Cap1 strikes again

[Anonymous]

Hello All -

So a short background, i have a CAP 1 account on my CR from 2006 which still has a balance. It hasnt been transferred to a collection account on my CR. It will fall off my account in the next year or so but i need to get it resolved in the next week or so. I am willing to PIF, so i just wanted to check what strategy to use.

I was planning on calling them and telling them i can pay 35% of it and negotiate. If they want the full amount, i will ask them PFD. If they dont agree to that, then what should be my strategy? I need the account closed soon though as i am going through a closing. Before i make the call i want to be sure i discuss it with you guys, what i should do.

Your help is greatly appreciated.

[Revelate]

I would absolutely not offer a settlement in any shape, form, or fashion.  You're begging for them to make the tradeline worse than it already is.

You can attempt a PFD, or just pay it outright, but odds are when they look at your report (and they will if you're offering a settlement) they'll see the mortgage inquiries which are likely there, and at that point you lose absolutely all negotiating room.  I think you need to make them whole, either by paying it straight, or getting a PFD if that's even available with an OC (probably is but I have no experience with that).

My two cents anyway, I wouldn't do anything to jeopardize closing on a house, and that means getting fully righteous in this instance.

[Jake0215]

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@Anonymous wrote:

Hello All -

So a short background, i have a CAP 1 account on my CR from 2006 which still has a balance. It hasnt been transferred to a collection account on my CR. It will fall off my account in the next year or so but i need to get it resolved in the next week or so. I am willing to PIF, so i just wanted to check what strategy to use.

I was planning on calling them and telling them i can pay 35% of it and negotiate. If they want the full amount, i will ask them PFD. If they dont agree to that, then what should be my strategy? I need the account closed soon though as i am going through a closing. Before i make the call i want to be sure i discuss it with you guys, what i should do.

Your help is greatly appreciated.

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So your mortgage underwriter knows about this account and is requiring you to close/settle before closing? If that's the case just pay it, be done, and in a year it will be gone. I would attempt a Pfd first, but I'm thinking the lack of time is your biggest nemesis. I would say it would be possible if you weren't under the gun.

[Anonymous]

@e4, It doesn't really seem like you're in a position to negotiate. A report reading "Settled for less" probably won't get things done, either.

[Anonymous]

I am closing 16th July, so i have time. The P&S happens on Monday, but the banker called today (apparently he didnt see this before) and said that this needs to be closed. So he said we can start the process but when we get to locking a rate and starting the under writing part, it needs to be closed. So i would say i have till the end of the month for sure. Just to be clear, i have the money. I can PIF. Worst case, it reduces my revolving credit being used. I have paid every open card i have down to 0 today and this is the only balance revolving. Should i call tomorrow and just try the PFD? and i should ask them to email/fax everything in writing before sending the check correct?

Thanks guys.

[Jake0215]

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@Anonymous wrote:

I am closing 16th July, so i have time. The P&S happens on Monday, but the banker called today (apparently he didnt see this before) and said that this needs to be closed. So he said we can start the process but when we get to locking a rate and starting the under writing part, it needs to be closed. So i would say i have till the end of the month for sure. Just to be clear, i have the money. I can PIF. Worst case, it reduces my revolving credit being used. I have paid every open card i have down to 0 today and this is the only balance revolving. Should i call tomorrow and just try the PFD? and i should ask them to email/fax everything in writing before sending the check correct?

Thanks guys.

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Usually you would want to get something in writing before paying anything. When I helped a friend negotiate a Pfd the collection company refused to send anything until it was paid. Long story short it took two months to get everything sorted, and that's after them agreeing for a Pfd on the first call. You just may not have enough time.

[LS2982]

Like others have said I would PIF and move on.

[Anonymous]

So i called them today - it was a very unusual call. I got the collection department and she asked for my information. I provided it and she goes i see an account on file, how can i help you. I was like well i am leaving the country soon, so i want to take care of any debt i have pending. She goes ok, so what do you want to do? I was kind of taken back. I was like i want this resolved, so what options do i have. She went on by saying how do you want this resolved? I was like i am assuming by paying an amount to close this account. She goes ok well if you want i can give you the address for a "voluntary" payment.I asked her if checks was all they accepted and she said that and money gram.

She was in no hurry to get the money. She gave me the info and said good bye. I am just baffled as to what just happened. is this normal to hear from Cap1? They didint give any options or anything. It was as if they didnt care about 1500 bucks. I was planning on calling again but wanted feed back from you guys as to this being the norm.

Thanks,

[learnin113]

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@Anonymous wrote:

So i called them today - it was a very unusual call. I got the collection department and she asked for my information. I provided it and she goes i see an account on file, how can i help you. I was like well i am leaving the country soon, so i want to take care of any debt i have pending. She goes ok, so what do you want to do? I was kind of taken back. I was like i want this resolved, so what options do i have. She went on by saying how do you want this resolved? I was like i am assuming by paying an amount to close this account. She goes ok well if you want i can give you the address for a "voluntary" payment.I asked her if checks was all they accepted and she said that and money gram.

She was in no hurry to get the money. She gave me the info and said good bye. I am just baffled as to what just happened. is this normal to hear from Cap1? They didint give any options or anything. It was as if they didnt care about 1500 bucks. I was planning on calling again but wanted feed back from you guys as to this being the norm.

Thanks,

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Just a little advice if you care...you really need to get your story straight and figure out exactly (write it down if you have to) what resolution you want from them.  You cannot think it up as you're on the phone.  This is a debt you owe them, they dont owe you any favors.  Do or say what you have to to get it paid and or deleted if possible. 

[Anonymous]

I surely was not going to tell them i was getting a mortgage. Thus i said i was going to leave the country and that is why i wanted this resolved asap. I wanted to ask for a PFD but it was as she didnt want the money. I have worked with 2 collection agency before this and they have always begged to get paid on the phone.This was just new to me.