topic Re: Settling With Capital One. in Rebuilding Your Credit

Settling With Capital One.

Anonymous — Fri, 22 Dec 2017 23:51:54 GMT

Hi All,

I am new to this forum. Just checking to see if anyone here had any recent experience doing a lump sum settlement with Capital One? I currently owe about $18K on a capital one credit card and about 5 months behind on my payments. I called them last week to see if they would settle and they told me that they did not have any current settlement offer for me. Please share your experience if you had recently settled with Capital One and please let me know how did you go about go about settling and how much were you able to settle for. Thank you so much.

Re: Settling With Capital One.

Anonymous — Sat, 23 Dec 2017 02:47:45 GMT

You gave very little info about your situation but I can assure you settlement offers are sure to come eventually from Cap1.

Re: Settling With Capital One.

iced — Sat, 23 Dec 2017 18:53:13 GMT

@Anonymous wrote:
Hi All,

I am new to this forum. Just checking to see if anyone here had any recent experience doing a lump sum settlement with Capital One? I currently owe about $18K on a capital one credit card and about 5 months behind on my payments. I called them last week to see if they would settle and they told me that they did not have any current settlement offer for me. Please share your experience if you had recently settled with Capital One and please let me know how did you go about go about settling and how much were you able to settle for. Thank you so much.

The only experience I have with them is that they wouldn’t negotiate or settle, at least for me. They wouldn’t remove lates and they wouldn’t accept anything less than what I owed. So I paid the full balance and now I wait for the lates to eventually fall off my report. I did the crime, so I did the time.

Re: Settling With Capital One.

Anonymous — Sun, 24 Dec 2017 01:55:37 GMT

@iced wrote:
@Anonymous wrote:
Hi All,

I am new to this forum. Just checking to see if anyone here had any recent experience doing a lump sum settlement with Capital One? I currently owe about $18K on a capital one credit card and about 5 months behind on my payments. I called them last week to see if they would settle and they told me that they did not have any current settlement offer for me. Please share your experience if you had recently settled with Capital One and please let me know how did you go about go about settling and how much were you able to settle for. Thank you so much.
The only experience I have with them is that they wouldn’t negotiate or settle, at least for me. They wouldn’t remove lates and they wouldn’t accept anything less than what I owed. So I paid the full balance and now I wait for the lates to eventually fall off my report. I did the crime, so I did the time.

I shoulda mentioned my experience with Cap1's settlement offers was about 20'ish years ago. Perhaps they changed this policy.

Re: Settling With Capital One.

CatOfSpades — Sun, 24 Dec 2017 07:25:33 GMT

I had to settle with them about 4 years ago. The balance was about 5500. They did a charge off after 6 months of being later, and after I had saved some money, I unblocked their numbers around month 9 or 10, and they offered to settle for around 4300. I didn't have that, so they said they could go down to 3800. It's my unfortunate experience that companies won't offer to settle until around 6 months late. They tried to get me on a payment plan, but I couldn't afford those payments either. I don't know if they would have offered to settle sooner if I had talked to them. In hindsight, I wish I had known more about how late payments work so I could have found a way to start making payments again before they charged the cards off. Of course, when you're broke, you're broke. But my credit score took a very bad hit, and my insurance rates went up so high I had to change companies. Luckily, I found a company that cared more about my driving history than my credit score.

Your mileage may vary, of course, but you might have some kind of offer soon.

Re: Settling With Capital One.

wa3more — Sun, 24 Dec 2017 21:14:01 GMT

see if your agreement has a arbitration clause, hopefully JAMS. Send them a letter if it does electing arbitration.

It might give you leverage for better settlement.

Re: Settling With Capital One.

Anonymous — Thu, 11 Jan 2018 01:00:04 GMT

Hi AirTroop.

Thank you so much for replying. So today I called again and they are offering a settlement of $12,600 where my original balance is close to $19.000. I am apparently about 45 days away from getting charged off. Unfortunately I have no way of paying $12,600. I heard that after the charge off, Cap One they keep the account with their internal recovery department for 90 days before handing it over to a third party collections agency. Have you had any recent experience settling with them? You think I might have a lower settlement offer after the charge off? Please let me know. Thank you.

Re: Settling With Capital One.

Anonymous — Thu, 11 Jan 2018 05:43:42 GMT

@Anonymous wrote:
Hi AirTroop.

Thank you so much for replying. So today I called again and they are offering a settlement of $12,600 where my original balance is close to $19.000. I am apparently about 45 days away from getting charged off. Unfortunately I have no way of paying $12,600. I heard that after the charge off, Cap One they keep the account with their internal recovery department for 90 days before handing it over to a third party collections agency. Have you had any recent experience settling with them? You think I might have a lower settlement offer after the charge off? Please let me know. Thank you.

No, fortunately I haven't had any recent experience with Cap1. I do know this much though - wait and don't pay a dime if you've heard they keep the account in internal recovery for 90 days because any offer from there on out will be less and less of the original balance...as long as you know who has the power at this point - that's YOU. You can literally tell them, "Look, I know you're about to sell this account for pennies on the dollar. I will put more money in your pockets if you'll just consider my final offer (40% is a great starting point) and we'll just call it a draw." Actually, I'd take it to writing ONLY before any of the aforementioned and tell them you've only got the ability to BORROW $7000 (remember, you give them some wiggle room - 40% is around $7600 - to bargain with) and report it "Paid As Agreed" on your report. There are plenty of threads here to help you out with that part of your plan.

IMPORTANT NOTE: Maybe someone with more knowledge can chime in on whether or not charging off and selling the debt for 40+or-% to a 3rd party nets Cap1 some more beneficial tax advantages versus simply settling for 40%'ish with the consumer???)

Good luck. Am interested in knowing the outcome.

Re: Settling With Capital One.

RobertEG — Thu, 11 Jan 2018 23:50:26 GMT

If you are currrently 5 months behind, you are approaching the mandatory charge-off requirements for revolving debt, which is at 180 days.

You are thus in immediate peril of having a charge-off added to your credit report, and then possibly a collection.

After reporting of either, your score will further suffer, and you will also face the dreaded CRA policy instructing furnishers not to delete reporting of prior derogs based on payment of the debt.

Perhaps they may offer a payment plan, permitting you to stop a charge-off or collection without need to immediately discharge the debt?

Re: Settling With Capital One.

Anonymous — Fri, 12 Jan 2018 01:29:47 GMT

Try to talk to them and see what you can pay to avoid a charge off!
I have recently had 2 cap 1 charge offs and i can tell you that they dont offer settlements.
I had to wait for the account to go to a CA and then negotiate with them.
They will start with 85% but can get down to 50%
Also correct me if im wrong but once the account is charged off they can take you to court for the balance.

I was stupid and decided to let the accounts charge off and settle later rather than try to set up a payment plan and keep account active.

What is the limit on the card? If it is maxed out it will continue to report as maxed out of even over limit if they add interest to it until you pay it off and that will keep hurting your score!

Re: Settling With Capital One.

Anonymous — Sun, 24 Jun 2018 09:58:56 GMT

I have settled with capital one after charge off after two years 800 In writing settled to 450 paid in full settled for less than the full balance they were pretty nice about it oddly

Re: Settling With Capital One.

Anonymous — Sun, 24 Jun 2018 10:00:33 GMT

They kept mines In internal recovery for two years but two yeArs latters guess what while one card reported charged off I was able to get two more

Re: Settling With Capital One.

Anonymous — Sun, 24 Jun 2018 10:05:13 GMT

Once they charged off we negotiated and the underwriter agreed and wrote out a settlement

Re: Settling With Capital One.

Anonymous — Tue, 02 Oct 2018 11:54:32 GMT

Can you tell me how you get got in contact with them, either by letter or call?

I have two Capt 1 credit cards that i got when i was married(bad marriage) i didnt have the money to support me and my kids so i used them. Then ended up going thru divorce and stopped paying on them.. 1st credit limit 1000, (balance 1200) 2nd 2000 credit limit (2396 balance) they were both CHARGED OFF 2016 but still appearing on my CR now over 2 years in my revolving accounts with BALANCES reoccuring even tho they are charged off, ive gotten a letter last year sometime from a lawyers office (agency ) but its still showing balances and making my credit utilization 120%.

I had couple other cards from like lowes, walmart, that were already charged off and sold but showing 0 balance and not pulling my utilization.

Ive been trying to clear up my CR and get better and hopefully can purchase a house soon. I want to see about PAY TO DELETE or SETTLE the old balances and either mark PAID in full or remove derog statements ... ANY ADVICE?? HELP!!!

CAPT 1 is the only one that keeps pulling my scores down every month!!

Re: Settling With Capital One.

Anonymous — Wed, 03 Oct 2018 14:55:18 GMT

I contacted their internal collection sept cause capital one still held the account. Ask to settle the account and they will negotiate with you. Far as pet for deletion and they still hold the account it’s not gonna happen. Once you guys agree to an amount they will send it in writing do not pay less you have it in writing showing what you guys agreed to. Wait 60 days it will update if it is not dispute with the CRA’s. Show them that you did pay and that it was settled by a letter from them after payment the account is considered settled. Then the CRA’s will update paid in full settled for less than and the balance will zero out as if it was paid in full.

Re: Settling With Capital One.

Anonymous — Thu, 04 Oct 2018 14:49:04 GMT

Did you contact them over the phone or thru a letter?

Re: Settling With Capital One.

Anonymous — Fri, 04 Jan 2019 12:53:33 GMT

Over the phone

Re: Settling With Capital One.

Anonymous — Sat, 05 Jan 2019 05:52:14 GMT

@Anonymous wrote:
Hi All,

I am new to this forum. Just checking to see if anyone here had any recent experience doing a lump sum settlement with Capital One? I currently owe about $18K on a capital one credit card and about 5 months behind on my payments. I called them last week to see if they would settle and they told me that they did not have any current settlement offer for me. Please share your experience if you had recently settled with Capital One and please let me know how did you go about go about settling and how much were you able to settle for. Thank you so much.

If you have any money to make a few months of payments, do that rather than have a charge-off on your CR. Easier to get caught up than go through the mess of a charge-off and possibly a collection. You’re not doing 6ourself any favors by letting it go to that, believe me. At one point I was 120-150 days late on my Cap 1 P account, but I was able to knock it down & get caught up. If this is the first time your card has been restricted they will probably offer you reinstatement once you get caught up.

Re: Settling With Capital One.

Joecooltech — Sat, 05 Jan 2019 17:42:29 GMT

Oddly enough I have a balance with capital one that has been charged off for 4 years they won't bend on that balance. But somehow I've managed to get a platinum card turned into a quicksilver card Over the last 15 months