Capitol One

[pulpfiction]

From what I understand, Cap One waits on your chargeoff until it reaches $1k, and then sues. I'm at close to $800 now. Since they never sell their accounts, they can almost definitely provide statements needed to get a judgement. So, I'd like to settle. My questions:

Does anyone know of a good contact who will reasonably settle this, without having to jump through hoops and deal with this awful company's usual antics?

Secondly, is 50% the lowest one could settle a CrapOne account for?

I'm not expecting them to PFD. Very few, if any, OC's are willing to negotiate a PFD (and certainly not these predators). I just want to settle this and not have to deal with a summons...and then eventually get it knocked off my report by dealing with the CRA's.

Much appreciated!

[willingtocope]

From what I understand, Cap One waits on your chargeoff until it reaches $1k, and then sues.

I'm not disputing this, but I am curious as to where you got this information...

[Amerikaner83]

My cap1 settlement was for just over a grand...total "owing" was 1500 on a 500 limit CC......no problems. maybe they were very lenient a few years ago or something...

[pulpfiction]

I'm not disputing this, but I am curious as to where you got this information...

Willingtocope:

While I don't have absolute conclusive evidence to support my statement that crapone waits on your chargeoff to hit $1k and then sues..it seems to be VERY common (based on reading various credit-repair sites for the past three years).

Just pull up your local court's docket. You'll find thousands of CapOne suits (almost always by your massive local bottom feeder collection attorney).

[pulpfiction]

My cap1 settlement was for just over a grand...total "owing" was 1500 on a 500 limit CC......no problems. maybe they were very lenient a few years ago or something...

Well, I guess you were just glad to be rid of that..but that's a 67% settlement (in addition to the fact that they recovered twice the amount of funds they originally 'lent'). Far too high for a sub-prime card, in my opinion. But, like I said, at least they are out of your life (assuming, of course, that they don't attempt to sell the balance to a JDB).

[Amerikaner83]

Well, I guess you were just glad to be rid of that..but that's a 67% settlement (in addition to the fact that they recovered twice the amount of funds they originally 'lent'). Far too high for a sub-prime card, in my opinion. But, like I said, at least they are out of your life (assuming, of course, that they don't attempt to sell the balance to a JDB).

Yeah well - they haven't yet. It says "paid in full" on my CR's so I'm not worried about it really. But I paid it when I was ignorant about this site and all the laws - I'm not letting myself do that again...as Arrow Financial is about to find out

[VaSwtness]

Got me for less than $1k. I had arranged a settlement in 3 payments. My last payment got to them 2 days late. Didn't matter that it was postmarked 5 days earlier than due date. So, they filed for the remaining balance plus interest, etc. I had all my paperwork, copies, CMRR and all but the judge said oh well, should have sent it sooner.

Made arrangements on my second CC with them also. Didn't have any problem with that one at all. As soon as my last payment was made (total of 3); they updated my CR immediately. Just can't get them off of it now.

Note - Crap1 is very quick and very good at filing in court. They also have long memories.

[swtguy]

Got me for less than $1k. I had arranged a settlement in 3 payments. My last payment got to them 2 days late. Didn't matter that it was postmarked 5 days earlier than due date. So, they filed for the remaining balance plus interest, etc. I had all my paperwork, copies, CMRR and all but the judge said oh well, should have sent it sooner.

Made arrangements on my second CC with them also. Didn't have any problem with that one at all. As soon as my last payment was made (total of 3); they updated my CR immediately. Just can't get them off of it now.

Note - Crap1 is very quick and very good at filing in court. They also have long memories.

You say you had two accounts with Crap One. Were they both delinquent at the same time?

If so, shouldn't they have been out of luck on the other card? My understanding that if they don't include all claims at the same time, they're barred from bringing suit on the other claims in the future.

Just curious

[astiman]

They can sue on any separate account at any time in most states.

Generally they don't sue under $1K, but there are exceptions.

[Longshot]

I have two capital one accounts listed in the negative on my CR. They are both charge offs from 2004. The limit on both was $500. Now one is showing a balance of $3200 and the other is showing a balance of $2400. I still have about two years left on the SOL. I'm "hoping" they forget about me. If they sue me, then at least I have a lawyer, but i'm hoping they will FOAD in time. They are evil.

[astiman]

When dealing with Crap 1 it is best to start by offering them 35% of the perceived "Total owed," allegedly.

I have found that is about the minimum they will accept, if one MUST settle, for whatever reason. Be very careful with them.

The "magic language" should be in any settlement agreement, also....saying that they will NOT 'sell' the remainder to any other entity, be they CA or JDB....

Just some observations and advice.

[WCAdjATL]

I have two capital one accounts listed in the negative on my CR. They are both charge offs from 2004. The limit on both was $500. Now one is showing a balance of $3200 and the other is showing a balance of $2400. I still have about two years left on the SOL. I'm "hoping" they forget about me. If they sue me, then at least I have a lawyer, but i'm hoping they will FOAD in time. They are evil.

I'm kinda in the same boat as you on this...two accounts, one over $1000 and one over $2500.00...they havent sued me yet, but there was an NCO pull on my reports just this last month...isnt that who does C1 collections? These accounts both went delinquent late 02 or early 03.

[Jennwndrlnd]

I settled 3 CapOne accounts, 2 that were mine and 1 that was my husbands. I got them to agree to 40% on one (working thru them directly), 60% on another (negotiated thru a CA), and the third I was actually sued on but SETTLED even after they received a lien judgment. The original amount owed on that one was $1500, after letting it sit for years before going on with the lawsuit it was right around $5000 when I gave them a call. I explained my situation and how I was treated by the last rep I'd spoken to (over a year before) and this new rep asked what I could settle for. Knowing very well that a settlement offer on a judgment was unusual I asked what she was looking at- and I told her I would make the payment in one lump sum. She asked if I could do $2000 and I jumped on it. My advice for anyone who wants to settle is to ask the cc or ca what they can offer if the payment is sent in a lump sum, CapOne was easy to work with- it was the ca's I always had problems with.

[sunshine46]

I just settle as they sued me in small claims court 275 court cost plus actual balance acct with 29 late fees from 04. Balance went up to 3400 dollars where I agreed to pay 275 court cost but no attorney fees. The atty thru national attorney network that cap one fsb automatically connect me to the debt collector attorney where I settle to 3762.53 instead of the 5,000 if it went to trial by judge who called the bailiff to order me to wrong court room to get default judgment. I had a witness where other lawyers thought my friend was a lawyer due to he was dressed for success was the only reason why the judge allowed me back to the correct courtroom that was already in session. I make a complaint with the ftc on this where I have an assigned number for my complaint.

I also found out that the affidavit they used in court was phoney on the address and the amount was incorrect too. The affidavit said it was cap one bank, but another debt collector was the address from www.tsys.com who is license in Connecticut as a debt collection agency license number CCAG 8348 TSYS Total Debt Management Inc. 6356 Corley Rd., Norcross, GA 30071. This address was listed as Cap One Bank and they are only a client thru National Attorney Network who tries to trick you to give your social security number and you don't have to due to privacy laws. However, the court will try to get ssn to verify financial records. It is their trick to get a garnishment on your employment earnings and liens against properties.

This lawsuit had caused me sleepness nights since May of 2007 where I started to read everything to laws, until I found this site and read more information, bought the online e book and more case law. I am very glad this mess will be obsolete.

I paid my debt in full, but I also was told they may go after me now for the attorney fees? I did sent a letter with certified check for paid in full and as a complete deletion off all credit reporting agencies. However, they go after me then I will prove the affidavit was phoney as I did report to the court that the OC check my credit report one month after saying they verify the total debt one month prior? What liars:!: Florida courts have corruption problems.

Now, just waiting to see how they report to all 3 credit bureaus and my letter from them saying case dismissed. Otherwise, all hell will brake loose. Then my complaints will go out on all Attorneys for fraud (the two from court case) and including Judge through the Assistant State Attorney office who said would investigate the matters. (note: I bet everyone that is being sued from cap one where I live is facing the same turmoil?) I bet the debt collector attorney would want the good old boys know what he did where this is my secret weapon where I can still file this at anytime where all forms are at my fingertips including my affidavits for proof.

[AISLE4]

Well, cap1 hasn't been so quick to sue me. The debt they claim I owe is a helluva lot more than $1000. It's some fantastical figure like $35,000. Might as well be 3 billion. Cap1 has curious math habits. They've been threatening to sue me for over a year. When they call me...or one of their henchmen call me and start with the arm twisting, I begin to sing "These are a Few of my Favorite Things." Raindrops on roses and kittens with whiskers...

They haven't sued yet. I think singing songs from The Sound of Music must be some kind of anti-creditor spell.

[Amerikaner83]

When they call me...or one of their henchmen call me and start with the arm twisting, I begin to sing "These are a Few of my Favorite Things." Raindrops on roses and kittens with whiskers...

They haven't sued yet. I think singing songs from The Sound of Music must be some kind of anti-creditor spell.

ROFLMAO! Maybe they figure once someone wises up and puts you in the loony bin they can't get your $$!

[mcmelvit1]

I have two accts. with crap one, both have been charged off, but still updated regularly w/credit bureaus. I have just found this site, and have sent for debt verification and hoping for a quick settlement. Both are two years old. As for the 1k, question about judgements, I cant afford to go to court, let alone have a judgement, so I would appeal to the lender for a settlement based on hardship or whatever got you into this situation.

[samuelson2005]

I have 3 accts with CrapOne that are charged off from 2003. According to them I owe them over $13,000 because they have more than doubled it. They are evildoers and will never get a penny from me. I would be more than willing to pay what I owe them and REASONABLE late fees and interest. However, these thugs don't ever charge REASONABLE collection fees. I owe it and I know I owe it but I'm not paying double, so they can suck it. We didn't have health insurance at the time and my son became very sick and the CCs were my only means of getting the testing and care he so desperately needed. Shortly thereafter my husband left me. Not looking for sympathy just stating a fact. Sheet happens.

NCO and Northland Group has been trying to get me to pay them. Like that would ever happen. BTW, CrapOne has never tried to sue me, but they do keep my COs current on my CRs....due to drop off in 2010. I got time.

[hopelesscred]

I have two CRAP 1 accounts--I have one due to run out of SOL in 2 months-and the other is still under 1k

account 1 250 CL that is now 1200

account 2 500 CL that is now 977

I will settle with account 2 but only after they've furnished the bill statements, my hunch is that this account was a Junk debt they purchased and offered me a new account to pay it off. In my battle with midland, they said cap 1 was the one that paid the account...so...if that is the case, DOFD and SOL could be wrong...

Funny thing --they are sending me settlement offers on account 1, I found a bill where I req that account closed on 9/2001 (they are reporting 8/2002).

Nada yet on account 2--I hope that I did not bring the debt current so DOFD and SOL are all with the orig debt they cannot prove..

[matrixpatriot]

Currently working with 3 accounts -

2 - NCO

1 - TSYS

Will send DV letters.

Is Cap 1 a certain law suit in all cases?

[teacherofec]

I have a cap 1 for $900 it was CO in 2001 but in 2004 I sent them $20 dollars why, I don't know any way, now my report shows CO as of 2005,2001 so I have two dates. They have never tried to contact me since 2004 so maybe the forgot about me. I recently wrote them asking them if they re-aged it because of the $20 dollar payment because EQ reports the charge off date as jan. 2001 and the other two are 2005,2001. So I don't know I may have woke up the sleeping giant. No response from them yet Oh well

[Ruby]

I DV'd them (I know i'm not soppose to DV an OC) but they sent me every piece of info to validate. Now this is the story. I want to buy a house bad but with my 2 crap1's being charged off I can't do nothing. I cant find a mortgage broker to help me. So I call crap1 and they send me to CA. I tried talking to the prick and I spoke for a while. He say's "I cant send you a contract", "if you want a, paid as agreed, on your CR you need to pay in full", " crap1 has thousands of accounts yours is just a tiny piece in the pie", " pay in full or don't ". I NEED TO GET RID OF CRAP 1. They are reporting 1 account at $900 and the other at about $1200. any advice?

[astiman]

Strongly suggest you pay the one over $1K....

they sue. they have very good documentation.

I have great personal knowledge of this....

It sucks, but it's the truth.

[Ruby]

O.K. here's what i'm planning on doing. I was going to write one of those "i'm sorry letters", I've read on some of these forums that they work, and then try to pay them off. those anybody have some advice?

[rella5]

Ruby, you hijacked Teacher's thread- it would be better if you start your own.