Am I at the Negociation Stage

[skippy1960]

Crap 1 Suit file in Dec. 2009 answered suit in timely fashion, value of the suit they filed was between $3K and $4K. Enclosed letter to court and attorney Election of Aribitration. Heard nothing sent Letter April 2010 to Crap 1 and copy to Crap 1 local counel.

Content of April letter to Crap 1 was haven't heard back from local counsel, I will accept JAMS, instruct local counsel to stay, piled on the local counsel and finally ask for the filing fee and misc. expenses.

Just recieve letter from Crap 1 with a number to call for assistance with my request. 2 questions-

1. In your experience is this likely to be the first negociation call?

2. Account is in wife's name I have been doing all the leg work, can I make the call on her behalf, or maybe have her on the line when I make this call?

Any other tid bits you can share will be helpful.

[trueq]

You will dismiss your claims with prejudice if they do the same....

Otherwise you look forward to them paying $3000 for the JAMS fees.

Leave it open ended...they could violate CA consumer Act if they threaten you with charges that are not in the contract.

[lilq]

Tread cautiously with them on first phone call. Hear what they have to say, but plead poverty.

If they want to deal make sure they take off interest and late charges. You could probably negotiate about one third with them and DO NOT AGREE TO PAYMENTS. Tell them, if I could afford to make payments I would have.

Set a date in the future, when you will have the money in a lump sum and tell them that you will agree to pay by that date for dismissal of case with prejudice, removal of the trade line from your credit report. They will send you a 1099, no getting around that.

There is no way that Capital One will walk away from the debt without something, even a small amount. And I know that Trueq doesn't think that Cap One will want to pay the fee, but for some reason, they are. They are insane.

But Trueq is dead on about the fact that they will try to claim that it is an expensive process for both of you. They love to say that. And in CA it is not the case, so you might want to tell them you know that.

Because you are from CA you do have an advantage over them. So if you settle, make sure it's very low, you may have to go back and forth a few times but make sure you are comfortable with it.

And I'm sure that if you put your wife on phone and she tells them that they can talk to you about it, they will.

Good luck. But tread cautiously. CAPITAL ONE IS NUTS and throwing away money like they were printing it!

[jkg3]

The above posts are good advice. I would also add that you need to record the call with Cap1. If they violate CA law, you can use it as more ammunition to settle. You are very fortunate to be in CA. Use the CA law to your advantage.

Cap1 is clearly trying to make a stand about arbitration, and letting people on forums like this know that they will not go down without a fight.

Whatever you do, don't blink or be afraid. They will lie to you, try to tell you the law isn't as you think it is, and so on.

Last month, I had a Wells employee tell me that they weren't subject to federal law because they are chartered in California. I almost broke from my offensive posture and laughed out loud at them. Talk about grasping at straws. I guess statements like that do work on some people. Not me.

[skippy1960]

Been out of town all week and finally have read the letter carefully that I recieved from Crap1 and read another post from Eber and see some similarities.

Mine Says-" Thanks for contacting about your Crap1 account. Please call TSYS at (same number as in Eber's post for assitance with your request."

I have looked them up on Internet- "Total System Services, Inc. (NYSE: TSS) (commonly referred to as TSYS) is the largest processor of merchant acquirers and bank credit card...

I plan to call next week but looks like it maybe an end around, or some kind of diversion to get me to take my eye off the ball.

I think I will get my Motion to Compel ready to file for next week.

Is this what happen to you folks that have completed transactions? Or something new????

[chuckygee]

That does not sound like the settlement letter, unless they have changed tactics. Mine came FedEx on Capital One letter head. Now, I also received different letters from Cap1 saying they received my correspondence but did not know how to respond to it because they need more information. So you may still want to prepare that MTC.

[jkg3]

Been out of town all week and finally have read the letter carefully that I recieved from Crap1 and read another post from Eber and see some similarities.

Mine Says-" Thanks for contacting about your Crap1 account. Please call TSYS at (same number as in Eber's post for assitance with your request."

I have looked them up on Internet- "Total System Services, Inc. (NYSE: TSS) (commonly referred to as TSYS) is the largest processor of merchant acquirers and bank credit card...

I plan to call next week but looks like it maybe an end around, or some kind of diversion to get me to take my eye off the ball.

I think I will get my Motion to Compel ready to file for next week.

Is this what happen to you folks that have completed transactions? Or something new????

See my other post on this. If you call TSYS, record the phone call and see if they violate the FDCPA. No matter what they may claim, they are a debt collector.

[skippy1960]

This account is in court with an attorney assigned, is it possible they have assigned to a new collector? (TSYS)

Or maybe I have hit the jackpot and TSYS doesn't know about the other assignemet and they to will file suit....

I guess I will know on Monday once I call....

Thanks for the asistance

[eber3]

Lol.... thanks Mike

[MG05]

Mike I will stick to my debt settlment program ... it is called arbitration ... and I am debt free! LOL

[trueq]

Its a matter of how the leverage changes as the arbitrator rules on various motions you may submit.

Right now, you have good leverage. Cap1 has to cough up huge money to continue against you.

However, I would only deal with Cap1 directly not this TSYS....other than to bait them into FDCPA violations, to sue them.

Everything is negotiable at anytime, it depends on leverage you have.

I had a judgement (no arbitration clause) where creditor would not negotiate down. Told him I would bring a motion to vacate over notice issues and he immediatly accepted 75% and agreed to vacate judgment and delete. (turned out to be a $9000 savings when you figured in statutory judgment interest) Judgments are less negoitiable for you because they "have you", before that, in arbitration, 5-10% in common....or outright defeat because creditor does not want to spend time and money to go after you.

Point is: everything is negotiable at anytime....its all a matter of how many obstacles you put in other sides path before they can force collection from you. More crap you put in their path, the more leverage you have.

Edited May 8, 2010 by trueq

[chuckygee]

He won't last long here::Spam::

Edited May 8, 2010 by willingtocope
removing reference to spammer - he's gone