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Cap 1, what should I do?


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Okay so I've checked the threads about Cap One and I still have some questions.:confused:

My not old enough Cap One charge off is coming back to haunt me.

I opened this account in 2003 and it went bad in 2005. I received one letter from Encore which I assume is the internal collection agency in early 2005 and then received little or nothing until one month ago. This account is of course reporting as Collection on my CR and is getting interest tacked on each month. The original amount was 600.00 (which I still think is 400.00 in interest) but now it's almost 900.00.

I've disputed it with all three CRA's and they came back verified of course. There is possibly an Experian violation but the rest is accurate.

Now I've received 2 letters from NCO saying they are collecting the debt now, which has not shown up on my CR, only Cap One shows.

So the questions--

Should I DV Cap One? And then dispute again with the CRA's in writing? (I've heard they have great back up, but this account is attached to a PO Box I've removed)

Should I DV NCO? (Pointless, I think if they're not on my CR)

Can I send an unsolicted settlement offer to Cap One saying I'll pay it off for a delete? (I can't do that now but in a month or so, I guess pay it all off for a delete)

How long before NCO shows up on my CR? (Any guesses on how long that takes?)

I'm just so unsure what to do when it comes to Cap One, I'm afraid the jerks will try to sue me. I do believe in paying my debts even if the debt is nearly pure interest. So I don't mind paying but I want them off my CR if at all possible.

I'd really appreciate any advice from anyone who's dealt with them.

Thank you in advance

xheadscratchx

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Should I DV Cap One? And then dispute again with the CRA's in writing? (I've heard they have great back up, but this account is attached to a PO Box I've removed)

DV is for CAs, not OCs (unless your state's laws permit it). IMO, disputing will get you nothing but an updated negative TL. Cap1 is reporting regularly; so they won't give you the glory by not responding to your dispute (in case you were hoping to get a delete from it). But disputing is soley your choice. If you think that a deletion is possible b/c the address attached to it has been removed, then by all means, go for it. Luck just may be on your side. Also, you should give your disputing a few months in between. It'll decrease the chances of your disputes being deemed frivolous.

Should I DV NCO? (Pointless, I think if they're not on my CR)

Not being on your CR [yet] has nothing to do w/ whether or not you should request validation. DV could very well prevent them from reporting. If they do report b4 providing validation to you (if you requested it w/in 30 days of their initial contact), then you would have them on a violation. Also, you need to DV NCO to find out if they have the legal right to collect this debt. Since Cap1 is still reporting a balance [monthly] and adding interest, more than likely, they haven't sold the debt. So, make sure that NCO has the right to collect (since they are in the business of buying debts AND collecting for OCs).

Can I send an unsolicted settlement offer to Cap One saying I'll pay it off for a delete? (I can't do that now but in a month or so, I guess pay it all off for a delete)

Sure you can. I haven't heard any success stories about Cap1 doing a PFD. Sending a GW or settlement letter could never hurt.

How long before NCO shows up on my CR? (Any guesses on how long that takes?)

You'll be better off pulling a # out of hat to determine the answer to this question. Some will report w/in days, weeks, months, or never. This is why you need to get that DV out for added protection.

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Earth Angel--you are the best, thanks so much!

I've read so many of your posts and I really respect your opinions and advice. I wish I had paid off Cap One when I had the chance and now i'll follow your advice and do what I can.

I'm off to prep my DV of NCO, and when I have the money I'll settle with Cap One.

Thanks!!8]

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If possible, deal with Crap 1 directly. They have been known to settle for as little as 40% of the total "amount owed."

They keep good records, they WILL validate. Suggest settlement, if at all possible.....

They are the exception to the "they never validate" rule.

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Earth Angel--you are the best, thanks so much!

I've read so many of your posts and I really respect your opinions and advice. I wish I had paid off Cap One when I had the chance and now i'll follow your advice and do what I can.

I'm off to prep my DV of NCO, and when I have the money I'll settle with Cap One.

Thanks!!8]

You're welcome, doll!

8]

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