle through them. Of course that was with the regular number not the number Diesel found for us

Cap1 wouldn't talk to me, wouldn't xfer me to a super blah blah blah, so I said fine have your CA that's never contacted me in a 3 year timeframe send me something through mail. The Cap1 agent told me to call the CA and do it myself, I laughed.

The CA (Alliance One at the time) then started calling and leaving me voicemails. I don't answer my phone EVER unless it comes up with a name I know. I don't even answer local area code calls unless I am 100% sure I know the number. So I never spoke with them.

As per the TC info it was updated by Cap1 on the 6th as sold, and there's an inq, from Brachfeld on my TU report on the 3rd, of this month. Their site is targetted at potential clients that want them to collect on the debt though, so I'm not totally sure they're the ones that bought it. Their site states

"Our legal staff will approach your debtor from the legal point of view, a method not allowed at traditional collection agencies. At B&A we tailor our action to the results you want to obtain. We understand that preserving the relationship with customers/clients may be desirable for our clients. We are committed to our mission - turning accounts receivable into cash for our clients.

We don't get paid unless you do!"

Regardless they can't go about it too legally if they did indeed buy my debt, since the Inq was 9 days ago, and the acct was updated 6 days ago, and from what I've read lately, they're supposed to contact me within 5 days... I've been getting tons of automated voicemails for the past week too saying "please hold if you are ____ or press two to get _____" but no company name is mentioned.