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Charged Off Cap One Credit Card


floridainneed
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My wife and I have a joint Capital One credit card account that is now closed and our last payment was around Sept, 2008 and on my credit report it shows "collection/chargeoff" and the last activity was reported on March 6th, 2011 on my credit report. I have recently received a statment from Cap One saying that I owe a Past Due amount but then it goes silent. What are your recommendations? The past due amount is listed as $25,697.

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What should I start reading? I used the debt validation process on this web site to prevent a law firm from collecting on a 6 figure amount for a repossed RV. Will this process work for this credit card that last received a payment from me in Sep, 2008?

You need to go to http://www.debtorboards.com/index.php?action=forum and start reading all the threads about arbitration. There are others there now that are from California and dealing with Capital One - Chiquita is doing that right now and you could follow her thread. You need to send a DV letter electing arbitration now. Then "if" they ignore your election and sue you - then you have a violation against them.

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I used the debt validation process on this web site to prevent a law firm from collecting on a 6 figure amount for a repossed RV.

Don't get too comfortable thinking that they just went away. Debt validation is, at best, a delay tactic when dealing with an OC or even a CA. It's a better weapon to make JDBs go away. I'm not the sharpest tool in the shed, but I can almost guarantee you haven't heard the last from that law firm. I hope I'm wrong...

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If it were me, I'd start reading and learning my court's Rules of Civil Procedure. Hopefully, you won't be sued, but if it does happen, you'll be better prepared to answer the Complaint.

I would also do as Linda suggested and start learning about arbitration. If you feel arbitration is right for you, you can utilize that option if the time arises.

If you don't want to arbitrate, I would suggest you discuss with your wife the possibility of a settlement that you could afford. You could offer to settle now, or wait to see if they sue, then offer to settle. Just so you'll know, they might want a lump sum up front. Some will take a smaller lump sum, and let you make monthly payments until the settled amount is paid. If it were me, I'd try to talk to Cap1 before the law firm.

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