cap one won't settle 114 days late

[loose tooth]

I have settled accts w/ chase and boa. Easily done w/ them. Cap one says no. I said bk or settlement. No budging. Owe them 13k. Wonder if they will be more willing to settle the closer charging off gets.

[willingtocope]

I keep pointing out that "charge off" is NOT a magic word. Its an accounting term...nothing more. The "debt fixers" claim that once a debt reaches charge off, the creditor will be more flexible, but that just isn't true.

Each creditor is going to look at their current business operations first. Can they carry more questionable debt? What's the tax situation look like? How much total debt are the listing? What' quarter is this? Who's in charge of the receivables?

And then...maybe...they'll look at the credit reports of the people that owe them money. All of them. Thousands of them. They'll put those into categories. "These are the ones who have money", "These are the ones who just paid off other CCs", "These are the ones likely to file BK", "These are the ones that we can just keep charging interest and penalities".

Then...they get your "offer". Some minimum wage clerk looks at your letter, puts a code on it based on the "Standards and Procedures" manual and puts in in a pile. Some other minimum wage clerk reviews the pile, and sends out the appropriate "no thank you" letter.

I'm guessing that since you already paid other creditors, you got put in the "These are ones that we can just keep charging interest and penalities" pile.

[loose tooth]

Interesting!! Thanks for your insight

[elyse449]

I have settled accts w/ chase and boa. Easily done w/ them. Cap one says no. I said bk or settlement. No budging. Owe them 13k. Wonder if they will be more willing to settle the closer charging off gets.

Is this your last CC that you're trying to settle? Any other debts you need to rectify?

Elyse

[loose tooth]

This is the last cc debt that would be on my personal credit report that I need to settle. I do have one jointly w/ dh that shows up on cr that I owe

1k on and am paying ontime.

[elyse449]

This is the last cc debt that would be on my personal credit report that I need to settle. I do have one jointly w/ dh that shows up on cr that I owe

1k on and am paying ontime.

Last year, I actually saved two of my dh's cc's from charging off by simply paying up the payments we owed. Is that a possibility? At least you'd get yourself a positive tradeline back. If it hasn't charged off yet, you should be able to do this. Sure, they aren't willing to take LESS than 13,000 because it hasn't charged yet--that's understandable. Try just paying up on time.

Elyse