I have an old account with Capital One which as charged off and I currently owe $3288 (high balance was only $1784...but I guess late fees and interest have added to this over time). Its due to be removed in May 2010....however, I 'd like to send them a PFD letter offering a 40% lump sum settlement. If this is not accepted though, am I better off waiting this out than taking any other terms of settlement? The way I understand this is that any change to the account will update the timeframe and if I pay it off without a deletion it would remain on my report to 2014!
I'm hoping to buy a car in 3-6 months and this is the largest negative item I'd like to correct (I have a couple of judgements in public record...but don't think I'll be able to do anything with those).
Thanks in advance for your help.
P.S. I just recently acquired a new active card from Capital One within the last 2 months....should I mention this in the PFD letter or is this better left unsaid?