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Pleasantly Surprised!


suzebqueen
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I posted a few days ago about a letter I got from CAP1, last payment was made in spring of 2007...it has been CO and in collections for almost a year and a half, always DV'ed and the CA went away. The last CA is Goldman & Warshaw Group...they sent a letter, I DV'ed they came back with statements from CAP1. About 2 weeks later I get a letter from CAP 1 directly telling me I can get my interest reduced to 0 if I contact the company my account is with...SOOO...although I know we are not to call....I did....the girl was surprising pleasant...the balance due is 8700.00, the credit line was only 5,000..I was pretty close to max on it.

Her initial offer was 5500, I told her no way I dont have it......I offered 3500...she said let me talk to a supervisor...she came back and said 4000 due immediately...i said no I dont have it and need time to get the funds..I need it over 3 months...she said no....I said OK then I will call back when I have the money...she then said OK we can do 3 months...each payment must be received by the 30th of the month...she wanted a check by phone too but I said no....I will mail money orders only...

I also stated that it needs to show 'settled in full"...that was the best they would do...

She said she was putting letter in the mail today confirming the above...I told her no payment will be made until I get the letter...

All in all it was a VERY easy experience and they bent VERY easily...I settled for just under 50% too which is better than I expected....

This is my first of 5 cards...my 2nd highest one....man I hope they are all like this!!!!

Just wanted to share b/c I know CAP1 is always talked about so I thought I would share....i will update if they hold to their agreement or not!

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So I get a call today from the girl I spoke to last week who agreed to the settlement, I have yet to receive anything in writing. SHe called to see if I got "the email" she sent. I said no, and I then told her that I need a HARD copy of the settlement agreement on capital one letterhead, I will not accept an email for the settlement.

She then said well I can only do one or the other but not both...I said then I want a LETTER...she replied you know your 1st payment is due by April 30th right...I said yes, that is why I need to get this letter....no letter no payment...she said I am obligated to pay no matter what...I said sorry I don't play that way...I get a letter as I requested with the TERMS we agreed on and you will get payment........said she would mail it out today......I asked her to confirm my mailing address...she said she didnt need to!:confused:

,.......so...maybe this won't be as smooth as I had dreamed of!!!

Let you know how it goes.......

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So if I don't get a letter, what would be the best course of action?

I was thinking of writing a letter to them via certified mail stating the call, person I spoke to and outlining the terms. I know they do not have to respond, but would it help me if it came to legal action that I offered to settle?

I know CAP1 will sue....that is why I am trying to work things out with their CA's, but what do you do when they don't respond?

I will let you know what happens......they are only one state over..if they mail a letter I should have it today or tomorrow...

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I am hoping beyond hope that you will get that letter.

If you don't you should perhaps try to deal with Crap One directly, maybe writing a letter to their CEO's office...CMRRR, explaining your situation. I have heard of people who have done that but YMMV....

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So the letter cam today...it is on Mitchell N Kay letterhead....

"please be advised that this office, in concurrence with the creditor, Capital One Bank, agrees to accept $x,xxx.oo in three payments towards the above referenced account. The first payment in the amount of $x,xxx is to be received by this office n or before April 30, 2009. The second payment in the amount of $x,xxx is to be received by May 30, 2009. The third payment in the amount of $1,000 is to be received by June 30,2009.

Upon clearance of said payments, as stated above, a letter will be provided to you stating said account has been "settled". To ensure proper delivery, please forward all payments in the form of Postal Money Orders.

I am not happy with the settled part...but I just spoke to them and they stated they would not do a paid as agreed.....

Do I have any options here in terms of credit reporting? I know Cap 1 will sue at some point so I just want to get this cleared up.....but if there is a chance they will bend on the reporting I will try--but I am thinking they won't bend....

Anything else I should be wary of here?!?! I don;t want to throw thousands of dollars away.....THANK YOU!!!!

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That is what exactly it is?. Cap1 CRAP

Where in the letter does it say the following

Upon payment, I will a)Delete B) Settle your acct. It makes u a condition. that upon payment by you we will actually think whether or not you deserve this tradeline as SETTLED OR DELETE.

The terms of the agreement should only be from you. What you need to do is to come up with a full payment, and agree to YOUR OWN TERMS AND CONDITIONS NOT THEIRS.

Here u will be royally " SCR...EWED" if you agree!!!

Make up your own terms. dont let someone dictate what the terms should be!!!! THEY EITHER AGREE OR THEY DONT.

Remember, its a HARD CORE TRUTH. TRADELINES ARE DELETED UPON WRITTEN AGREEMENTS ONLY. (VIA COURT SYSTEMS).

GOOD LUCK

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The terms of the agreement are from me, I negotiated everything with them, the only thing I am questioning is the settled issue....on the phone the CA said it would be "paid as agreed", but it says on the letter it will show as "settled"...but I know Cap 1 is not one ot bend....am I better paying it and getting the settled or risk being sued?

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That lettre is insufficient.

Sounds like you are being snookered.

You might try a lettre directly to Crap One's CEO.

Edited to add:

I made the mistake of 'settling' with Crap One. Three years ago. To this day it is STILL reporting, in duplicate, three different ways on EACH report. All ways are incorrect. They will not budge.

Just a warning....

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Then I am COMPLETELY confused!!!

I have been on these forums for over a year and still do not understand what someone is supposed to do?!?!

I was told never to settle with a JDB...then it sounds like its wrong to settle with a CA that is collecting for an OC....

I am going to start a new thread....but I am so confused I do not know what to do anymore....

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You may want to consult with a NACA lawyer on this one. I wish I had, when I made the mistake of 'settling' with Crap One.

I would establish 1) if the account is still OWNED by Crap One, and then, 2) if it is, if the CA is authorized by Crap One to collect on it.

If it is NOT owed to Crap One, and was sold to a JDB, then it's imperative that you deal with the JDB instead if for some odd reason you wantred to settle with them. Personally I wouldn't give a JDB a penny, but that's just me.

A NACA lawyer may be able to hash out the options on this better than I can.

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I agree with astiman on the NACA advice. I know from experience Crap 1 will sue. After receiving a summons, I found this site, and I am really glad I did, thanks again to all who share experiences and give great advice!

I did a ton of research in a very short period of time, I would bounce between thinking I could handle the situation on my own and feeling completley overwhelmed by it all. At times I felt physically ill by it all.

I found a local NACA attorney on the web site, the initial consultation was free. In my situation I decided to go with the attorney, and I am glad I did. The relief I have in the help with this matter has been worth it.

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