startingover2007 Posted February 21, 2007 Report Share Posted February 21, 2007 Hello, Sorry in advance for the long postAny info that anyone has would be a blessing. Currently me and my wife were able to borrow some money to settle our credit card debts, as an alternative to claiming BK. Aside from negotiating notations on credit reports, we have had fairly good luck in negotiating dollar amounts to settle on. (except cap 1) My capital one balance is approximately $20,000 and is about 155 days delinquent. About a week ago my wife talked to them in hopes of being able to make some kind of settlement arrangement. They flat out refused any settlement and demanded that she pay the amount due to bring the account current (approx 3300) by a certain date. They further said that if the account went out too long they would be seeking legal action. She is easily intimidated ,and gave them a post dated check. I intend on cancelling this post dated check tomorrow and am going to tell them that we dont have the money to pay this right now because we are using this money to pay off other cards we were able to negotiate on (or something along that line). I am hoping that if i wait it out a little longer they will be apt to negotiate. On the other hand, i am frightened that because of the high balance they will sue.Does anyone have experience or information as to what capital one typically does in these circumstances?Sorry for the long post Link to comment Share on other sites More sharing options...
astiman Posted February 21, 2007 Report Share Posted February 21, 2007 Crapital One SUES in Wisconsin.Be VERY careful with them.They settled with me (not in WI) but my balance was not anything close to yours.They keep very good records.Retain a lawyer, and keep your eye on the WI court filings. Link to comment Share on other sites More sharing options...
startingover2007 Posted February 21, 2007 Author Report Share Posted February 21, 2007 thanks for the info.I called them today and told them to cancel the post dated check. I of course was met with flack. The "pre-legal" department rep told me that me cancelling this and not making a payment will result in an attorney taking over. You said they sue in wisconsin-why wisconsin? just curious.I explained to him that we would be beating a dead horse by resuming payments that we could not afford and wanted to negotiate a settlement. He of course wont do that but "if we made some kind of a minimum payment that it would be open for negotiation afterwards" ......BULL@##@!!!I told him that i found that extremely hard to believe. after much prying he said that a settlement would likely be around $18,000...oh, so thats MUCH better than 20,000. I asked him (after researching some other posters situations) why some people get settlements offered to them in this department but we dont. Its kind of crummy that we get a loan to negotiate all of our cards and the only one that is causing a problem is crapital one. Link to comment Share on other sites More sharing options...
Indyman Posted February 21, 2007 Report Share Posted February 21, 2007 My wife was diagnosed with cancer 4 days after Christmas and is in the hospital. We are now operating on my income alone. I called Capital One their hardship department. I requested some assistance from them on her accounts. They requested to speak to her, I informed them that is was not possible due to her condition, their statement to was we are sorry, but until they go into collection, we can't help you. I asked for a supervisor and when I finally got to talk to her, we can not help you, we will not lower the interest rate to lower your payment nor will we merge the accounts. Either pay teh account on time or we will sue you. She then just hung up...CAPTITAL ONE BEWARE DO NOT DO BUSINESS WITH THEM !!!! Link to comment Share on other sites More sharing options...
astiman Posted February 22, 2007 Report Share Posted February 22, 2007 I have know three people who have been sued in WI by Crap 1...all were sued on behalf of Crap One by something called Kohn Law out of Milwaukee...Very odd indeed. Just be careful...PS....My suit was CONSIDERABLY to the west of WI Link to comment Share on other sites More sharing options...
Buckeye84 Posted February 27, 2007 Report Share Posted February 27, 2007 Let me add what kind of cheep wads these guys are. A few years ago I sent what I thought was a last payment to them and asked to close the account. For months after I kept getting mail from them. Thinking that they were "we want you back letters," I pitched them in the trash. Turns out that my last payment was late by a couple days which forced late fees. I payed $30 thinking that settled things. Nope! Seems that my late fee payment was late and they charged off $10. That's right TEN FREAKING BUCKS!!!!! When I found that on my CRs I sent them payment of $9.59 with a letter requesting either a penny CO or Paid CO. They opted for paid. Idiots! Link to comment Share on other sites More sharing options...
myscoresawful Posted March 6, 2007 Report Share Posted March 6, 2007 yeah, they will sue in TN also. Mine is past the SOL, but the lawyer representing them didn't know how old the account was when the judge asked him.We are going back to court the end of April, since that is when it was reset for. The judge told me right in front of the lawyer that the burden of proof that I owe the debt is on Cap 1.(I had taken advantage of a 30 day trial on a steam cleaner ..one of the little advertisements they put in their monthly statements...I played with it for 3 days and sent it back. Two months later it shows up on my Cap 1 charge. Ever since then, I've been trying to get it off, there was nothing else on my card at the time, so I never paid).I figure there are enough collections on my CR that I *do* owe, that I'm not going to pay for one's I *don't* owe if I can help it. Link to comment Share on other sites More sharing options...
Recovering Attorney Posted March 8, 2007 Report Share Posted March 8, 2007 From other things I have read, you should be able to settle for 10-12K Link to comment Share on other sites More sharing options...
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