charge off listed on a report from cc. do i settle with ca or cc

[karnoir]

I have a cc that was charged off. Capital one.

Collection agency tried to contact me for a year but i never picked up a phone, sent letters but i never responded. The only thing listed on my credit report is the name of the Original creditor (which in this case is capital one) and that the account was charged off. No mention of the collection agency on my credit report.

Now. When I settle with the collection agency for pay for delete is Capital one obligated to remove the Trade line?

Because if they're not obligated to remove (even if collection agency agrees to ) than why am i setteling?

Someone please explain.

[karnoir]

would this do the trick? Just trying to cover all bases.

Associates Inc, referred to as COLLECTION AGENCY and Matthew Banasik, referred to as CONSUMER, agree to resolved the matter of the alleged debt, originally held by the Capital One Company hereafter referred to as the CLIENT. COLLECTION AGENCY, hereby agrees to settle this alleged debt claimed by COLLECTION AGENCY on the following terms and conditions:

The COLLECTION AGENCY certifies that it is legally authorized to act in behalf of its CLIENT and that any agreement that the COLLECTION AGENCY makes on behalf of Client is legally binding on the Client.

The COLLECTION AGENCY and the CONSUMER agree that the present debt due is $2,000.00 (two thousand & 00/100 dollars). The parties agree that the COLLECTION AGENCY shall accept the sum of $500 (five hundred dollars & 00/100 dollars) as full payment on the debt. The acceptance of the payment will serve as a complete discharge of all monies due, and the COLLECTION AGENCY agrees to consider the debt paid in full and agrees to not take further action to collect on the alleged debt. The payment shall be made in the form of a cashier’s check or money order.

Upon payment of the $500, the COLLECTION AGENCY agrees to remove any listing or information that the CLIENT may have placed on the CONSUMER’S credit report, including but not limited to: Equifax, Experian and TransUnion. The above mentioned action takes place no later than 48 hours from receipt of agreed payment in certified funds. The COLLECTION AGENCY agrees to never discuss this account with any party and never report nor cause to be reported this account to any reporting agency including but not limited to: Experian, Equifax and Trans Union.

The CONSUMER feels that the negative information on CONSUMER’S credit report is damaging and while the exact estimation of the damage is not currently known, the CONSUMER estimates it to be $10,000. Should the COLLECTION AGENCY fail to remove the listing or reinsert it at a later date, the COLLECTION AGENCY agrees to award liquidated damages of $10,000 to CONSUMER.

This compromise is expressly conditioned upon the payment being received by <date>. If the CONSUMER fails to pay the compromised amount by <date>, the original amount owed by the CONSUMER will be reinstated in full, and immediately due.

The person signing this agreement, __________________________________, hereby declares that he/she is authorized to act as an agent of the COLLECTION AGENCY.

This Agreement shall be binding upon and inure to the benefit of the parties, their successors, and assignees.

Dated:

Signature:

Legal Representative of the Associates

Signature:

will smith

CONSUMER

----------------------------------------

Do i need to insert cc account number somewhere in there?

[AISLE4]

Cap1 doesn't sell accounts, at least not usually. The CA is not on your credit report because they are working for Cap1. The CA doesn't own the debt. Sending that letter is a waste of a stamp. CAs working on behalf of Cap1 are not authorized to accept a 25% settlement. If you call and have a hardship story that would make my tough uncle Frank cry, you can get a 40% settlement paid over a period of 3-12 months. That's my experience with a charged off Cap1 account in the hands of a CA. It'll help a lot if your credit report is a mess. If your credit report isn't a mess, you better be good on the phone.

If that is your real name in the above letter, edit it NOW.

Most folks here will suggest that you not talk with a CA on the phone. Im a talker and don't have a lot of patience for bouncing letters back and forth, so I talk to them on the phone. I find it more efficient. You can fax. But don't hand over a cent until you have any agreement with the CA in writing. If you do talk to them on the phone, they will say "phone check" at least 5 times. They all have a perverse addiction to the phrase "postdated phone check." A good way to end the phone check conversation is to say you don't have a bank account.

[karnoir]

k...thx

one more thing....if the ca is working on behalf of capital one can i still settle for pay for delete? If not. How can i remove the trade line from my credit report after i pay the settlement? I know i can dispute but what if it doesn't work?

Thanks again.