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Was this a good idea or a mistake?


mathis9394
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Good Morning!

I think I did a major boo boo and I not sure what to do about it. Just got off the phone with Crap1 CA. They wanted to settled for roughly half of the CC in three payments 100, 247, 247. They are going to e-mail the settlement letter and need the first payment by the 31st. Was this a good idea? We would really like Crap1 off our backs since they keep adding late fees and interest and I know they like to sue. Any input would be appreciated! Thank you!

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If you haven't sent money yet...or given them access to your checking account...no harm, no foul.

IMO, paying a CA is almost never a good idea. You can't trust them to even be sure the money winds up with the OC. And, the CA cannot speak for the OC with regard to their reporting.

If you've got money to work with...I'd suggest you call Crap 1 directly. Ask for their hardship department. See what you can work out with them. I would say "its my personal policy NOT to deal with CAs. If you won't take my money directly, then we'll let the court decide".

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If you can get the original creditor to work the payment out with, get them to withdraw the collection agency so that their account listing has to come off of the credit report.

If you can't get Capital One to work with you you might need to deal with the collection agency. PFD pay for delete.

You should send the collection agency a debt validation letter that will buy you some time while you try to work things out with the creditor.

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The CA is MRS...they just sent the DS letter. They still have our old address on file and there is no reference to them talking to me specifically about this. Also does it matter that I am not on the account and they settled with me over the phone? I usually take care of these things even though I am not on any accounts. Now I am even more confused.

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The fact that you were able to get a 50% settlement out of Cap1 before they sued you isn't something I'd overlook. Is this a really old debt? Assuming it's not past SOL, I'd really recommend that you consider taking it and running. Just make absolutely certain that everything is in writing and that your settlement will be considered payment in full.

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You won't be able to negotiate a better TL, sorry. Don't waste your time.

This is unsecured debt with a major bank, it's being handled by a CA, you're getting a 50% settlement, and you've already indicated to them that you're willing to accept that settlement.

The only exception is if you catch the CA with a FDCPA violation or two. But even then it may be a long shot. You can always dispute the TL as "not mine" every six months though. You might get lucky and it won't be verified.

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I know crap1 sues left and right so that is why I want them out of our hair. Just wish it would go positive on DH CR.

Just a bit of warning, if you settle with Crap One it will stay on your CR as "settled for less than full balance" for however long of the 7 years SOL you have left. Disputing will not matter, Crap One is adamant about continue to report it to your CR. The good news is, they will be out of your hair.

Also, for the future, Crap One doesn't seem to keep a blacklist. I was able to get a card from them now, 5 months before my "paid for less than full balnce goes" off my report. And not such a bad card, only $500, but 0% interest until July.

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all it has on CR (TU) is closed on 8/2006. We have discussed this and we are just going to pay Crap1 directly for the full amount. Due to the fact that we settled with another CA and they still have us showing a remaining balance. Thank you all for your advice!

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all it has on CR (TU) is closed on 8/2006. We have discussed this and we are just going to pay Crap1 directly for the full amount. Due to the fact that we settled with another CA and they still have us showing a remaining balance. Thank you all for your advice!

Does Cap1 still own the account? If not, they won't take your money as they have no right to once its been sold to a JDB.

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They are the only ones that are reporting it. When DH called he was transferred to the CA. I have been sending checks to crap1 since June and they have been cashing them. The payments have according to them not been enough. They are still charging interest and late fees. So we are going to start increasing the payments and our goal is to have them paid off completely by August. Yippee!

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