ARDKZ Posted February 13, 2009 Report Share Posted February 13, 2009 Greetings! First off. This forum and site have been a savior for me. I can't thank you enough.Question: I just sent Cap One A cert. letter asking for a negotiated settlement amount, I owe $3700 and offered $977 (my last payment was June 08). From what I can tell it went to CA (NCO) then went back to Cap One. Is this normal? Can you still negotiate an amount once they respond with theirs? My letter stated that I was injured and now not working and do not have any assets (don't own any real estate) and was divorced with four children. I was hoping to convince them that they have nothing to gain by sueing.Thanks Link to comment Share on other sites More sharing options...
Wiser Now Posted February 15, 2009 Report Share Posted February 15, 2009 Greetings! First off. This forum and site have been a savior for me. I can't thank you enough.Question: I just sent Cap One A cert. letter asking for a negotiated settlement amount, I owe $3700 and offered $977 (my last payment was June 08). From what I can tell it went to CA (NCO) then went back to Cap One. Is this normal? Can you still negotiate an amount once they respond with theirs? My letter stated that I was injured and now not working and do not have any assets (don't own any real estate) and was divorced with four children. I was hoping to convince them that they have nothing to gain by sueing.ThanksIn my experience, Capone has had a very hard nosed posture about settlement for the last four years or so. I think it has to do with the fact that they specialize in subprime credit cards and feel they just cannot let the word get out that they will accept less than the full amount for fear that the defaults will increase dramatically. They never sell their debts and I've not seen very many situations where they do not pursue legal remedies to collect. They are pretty unique in this regard as most banks take a different strategy.They do have a hardship program. To my knowledge, about the best you can get is a zero interest program and they will waive late fees, etc. To get that program, you will have to call and ask for the hardship department. Explain your situation.I know this will be hard to get your head around. Big banks like this just don't often make decisions on individual circumstances. They have a policy manual and employees are expected to follow it. From the employee's point of view, if they follow the manual they never get in trouble --but, if they deviate then they get second-guessed and there is not reward for doing well -- only punishment for doing bad. It is a typical bureaucracy and just does not reward independent thinking.I wish I could give you more hope. If you have no income and no assets to seize then a judgment can't hurt you until you get back on your feet and then maybe you can work something out.Good luck. Link to comment Share on other sites More sharing options...
ARDKZ Posted February 15, 2009 Author Report Share Posted February 15, 2009 Thanks for the reply I appreciate it. I sent the ccrm a couple of days ago so obviously I have't heard anything back yet. Do you think I should go ahead and just keep contacting them by mail or will I have to call them? Link to comment Share on other sites More sharing options...
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