Credit One Bank Charge off and Settlement

[Anonymous]

I have two credit one bank credit cards. I went into default last October on both and they were both charged off earlier this month. I tried to settle with them many times in the past but they wouldn't budge before it went to charge off. Now they say it'll be sold on June 1st to a 3rd party collection company. I offered them settlements on both. One with a balance of about $580 for 200 and one with a balance of about $880 for $300. They said they would accept both BUT they don't send settlement letters before they get paid. They said they only send out a letter confirming the settlement the day after they receive my payment. I even spoke to a supervisor who confirmed this. They also said they can't send faxes or emails. 

So I'm left to decide if I should pay these or risk it getting sold to a third party in just a few days. Anything I've heard is that you always need to get a settlement letter before you settle with any creditor. Any advice? Someone who's done this before maybe?

[gdale6]

Personally I would want the offer in writing, an offer is different from a letter saying its been settled.

[DisputeQueen]

Credit One has been a huge pain to deal with.  I had one credit card with them and I defaulted in 2015 and it was sent to collections, Midland Funding.  I settled and paid the principle amount before it was charged off for $355 in 2018. I have asked them to delete it from my credit report and sent them proof that I paid it.  They would not remove if from Equifax or Transunion, but it came off Experian.  I have disputed it and asked them to at least say it was paid/settled for less amount, but they will not do it.  I have been disputing it every 3-4 months since 2018. I just called them today and asked them to remove it again and they told me again to fax a letter from the collection agency.  So I just did that and I asked them to delete it, as I have gotten a new credit card with them and have had it for 17 months with no late payments. They also just upped my credit line in March and I have been paying all of my payments during the pandemic.  It's due to call off anyway next year, but if they won't remove it this time I give up.