Why is it bad to call creditors instead of writing them?

[Anonymous]

I want to call Cap1 for an old CO account from 2001.  I'm trying to offer to pay the CO account in exchange for updating my account to paid.  I'd prefer not to send another letter, but rather to call the # they have listed for retired accounts and speak to someone in person. What is the downsite to this versus a letter?

[atlastontheroad]

FWIW: I've had good experiences with Cap1 recovery.  They were easy to deal with when confirming dates of a charge off that I'd paid off right away some (nearly) five years ago.

I think the message I get here is that calling a CA is risky.  Calling an OC?  Not so risky, IMNSHO.

atlast....

[Anonymous]

There is nothing wrong with calling the OC.  It is the CA you never want to contact via phone.

[Anonymous]

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nyccc2 wrote:

I want to call Cap1 for an old CO account from 2001.  I'm trying to offer to pay the CO account in exchange for updating my account to paid.  I'd prefer not to send another letter, but rather to call the # they have listed for retired accounts and speak to someone in person. What is the downsite to this versus a letter?

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Here's what happens:

You:  "Hello, I want to pay the CO if you will update my account to 'paid.' "

Cap1:  "OK."

You send the $.  Cap1 does not update your CR.

You:  "Hey Cap1, when I called you, you said you'd update my account to 'paid.'  "

Cap1:  "We have no record of agreeing to that.  We would never agree to that."

Moral of the story: you don't have an agreement unless you have it in writing. 

[Anonymous]

Well no, I'd never make an *agreement* by phone. I saw the convo like this;

Me: I'd like to pay a 7 year old Charge Off, due to expire in 3 months and out of SOL in exchange for updating it as paid in full.

Them: Sure, send us the money

Me: Ok, please tell me where to fax an agreement stipulating those terms and to whose attention and as soon as it is signed and faxed back I will send a certified check for that amount.

Them Option 1: Fax to this # and my attention.

Me: Fax, Receive Fax, Pay

Them Option 2: Oh no, we won't put that in writing

Me: Ok well thanks anyway I'll just wait for it to fall off in three months and we can go our separate ways.

[Anonymous]

That's a good way to do it.

[Anonymous]

Interesting timing, I just got a reply from Cap1 on my PFD, which said;

Thanks for Contacting us about your Capital One Account. Please give us a call so that we may help you with your request.

Is this a set-up?  My letter stated the terms under which I'd pay, option A was PFD (for the CO amount, not the 6 years of interest) or B, re-instate my account as active. I didn't do option C which is keep closed but paid. I'll post this question as a separate thread, curious what current participants think though...

[llecs]

Let us know what happens.......