pulpfiction

Capitol One

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Lesson learned. sorry.........

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I contacted NCO in order to try and settle (Cap1 is reporting me). From what I understand these guys are hard to deal with! Either you pay or don't. Your situation is very close to mine, 2 accounts with similar numbers. From doing some studing on this site, if cap1 verifies all your info theres nothing to do but settle unless you have some info that will help you in a lawsuit. I also read that once in a blue apology letters work (SOMETIMES). Keep us updated on these accounts i'll keep you updated on mines. I want a mortgage and I'm stuck on stupid with CRAP1

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Hello All...

I thought my first post would be a question but I thought I'd weight in on

Capital One.

Just settled two Charged Off accounts with them...via United Recovery Systems out of Houston, Texas.

First was CL of $800, balance had reached $1700...contacted by URS's and

they offered to settle for $1200... I played broke and said that all the cash I had available was $600. They called me back one week later and said that they would take $1000...I stated that I could only come up with $600 & they settled for that. I was "ignorant" because I settled and it is showing on CR as "Settled, for less than Full balance"

Second account for Capital One via United Recovery Systems had a HIGH of $8300 and had been Charged OFF as well. In Oklahoma they could SUE and get a judgment so I felt I needed to settle. I made $200 monthly payments for 7 months and then called and offered them $3000. I was working with the same agent who I had settled the first account with. She stated that the amount was too low and that she didn't think Capital One would approve that??? She came back and said that the lowest amount they would accept was $3400 ... I jumped and SETTLED for that amount. I think I was still "ignorant" since I didn't know that I needed it DELETED to not go against my FICO score. It shows "PAID, SETTLED, for less than FULL Balance".

Just my experience with Capital One...via United Recovery Systems.

Is there a way that I would have any HOPE of getting these SETTLED CHARGE OFFs DELETED from my CR?

Thanks... sorry for the SHORT STORY !!!

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Cap1 CA's would settle for almost anything, as long as they suck anything out of your pockets. I think its close to impossible to settle for less then full balance and get deletion from the big 3. Now if i'm not mistaking (somebody correct me if i'm wrong) if you decide to pay in full in the future, you can. They will update your reports with he CRA's to say "PAID IN FULL" but in a bad way. Hay one good question to all would be ( is "charge off paid in full " better than "settled for less". Even though we know both leave a crapy mark on the reports

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And what if they sue you and you truly have no money?
There is such a thing as "judgement proof"...that's where you simply have nothing that they can grab onto to pay their judgement.

On the other hand, if you do have some assets to protect...and Crap 1 is not your only problem...you might want to think about a BK.

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