Is it ok to accept a settlement offer on a charged off acct?

[Anonymous]

I received a settlement letter on a charged off Cap 1 account. They say after I pay they will report as satisfied. Is it ok to accept this? I have already tried PFD and it was a no go. I need to get this taken care of as it is hurting my util since it is still showing in my open accounts on my report. The settlement will save me almost 400. Should I do it? Will it hurt me more than paying in full?

[Anonymous]

*CAUTION!*

I made a settlement payment, same company. Still showing on CRs as a settlement. I've sent one GW letter, as I am an active customer at present. Believe me - if this GW doesn't work, I'll keep sending them until it does.

Yeah - pay them if you owe them - but personally, I wouldn't fork over a penny until I had a PFD. Just because they said No once doesn't mean you shouldn't ask again (and again and again and again!).

[Anonymous]

I would stick to PFD if I were you...

[Anonymous]

If I cannot get a PFD letter would it be better if I just paid the balance I owe and send the money directly to Cap 1 instead of the CA?

[chartley3]

Keep trying for a PFD but also remember that Cap 1 isnt afraid to take you to court and get a judgement against you for the amount owed and any accrud interest. To be honest I would try one more PFD letter then just pay the settlement offer and try for a GW with them in 6-12 months.

[Anonymous]

I forgot to mention that the settlement offer is through a CA.  Is it ok to pay them?  Cap 1 is not offering a settlement only the CA.  They are both showing this account on my report, if I do the settlement will they both have to update as paid or settled?

[Anonymous]

Ok mine has nothing to do with Capital one but please help me understand the acronyms here...what is a PFD? How would you get one if you have accepted a settlement offer??

[haulingthescoreup]

---

@Anonymous wrote:
Ok mine has nothing to do with Capital one but please help me understand the acronyms here...what is a PFD? How would you get one if you have accepted a settlement offer??

---

Guide to Common Abbreviations

Also, click on Frequently Requested Threads up at the top of this board. You might need to use a GW if you've already PIF'd. If you haven't PIF'd, you can always switch over to a PFD. CA's and OC's say many things and frequently back out. If you have learned more about your options (i.e., a PFD), I think that you have the right to change your offer.