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Soliciting Advice for Cap One


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Need some advice on how to handle this.

CRs show a Cap One charge-off 12/2001. I have not been contacted by them and there are no TL's from a CA associated with this (no inquiries either). I had been seriously entertaining the idea of contacting them to rehabilitate this in the next 6 months, if for no other reason than to get another positive TL and have the charge-off deleted. I was of the understanding that charged-off debts with the OC do not accumulate late fees, over-limit fees or interest. However, other people have mentioned problems with Cap One so I checked and discovered that the balance continues to increase:

$853 Feb

$862 Mar

$872 Apr

$882 May

$895 June

$904 July

The original charged-off amount should have been in the mid-$600s (they refused to negotiate any payment plan so I cut them off to take care of more intelligent creditors). Obviously, it's not in my best interest to enter into any negotiations with them if the are going to act in bad faith. Would this be a claim under the FCBA or FCRA or both? Should I dispute the balance with them or with the CRAs?

Does this have class-action potential? Think about it. Cap One files about 20-24 suits a month here in Hamilton County alone. Depending on the SOL for claims (2-5 years) there's literally 100s of people with default judgments against them for illegitimate amounts and 100s of others settled to halt litigation or to clear the debt to obtain a mortgage based on false balances. If you have a $1200 charge-off, Cap One could increase the amount a little every month so that ultimately, when someone settles for 60% on an $1800 "balance" they are actually settling for 100% and then Cap One sticks them with a 1099 for imputed income.

As I said, my cousin is an attorney debt collector and has always represented Cap One. He files suit on their behalf, not for a CA. So, no wonder Cap One doesn't like to use CAs, it's more profitable doing it their way.

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