topic Re: Worked out a settlement agreement/payment plan with Capital One, then they sold it. Need help. in Rebuilding Your Credit

Worked out a settlement agreement/payment plan with Capital One, then they sold it. Need help.

creditdog2 — Thu, 28 Dec 2023 01:52:14 GMT

I owed Cap One about $16,000 on a credit card. A few months ago I called them to see what settlement options were available. We worked out an agreement that $11,000 is to be paid back over 55 months, they sent a letter confirming that, and I made 2-3 payments (all on time). Last week I got a letter saying it was sold to "BUREAUS INVESTMENT GROUP PORTFOLIO NO 15 LLC".

Today, I got a Dunning letter from Sentry Credit Inc (company collecting for BUREAUS INVESTMENT GROUP PORTFOLIO NO 15 LLC) and they are saying I owe the full $16,000. I'm obviously going to respond and say "I don't owe this debt, amount is wrong, etc.".

My concern lies here: I have proof that Cap One agreed to settle for $11,000 but I don't know if sending that letter over to them can backfire on me. Ideally I'd like to settle it for far less than $11,000. If they sue me one day, can't they use the $11,000 against me? Also looking online I couldn't find much about this collection agency so idk what to do. Thoughts?

Re: Worked out a settlement agreement/payment plan with Capital One, then they sold it. Need help.

creditdog2 — Fri, 29 Dec 2023 01:16:26 GMT

Anything?

Re: Worked out a settlement agreement/payment plan with Capital One, then they sold it. Need help.

Lugoj — Fri, 29 Dec 2023 16:55:45 GMT

Legally, I would think you have a breach of contract claim with Capital One. I'd call Atlas Consumer Law out of IL, they helped me with a bunch of cases.

Re: Worked out a settlement agreement/payment plan with Capital One, then they sold it. Need help.

tnhomestead — Fri, 29 Dec 2023 18:59:12 GMT

Are you sure the payments went through correctly and were on time? Sounds like they decided/thought you were not in accord with the settlement.

Me personally, I would call wrote the new place and ask what the deal is, after I called cap1 with the same question!

Re: Worked out a settlement agreement/payment plan with Capital One, then they sold it. Need help.

creditdog2 — Fri, 29 Dec 2023 22:06:05 GMT

@Lugoj wrote:
Legally, I would think you have a breach of contract claim with Capital One. I'd call Atlas Consumer Law out of IL, they helped me with a bunch of cases.

Thanks for the reply and recommendation, I'll reach out to them. Any idea what kind of compensation, if any, I could get?

Re: Worked out a settlement agreement/payment plan with Capital One, then they sold it. Need help.

creditdog2 — Fri, 29 Dec 2023 22:07:57 GMT

@tnhomestead wrote:
Are you sure the payments went through correctly and were on time? Sounds like they decided/thought you were not in accord with the settlement.
Me personally, I would call wrote the new place and ask what the deal is, after I called cap1 with the same question!

I took some time to think about it and I think I found out what the problem is:

On the Dunning letter, they're only giving me credit for 1 payment. I made 2 payments, both on time. I have a letter from Cap One stating "thank you for your payment" (payment 1) and I have a copy of the check that was cashed for payment 2. Both payments were made prior to the due date. Therefore, I think it makes sense that someway, somehow, they messed up on their end and think I am in default. Does that make sense?