CAP 1 Settlement offer -Verbal Agreement?

[Randi Repair]

Yesterday, I contacted Cap 1 and negotiated a 50% settlement on a debt that went 180 days back in 6/2003. They faxed me a letter for a payment plan over 6 months. I did this all before reading up on the statute of limitations and need to know if I am now bound by a verbal aggreement. Does the statute of limitations start over after my talk with them yesterday or do I still have the option to let his ride and have it exponged from my record 6/2010??

[Nikro]

Hmmm.....

Your debt was 180 days late in 6/2003? I can see why you are posting this now.

I believe your SOL will start over once payment is made, although I am not 100% sure nor do I know if a verbal agreement is binding. Heck--Im sooo much help aren't I? LOL. I just wanted you to know your post has been acknowledged.

I hope someone with more knowledge than I will chime in.

Good luck. I wish you the best.

[divemedic]

95.051 When limitations tolled.--

(1) The running of the time under any statute of limitations except ss. 95.281, 95.35, and 95.36 is tolled by:

(f) The payment of any part of the principal or interest of any obligation or liability founded on a written instrument.

[myscoresawful]

I am a little confused....you are saying that your last payment was in 2003? This would mean that it should/would stay on your credit report until 2010, right?

I am dealing with Cap 1 right now. I ordered a steam cleaner on a 30 days trial, no obligation deal that was in one of my statements. I tried it for about 15 minutes and sent it back two days later. They billed me anyway. I have tried for nearly 7 years to get this corrected, but they wouldn't remove the charge. Here it is 7 years later (next month) and it is still on my credit report. They finally cancelled the card and sent it to collections in July of 2000, which means it should come off of my credit report July of this year. I received a court summons to appear in small claims the end of Jan. I know beyond a shadow of doubt that they did not expect me to show up, and by not showing up, they would have won by default and could have attached my job wages for the money I don't owe.

I explained to the judge that this was almost 7 years old and they were only trying to keep it on my credit report another 10. The judge asked the lawyer if the debt was 7 years old and he said he didn't know how old it is/was.

The judge then reset the hearing until the end of April and told me right in front of the lawyer and courtroom that the burden of proof would be on Capital one and not me. He said if they can't prove I owe it, then he will rule in my favor.

I believe you are not bound by the verbal agreement, you could always claim that you were tired of being hounded by them and just wanted to be done with it.

I hope this helps at least some. Incidentally, the original amount of my credit card statement before they started adding late fees to a charge I didn't owe, was about 400.00, all these years later, interest and fees have it at 2300.00 on my credit report and Capital One's legal rep is saying that it is 1100.00 plus 200.00 in legal fees for a total of 1300.00 they are seeking.

[gypsie]

I am a little confused....you are saying that your last payment was in 2003? This would mean that it should/would stay on your credit report until 2010, right?

No need to be confused, The OP knows the SOL for "reporting" expires in 6/2010.

I think the OP was worried that he reset the SOL for "collecting" by making a verbal agreement. Which, I can see why he was worried- if CCs are Open accounts in FL, then the OP is right at the end of the 4 year SOL for collecting.

In some states just agreeing to pay resets the "collecting clock", but as Dive pointed out, it seems the OP would only be bound by a written agreement.