What's the best way to pay this off? Newbie question

[Anonymous]

I have a $1200 CO from Capital One that TU says is supposed to age off in December of this year. I've also recently been receiving letters from Northland about paying off a portion of that in exchange for receiving a paid in full letter from them. Stupidly, I ignored that letter and now when I look at their website they want the full amount again. So far, the CA is not on my credit report (don't know why - I've owed this forever). I'd like to pay and get it over with and hopefully keep the CA off my credit report, but what is the best way? The original bill was only $500, so I really don't want to (and can't afford to) pay the full $1200. Can I just send a check with the original little coupons they sent when they offered to settle for $700 (even though I was supposed to do that by 9/2)? Or should I send them some version of the PFD letter (even though it's not on my credit reports yet)? Or should I suck it up and pay the whole $1200? Thanks for your answers - I'm finally getting out of the hole I dug for myself simply by letting things age off and this seems to be my biggest remaining balance now.

Message Edited by frida on 10-04-2007 12:50 PM

[Anonymous]

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frida wrote:
I have a $1200 CO from Capital One that TU says is supposed to age off in December of this year. I've also recently been receiving letters from Northland about paying off a portion of that in exchange for receiving a paid in full letter from them. Stupidly, I ignored that letter and now when I look at their website they want the full amount again. So far, the CA is not on my credit report (don't know why - I've owed this forever). I'd like to pay and get it over with and hopefully keep the CA off my credit report, but what is the best way? The original bill was only $500, so I really don't want to (and can't afford to) pay the full $1200. Can I just send a check with the original little coupons they sent when they offered to settle for $700 (even though I was supposed to do that by 9/2)? Or should I send them some version of the PFD letter (even though it's not on my credit reports yet)? Or should I suck it up and pay the whole $1200? Thanks for your answers - I'm finally getting out of the whole I dug for myself simply by letting things age off and this seems to be my biggest remaining balance now.

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It is dropping off your report in 2 months!!!!!!! The CA is grasping at straws right now! I would not pay them! let that baddie fall off all by itself!

[Anonymous]

Really? But can't the CA put their own entry on any time they want since they still own the debt?

[Anonymous]

Just to be safe I would sock drawer as much money you can to pay the bill off in full.   Cap One is notorious for slipping in Judgments at the last minute.

Message Edited by Boswd on 10-04-2007 12:59 PM

[Anonymous]

FRIDA, what is your SOL?

http://www.bankrate.com/brm/news/cc/20040116b2.asp?caret=8

What is showing on your CR?

Is Cap1 showing along with a CA?

What is the DOFD on cap1?

[Anonymous]

SOL - is that from the column headed "Open Accounts"? Then it's either 4,6 or 3 years depending if it's the state I lived in when I defaulted, when I opened the account, or now.

The only thing showing on my credit report is Cap One, although there's an inquiry from the CA showing up on my EQ report.

The DOFD - not sure exactly, but 12/2000 would be about right. My TU report (which seems to have the most info shows that the account was just closed 09/07, so not sure what that means. Thanks!

Message Edited by frida on 10-04-2007 01:59 PM

Message Edited by frida on 10-04-2007 01:59 PM

[Anonymous]

I should say - I'm getting married in about six months and I'd rather just pay off the whole **bleep** thing and eat ramen for a few months than have this pop back up in my life with a lawsuit or something a few years down the road. Is paying it all off the only way to guarantee this? And should I pay Northland or contact Cap 1?

[PayYouNever]

If you contact Cap1, then you can probably pay the original $500. The additional money seems like lawyer fees and what not, which if you check your cardholder agreement that seems a bit excessive and I think they ask for arbitration anyway. However, you could have been hit with the Penalty APR of 29.99%, which would double how much you we in a matter of 2.5 years.

You should be able negotiate at PFD with Cap1 -- over the phone with a supervisor, then get everything in writing and make the payment. If you want to deal with it.

However, if you can pinpoint the DOLA or DOFD and it's outside of the SOL, then let it fall off in two months, and be done with it. If you have documentation, of those dates then you can file a grievance with the FTC.

[Anonymous]

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frida wrote:
SOL - is that from the column headed "Open Accounts"? Then it's either 4,6 or 3 years depending if it's the state I lived in when I defaulted, when I opened the account, or now.

The only thing showing on my credit report is Cap One, although there's an inquiry from the CA showing up on my EQ report.

The DOFD - not sure exactly, but 12/2000 would be about right. My TU report (which seems to have the most info shows that the account was just closed 09/07, so not sure what that means. Thanks!

Message Edited by frida on 10-04-2007 01:59 PM

Message Edited by frida on 10-04-2007 01:59 PM

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Freda, did you click on the link that I gave you......SOL is statue of limitation  for each state!!!!!What state are you in??? This tells you when they can not sue you.

On your EX  report  all the way to the right>>>> it will say  remains on report until DATE

The drop date will not change even if a CA buys the debt. KEEP all copies of your CR!!!!

Message Edited by HappyDays on 10-04-2007 02:57 PM

[Anonymous]

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@Anonymous wrote:
Freda, did you click on the link that I gave you......SOL is statue of limitation for each state!!!!!What state are you in??? This tells you when they can not sue you.

On your EX report all the way to the right>>>> it will say remains on report until DATE

The drop date will not change even if a CA buys the debt. KEEP all copies of your CR!!!!

Message Edited by HappyDays on 10-04-2007 02:57 PM

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I'm in WA now and opened the account in NY, wasn't sure which SOL applied. 6 yrs or 3 yrs, depending on if it's NY or WA.

I just looked at my EX and EQ reports a little more closely and it looks like Cap 1 is still reporting delinquency every month - they're even saying that "Date Major Delinquncy First Reported" is 09/07 which is crazy since it's been a charge off since 2001.

I can't see anything on EX report about when it'll drop off.