jilliep80 Posted April 12, 2008 Report Share Posted April 12, 2008 I am finally going to have some money to pay down some of my old debts. I have disputed all that I could and I have several collections to take care of and good ole Cap 1. Since cap 1 is reporting every month and it looks like an active account should I go after that one first? Or do I attempt some PFDs on my collections?At the time my limit on Capital 1 was $1500 but now it says I owe $3487. Should I offer to pay $1500 for the full amount, settled for less?Thanks in advance,Jillie Link to comment Share on other sites More sharing options...
razr Posted April 13, 2008 Report Share Posted April 13, 2008 Pay off the most recent stuff first. By all means call cap1 and make an offer.-r Link to comment Share on other sites More sharing options...
jilliep80 Posted April 14, 2008 Author Report Share Posted April 14, 2008 What do you think my initial offer should be? After we come to an agreement do I have them send me something in writing before I pay?Thanks in advance!! Link to comment Share on other sites More sharing options...
m2aclark Posted April 14, 2008 Report Share Posted April 14, 2008 Cap One settles for 50% of the current balance everywhere, but rarely will they ever come off of that. My personal opinion, let Cap One take it to suit and fight the amount owed. Federal Business and IRS laws say once the account is "charged off" it cannot accrue interest until it is sold to a debt buyer. Capital One rarely sells, and they always add interest. that is not a lawful balance. The typical increase in balance is no more than 19% from DOFD to charge off (smaller accounts may be slightly higher due to over limit and late charges being a bigger % of the balance)Your Charge off balance is the actual amount owed, and I would work from 50% of that. If they don't want to budge, sit tight and fight it in court or let it go to NCO (they buy most Cap One debt when it sells) NCO will easily do 35% of the current balance. (They buy the paper at the unlawful balances, I'm guessing they are not really in tune with what Cap One is selling them.) Link to comment Share on other sites More sharing options...
Gsgatormom Posted April 14, 2008 Report Share Posted April 14, 2008 Cap One sells the "charged-off" account to NCO or another debt buyer and writes off that balance. Can Cap One still continue to claim that portion is owed if the debt has already been sold off? I had a similar situation. I disputed the collections from NCO and another debt buyer. They eventually removed their entry from my credit files. Now Cap One is claiming that I owe the entire balance and is only willing to settle for 50%, of the entire balance! If they have already sold the portion they wrote off, because I still have the letters from the collection agencies, can Cap One still collect? Link to comment Share on other sites More sharing options...
VeVe Posted April 14, 2008 Report Share Posted April 14, 2008 My personal opinion, let Cap One take it to suit and fight the amount owed. Worst advice ever. Link to comment Share on other sites More sharing options...
Gsgatormom Posted April 14, 2008 Report Share Posted April 14, 2008 If I have proof that Cap One sold the debt to NCO or someone else at some point in time, wouldn't I be better off calling the collection company and requesting a settlement with them? Even if the debt buyer removed the entry, who owns it? Link to comment Share on other sites More sharing options...
tarbaby Posted April 14, 2008 Report Share Posted April 14, 2008 cap one doesn't sell anything. got that straight from the horses mouth. Link to comment Share on other sites More sharing options...
newbie7069 Posted April 14, 2008 Report Share Posted April 14, 2008 First off, it is always better to deal with an OC vs. dealing with a CA. If you have the ability to attempt a settlement offer with Cap One, then by all means try. The closer you get to paying the balance in its entirety gives you a bit of leverage in how it will report after settled, although CapOne isn't one of those OC's who are very friendly in their reporting.....we all know this based on updating old CO's every month like clockwork.I agree with tar in that Cap One rarely ever sell an account, but they do farm out accounts to CAs for collections. 1 Link to comment Share on other sites More sharing options...
Magda Posted April 16, 2008 Report Share Posted April 16, 2008 According to the letter my DH just got from Portfolio Recovery, they are now the proud owner of his Cap 1 account. It was charged off in September of 2002 and is well past SOL, so good luck to them. Link to comment Share on other sites More sharing options...
lovebug5 Posted April 16, 2008 Report Share Posted April 16, 2008 My personal opinion, let Cap One take it to suit and fight the amount owed.I know that VeVe already touched on this, but I don't want her to be the only one standing up against this. The above statement is, without question, one of the worst pieces of advice that I've read on these forums...And I'm sincerely hoping that no one is banking on the above-statement to get them out of paying a debt that they owe. Link to comment Share on other sites More sharing options...
Amerikaner83 Posted April 16, 2008 Report Share Posted April 16, 2008 Cap One settles for 50% of the current balance everywhere, but rarely will they ever come off of that. My personal opinion, let Cap One take it to suit and fight the amount owed. Your Charge off balance is the actual amount owed, and I would work from 50% of that. If they don't want to budge, sit tight and fight it in court or let it go to NCO (they buy most Cap One debt when it sells) NCO will easily do 35% of the current balance. (They buy the paper at the unlawful balances, I'm guessing they are not really in tune with what Cap One is selling them.)Sorry but I disagree as much as anyone possibly can.m2aclark - do you know for a FACT the figures you're quoting and spewing? I'm not so sure you do. Advising someone to wait for the summons is, IMO, terrible advice. Will you defend them when Cap1 decides to sue? Will you pay the difference of what you assert Cap1 will take and what a Judge may decide they have to pay, if they lose? I don't think so. To the OP: Newbie7069's advice is SPOT ON! Sure, you CAn wait for them to sue you, or you can deal with it now, while there is no CA involved yet. Dealing with the OC is a walk in a wheat field compared to what a CA can do - not only to you, but your reports! Link to comment Share on other sites More sharing options...
TTigggers Posted April 16, 2008 Report Share Posted April 16, 2008 IMHO I would take action Now before it went any further. 1 Link to comment Share on other sites More sharing options...
m2aclark Posted April 17, 2008 Report Share Posted April 17, 2008 Some say my advice was bad about waiting for suit. I agree, that if you are not equipped or do not want to take the gamble that is bad advice. It was just my opinion. I'm a little bitter towards Cap One for the additional unlawful interest and would like to see everyone stand up to them to break that.Call it a personal agenda, but by all means if you have the ability to settle it before that and you are ok with the amount, then do settle it. Link to comment Share on other sites More sharing options...
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