jameseiv Posted March 17, 2012 Report Share Posted March 17, 2012 Well, Cap1 threw me a curve ball today. Thought I was going to settle with them until the rep threw out the verbiage, "settled with an outstanding balance" when reporting to the credit report. What exactly does this mean? The rep says that Cap1 will not come after me for the remaining balance, but will they charge off the remaining balance? I am very confused and did not agree to anything yet...She would not change the verbiage...Thx Link to comment Share on other sites More sharing options...
Coltfan1972 Posted March 17, 2012 Report Share Posted March 17, 2012 It means what it says. They will mark the account as you paid and settled the account with them but not for the full amount (a balance left). I think it will show your report as "settled for less than full balance" or something like that. The bottom line is it will show on your report just like Cap One said, settled with an outstanding balance. Cap One is just agreeing to not come after you for that outstanding balance. In other words they will consider the account settled in full for whatever the agreement amount is. On a side note, expect a 1099 for the balance they "charge off." Link to comment Share on other sites More sharing options...
jameseiv Posted March 17, 2012 Author Report Share Posted March 17, 2012 Thanks Coltfan, I was really thrown for a loop when the rep said that. I told her I had to do some research and get back to her. From what I read Cap1 it is not easy to get Cap1 to change the verbiage easily. Just going to accept and move on. Appreciate it. Link to comment Share on other sites More sharing options...
Coltfan1972 Posted March 17, 2012 Report Share Posted March 17, 2012 Just get whatever from them in writing before you make a payment. Link to comment Share on other sites More sharing options...
TomnTex Posted March 18, 2012 Report Share Posted March 18, 2012 Hopefully, they won't sell it to a JDB to collect the balance remaining. Get that in writing too. That the account will not be sold. You might be able to get them to put in writing that they won't issue a 1099-C. But, if the balance is over $600.00, they may have too. Link to comment Share on other sites More sharing options...
Denita Posted March 27, 2012 Report Share Posted March 27, 2012 Hopefully, they won't sell it to a JDB to collect the balance remaining. Get that in writing too. That the account will not be sold. You might be able to get them to put in writing that they won't issue a 1099-C. But, if the balance is over $600.00, they may have too.+100 agreed..... Link to comment Share on other sites More sharing options...
CALIF Dreamer Posted June 11, 2012 Report Share Posted June 11, 2012 Can the collector sell the outstanding balance to another collector/attorney?Just what kind of language should a 'good' settlement letter contain?AND, is a wet signature really needed? Link to comment Share on other sites More sharing options...
options Posted June 13, 2012 Report Share Posted June 13, 2012 They cannot sell a right they don't have. Contrary to what's advocated here, they do not have a right to continue collecting after receiving settlement funds. Therefore, they cannot sell the right to further collect as they don't have that right in the first place. Keep good records of the settlement and of the payment. Link to comment Share on other sites More sharing options...
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