What to do re CAP1

[Anonymous]

This is what happened before I got on this forum, and cannot undo, and would NEVER do it again and need help figuring out what to do next:

I recently decided to contact CAP1 regarding a charged-off account. They transferred me to a CA and I asked them what the difference was between paying in full and settling for less. They said that both would show paid in full on CR, but if I decided to pay the total amount owed, Cap1 would also remove any derogatory remarks on the CRs.

I asked them to send me a letter with the total amount owed and confirmation that the account would be reported paid in full. I received the letter and while it did say that their records would be updated to show the account was fully paid once the payment cleared, they did not say anything about updating with the CRAs. I called them again and they said that while they had the account, CAP1 was the one still reporting with the CRAs and that they could not speak on CAP1's behalf. I caved in and made the payment and got a paid in full letter from the CA after calling them multiple times.


I learned my lessons....... should have sent the CA a DV first and then not paid until guaranteed deletion from CRs. Believe me, I'm pretty upset.


The questions/concerns I have are:


- The DOFD on EQ and TU is 04/2001. However, CAP1 has reported payment history as current from that date until 07/2007. From this date until now, it shows CO for each month. Isn't that a type of re-aging or deliberate inaccurate info reported? I've never paid anything to them from the DOFD until a couple of weeks.


- I'm worried that with the payment I made, which the CA will probably report to CAP1 any day now, it will reset the DOLA and consequently the 7 year reporting rule. I've read that EQ goes by the DOLA and that TU goes by DOFD. In any case, will the payment I made extend the reporting of this account another 7 years?


- Should I do a GW letter and ask CAP1 to delete the account since I paid in full? I've been reading horror stories about CAP1. That they accept everybody, but will not remove anything from the CRs.


- Or should I just wait to see what CAP1 does first before doing anything?

- I JUST WANT TO MAKE SURE THAT THE CRAs WILL REMOVE THIS TL SOMETIME SOON BASED ON THE DOFD OF 04/2001 regardless of the payment I made.



Thanks in advance for your help.

[Anonymous]

Even though you made a payment to the CA, it doesn't re-set CRTP.

This will come off of your reports 7 to 7.5 yrs from DOFD/DOLA on your CRA's, so should be 4/2008. The CA's collecting must drop as well. You are close!

[rom828]

This forum is indeed an invaluable source of information!

I have a debt with Cap1 also.  The charge off date of 05-05 and is currently showing $1900+ as they add 26% interest every month.I live in GA and this debt is past SOL.  I tried to get Cap1 to work with me when we fell behind due to medical problems, but to no avail. 

This is the last really bad thing on my CR and wont drop til 06/10 (except now Providian is mis-reporting 90day lates on the card I paid off ----25 of them!! that they didnt shown before...was showing each month 'OK"---but that's another story!)......I am morally responsible for this Cap1 debt and want to pay it, but the original CL was only $200 and I never exceeded it with purchases.....late fees put it over limit, then over limit fees were added and the rest is history!  The balance was about $450 when I tried to get them to work with me 04-03.  Made pyts til 8-04 but could never get caught up.  IN GA, SOL is not affected by pyts unless you put in writing that you owe the debt and also it goes by if creditor terminates charge privileges, which they did back in 03.  All my statements from '02 & '03 show 90 days past).I received collection letters from various CAs, most recently NCO.  They have offered settlement, but way more than I think I should pay.  I read  other threads & got a phone number for contacting CAP1 direct but havent done so yet.

Do you mind advising what number you called?  According to the other forum member, the dealt with Cap1 direct, not CA.  This would be my preference as well since Cap1 is the only one reporting, CAs have never reported on CR. I really want to get this one take care of!!

[Anonymous]

I haven't had any luck getting cap1 to deal directly with me, if you call them though, they'll give you the number to whichever CA is "in charge" of your acct now... but that's about all they'll do.