Capital One settlement

[beeboah]

I am being sued by an attorney that is representing Capital One. The debt is about $1500 and is 2.5 years old. The SOL in my State is 3 years.

If my countersuit doesn't work out, I would like to try settling with Capital One.

My questions are as follows:

1) Can I try to settle directly with the OC, or do I settle with the Attorney?

2) Do I initially call the OC to find out what they will settle for, or do I just write up something to see what they do?

3) What percentage do you think I could settle with Cap 1 for?

4) Does Cap 1 usually settle, or would they just rather try and get their judgment?

5) Cap 1 removed the negative tradeline from all 3 credit reports months ago, couldn't I ask them to re-insert them as payed as agreed, so that I could at least boost my credit score some?

Thanks

Thanks!

[sifxpert]

Here is what I would do:

File an answer. Wait about 2 weeks and then offer 60% to the plaintiff attorney. Cap One will not speak to you. You do not want a paid as agreed on your report. It would be worse than not having it.

I settle litigation accounts all the time for 60% but its never easy. You wil pay between 60-80% I'm sure of it.

[beeboah]

Thanks for the info. My answer is probably going to have a countersuit associated with it. Would that screw up my chances of settling?

[luv2bhappy]

Can I ask why Cap1 would remove the negative TL from your CBRs?

I have a new situation w/ them as well. Not sure about the whole thing, but there is nothing on my CBR concerning Cap1. I actually received a dunning letter from a CA at an old address and just recently another at the same address, but if was from Cap1 Financial directing payments to the CA from the first letter.

[breathing_easier]

You do not want a paid as agreed on your report. It would be worse than not having it.

I think you meant to say 'paid collection?' As long as there is no other negative info in the TL, a 'Paid as Agreed' is a good thing.

[breathing_easier]

5) Cap 1 removed the negative tradeline from all 3 credit reports months ago, couldn't I ask them to re-insert them as payed as agreed, so that I could at least boost my credit score some?

From my experience, once an OC has deleted a TL it is next to impossible to get them to reinsert it. You also run the risk of them reinserting it with negative info. My recommendation would be to leave it alone. I have an active/open/never late/long history Marshall Field's account that was inexplicably deleted from my reports more than a year ago. A wonderful Marshall Field's rep who specializes in dealing with the CRAs tried for more than a year to get the TL reinserted. After eight months she was finally successful with Experian, but she never could get it reinserted on EQ and TU (and now the Marshall Field's account has been transferred to Macy's so who knows what will happen next). Goes to show that the CRAs don't always listen to the furnishers.

[sifxpert]

I think you meant to say 'paid collection?' As long as there is no other negative info in the TL, a 'Paid as Agreed' is a good thing.

"Paid as agreed for less than the full amount" or "Settled as agreed for less than full balance" or "Paid collection" would be bad yes. Sorry. Paid as agreed would be best.

I just wouldn't mention anything about the reporting if it is gone already. The CA shouldn't be on the report so not to worry.

[beeboah]

Thanks for the help.

There is one thing that I don't get.

Why couldn't I draft up a stipulation that would show the OC how they need to report the tradeline, even if it is gone from my credit report.

If they violated, then I would have an easy suit in court.