topic Re: Any Luck PFD - Capital One? in Rebuilding Your Credit

Any Luck PFD - Capital One?

Anonymous — Tue, 02 Dec 2008 19:08:06 GMT

Hi!

I have a CO with Capital One on my Trans Union and Experian report showing the following:

Trans Union

Capital One (16 Digit Account #)

Address: POB 30281, Salt Lake City, Utah 84130-0281

Phone #: (800) 955-7070

Balance: $1,277

Date Updated: 08/2008

High Balance: $601

Credit Limit: $200

Past Due: $1,277

Pay Status: Charged Off as Bad Debt

Account Type: Revolving Account

Date Opened: 06/2003

Date Closed: 03/2004

Loan Type: Credit Card

Remark: Account closed by credit grantor

Estimated date that this item will be removed: 08/2010

Experian

CAP ONE

Address: PO Box 30281, Salt Lake City, Utah 84130

No phone number available

Account Number: (First 12 digits)

Address Identification Number: Provided

Status: Account charged off/Past due 180 days. $625 written off. $1,277 past due as of Aug 2008

Date Opened: 06/2003

Reported Since: 06/2003

Date of Status: 05/2004

Last Reported: 08/2008

Type: Revolving

Terms: NA

Monthly Payment: $0

Reponsibility: Individual

Creditor's statement: Account closed at grantor's request.

1. Has anyone had any luck with a PFD to Capital One? If so, what address did you use?

2. Should I PFD the Past Due amount of $1,277 or the High Balance amount of $601? I can pay either but of course less is more especially during the holidays

Re: Any Luck PFD - Capital One?

Anonymous — Mon, 29 Dec 2008 20:02:18 GMT

bump.

Re: Any Luck PFD - Capital One?

daisy245 — Mon, 29 Dec 2008 20:06:59 GMT

No luck with PFD for me. However, I did do a settlement with them for $575 that they let me split into 2 payments! They reported on all three CRs and showed I owed them over $1700 and my CL when it COed was only $300. The only reason I settled was that the CO was being factored into my credit utilization.

There is always a first time for everything. Maybe they will do it for you! I have a new saying now after coming to this forum-- Persistence works!!!

Don't give up!

Re: Any Luck PFD - Capital One?

Anonymous — Mon, 29 Dec 2008 20:13:04 GMT

How does the age of this account compare to your other accounts on your CR?

Re: Any Luck PFD - Capital One?

Anonymous — Mon, 29 Dec 2008 21:23:52 GMT

Daisy: How did you contact them to do the settlement? I'm willing to settle if that's my best option. Was there any effect on your CR? Also, have you tried send GW letters to them since the settlement?

Re: Any Luck PFD - Capital One?

Anonymous — Mon, 29 Dec 2008 21:24:46 GMT

@Anonymous wrote:
How does the age of this account compare to your other accounts on your CR?

It is one of my oldest TL - 2003. Any suggestions?

Re: Any Luck PFD - Capital One?

Anonymous — Mon, 29 Dec 2008 21:42:14 GMT

why do you want to settle now?

PROS: paid might look better at a manual review

CONS: you will pay now the principal plus the exhorbitant interest charged; it will stay on your CR as paid but with major derogatories for another 18 months, with little impact on your scores;

I would wait for the drop off date - they might decide to file suit against you in about one year, just before the SOL expires. At that point first you send a letter to Cap1 and the lawyers offering to pay the debt plus a nominal interest in exchange of dismissal. Then, if they insist, you go to court, you subpoena for all documentation about the debt, and the day of the hearing, you tell the judge that Cap1 did nothing to collect this debt for 7 years even refusing to accept or discuss your offers, then one month before SOL expires they file suit - you'd be willing to pay the principal on the spot, you might have been willing to pay the principal all along (you might bring your PFD letters with you), but you hit a wall with no responses from Cap1 .

The judge will lend a sympathetic ear, in some case grant a dismissal if the lawyers are not ready to present a witness with direct knowledge of the debt, and in many other cases will make you pay a lower amount than what they would request. Sometimes, the judge will avoid the judgment to be filed in your CR if you ask politely.

And you pay at your convenience when time comes.

good luck!!!

Re: Any Luck PFD - Capital One?

Anonymous — Mon, 29 Dec 2008 21:49:11 GMT

BTW, many states limit the interest that can be charged on a charged off account to about 6%.

$600 at 6% for 7 years brings the amount to about $900. That's what I would offer if served with a suit.

Re: Any Luck PFD - Capital One?

daisy245 — Mon, 29 Dec 2008 21:58:21 GMT

I contacted them. The only reason I decided to settle was because of the utl factor. The CO was already out of SOL, but I did not want to wait another 2+ years for it to fall off. It has decreased my utl alot! I did not get much of a score increase, but I feel better knowing I paid my debt.

I called them at 800-846-9966. (Recovery Dept)

Good Luck!

Re: Any Luck PFD - Capital One?

Anonymous — Mon, 29 Dec 2008 22:01:05 GMT

Demed & Daisy: Thank you both very much for your advice.

I love this forum!!!