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Just completely confused.......


suzebqueen
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I started a thread a couple of weeks ago all excited about a settlement I negotiated with Mitchell N Kay:

http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?p=1007853#post1007853

I have been on this board for almost a year reading and absorbing...but I am now just completely confused as to what to do....based on all the different advice I have read and received...

I have about 6 cards in collections...(3) are with CAP 1 the rest are JDB's....I am finally at the point where i can at least start settling the CAP 1 accounts...I got my first negotiation done to a point I am happy with - except for how it will read on my credit report (that is in the other thread)....

I have not asked a lot of questions..but have been told outright to never pay a JDB.....now i feel like this letter I received is being scrutinized and I shouldnt pay the CAP 1 CA either...(and I appreciate the scrutiny!!)

I read all the time that Cap 1 WILL SUE....which is why I want to resolve this....

So who they hell do I pay....I have tried writing CAP 1, they dont want my money....they send me back to the CA.....but I shoudlnt pay the CA b/c they can come back for the rest...not apply the $ properly....ruin my credit report......

I am just so fed up.....I want to pay back my debt...I DO NOT want to get sued or I would just let this stuff rest....I want to get the problems resolved so I can move on with my life.....

Can anyone tell me what i should do here?!?!?!? I will take my risks with the JDB's although one has already verified the debt properly....but I am anxious to make CAP 1 go away........

Can anyone pleae give me the BEST advice....and yes, I have written the CEO with no response...and the CA just tells me that they will ONLY mark the tradeline as settled......my score is just barely 600 now anyway....

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Call cap one and make sure these people represent them. Write full

payment, or payment in full,

on your final money order. You may want to add something to the effect that

Capital One waives any and all right to collect the balance of the debt upon

payment of XXXXX. Make sure that this collector is an authorized

representative of Cap One.

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  • 2 weeks later...
Call cap one and make sure these people represent them. Write full

payment, or payment in full,

on your final money order. You may want to add something to the effect that

Capital One waives any and all right to collect the balance of the debt upon

payment of XXXXX. Make sure that this collector is an authorized

representative of Cap One.

I agree. I have done this in the past, and the JDB even sends a letter stating the account has been paid and deleted from each CR. I have even followed up by pulling my CR's.

Get it all in writing before sending in the payment.

Make sure the JDB is legit.

Good luck with your process!

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Well I was supposed to send a payment in yesterday to honor the settlement agreement and I didn't. I called a bankruptcy attorney instead...but he highly discouraged me from doing bankruptcy since we have too much equity in our home....he doesnt get to say that too often....

.....I did contact Capital One....they want nothing to do with me, but assured me that the CA has the right to collect the debt and the right to settle on their behalf for an amount that we agree on....I questioned about them coming back in the future and she assured me that would not happen....

I think I have found that NJ law prevents CA's from coming back to collect balances anyway....so if I settle then I am good....

....for now I am just going to wait things out...once i get a bulk payment I will try to settle for a lesser amount than I just did with the 3 month plan....

.....i am still utterly confused....and am so deeply sorry I hot myself into this myself.....

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