JoJoZ Posted April 16, 2010 Report Share Posted April 16, 2010 Say I elect arbitration, and say Cap1 proposes a settlement to avoid paying arb costs. If this would happen, can I agree to a settlement with stipulations? Such as:-dismissal w/prejudice-payment arrangements of such settlement-removal of TL from my credit reportI just want to make sure I'm not interpreting anything wrong, as I keep reading that by pulling the arb card, one can gain leverage. Are the above examples of such leverage? Link to comment Share on other sites More sharing options...
jkg3 Posted April 16, 2010 Report Share Posted April 16, 2010 Say I elect arbitration, and say Cap1 proposes a settlement to avoid paying arb costs. If this would happen, can I agree to a settlement with stipulations? Such as:-dismissal w/prejudice-payment arrangements of such settlement-removal of TL from my credit reportI just want to make sure I'm not interpreting anything wrong, as I keep reading that by pulling the arb card, one can gain leverage. Are the above examples of such leverage?You can ask for anything you want. You can expect them to tell you some things are not possible.Everything you mentioned is possible, and more.Do not enter into a payment arrangement with Cap1. They are sharks and they will screw you over. Lump sum or no settlement. You want:one lump payment that settles the debt in fullan agreement that the debt will never be sold or assigned to another partythe debt will no longer be reported to any third party, including the bureausdismissal with prejudice Link to comment Share on other sites More sharing options...
mac123 Posted April 16, 2010 Report Share Posted April 16, 2010 You know whats weirdI have about 20 creditors my last card I stopped paying on was Cap One .... because I have heard bad things about them... I am about 60 days late... and no phone calls yet ??Weird... Of course we have not missed a payment in 10 years so maybe they think we are on vacation.... Link to comment Share on other sites More sharing options...
mac123 Posted April 16, 2010 Report Share Posted April 16, 2010 Does cap one even settle at 4-6 months late ? Link to comment Share on other sites More sharing options...
jkg3 Posted April 16, 2010 Report Share Posted April 16, 2010 You know whats weirdI have about 20 creditors my last card I stopped paying on was Cap One .... because I have heard bad things about them... I am about 60 days late... and no phone calls yet ??Weird... Of course we have not missed a payment in 10 years so maybe they think we are on vacation....Do you have a phone recorder? If so, start recording calls. They will come. When they do, record and log every one of them you receive. Link to comment Share on other sites More sharing options...
bevj2 Posted April 17, 2010 Report Share Posted April 17, 2010 Say I elect arbitration, and say Cap1 proposes a settlement to avoid paying arb costs. If this would happen, can I agree to a settlement with stipulations? Such as:-dismissal w/prejudice-payment arrangements of such settlement-removal of TL from my credit reportI just want to make sure I'm not interpreting anything wrong, as I keep reading that by pulling the arb card, one can gain leverage. Are the above examples of such leverage?Nothing against what jkg3 said, but this is what I settled with Cap1 after I filed my arbitration claims - Settled for about 12%Made payment arrangements (not lump sum pmt), no more interest accrues on balanceDismissal now without prejudice, once paid in full, dismissal with prejudiceHave to sign settlement agreement, if I don't pay, they get full amount they sued forAfter paid in full, account goes to zero, tradeline deleted from CRA'sGET IT IN WRITING!!! Link to comment Share on other sites More sharing options...
JoJoZ Posted April 17, 2010 Author Report Share Posted April 17, 2010 Thanks everyone. This is exactly what I wanted to hear. And trust me, I will make sure to get everything in writing...that is, if I find myself in this situation. Link to comment Share on other sites More sharing options...
trueq Posted April 17, 2010 Report Share Posted April 17, 2010 And trust me, my amount was waaaaaaaay more than most of the amounts mentioned here.Anything is possible. Its matter of how shrewd of a negotiator you are. Link to comment Share on other sites More sharing options...
SeaStriper Posted April 17, 2010 Report Share Posted April 17, 2010 Arbitration will give you settlement leverage. Capital One does not like to settle UNTIL it's backed in a corner. So be prepared to FIGHT Amazon has a Digital Logger pc software/recorder for around $60 and I love it! Just read your local laws on whether it's a 2 party state or not. My state is a 2 party (sucks) but I can be sneaky Link to comment Share on other sites More sharing options...
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