clarification

Your Capital One settlement % was?

Recommended Posts

Hey guys...

I have managed to get good settlement offers from most my CA. BUT I have a tough cookie left.. CAP ONE credit card.

Account has been past due for 1yr but I confirmed with them that they don't have a "Settlement offer available at this time" and that they don't know when the account will be sent out to a CA or an ATT.

So, I need to be prepared and just wait. So I wanted to set my expectations straight.

1) Where you able to settle with Cap One BEFORE it was charged off and What was the % that you settled for (of the total balance due)

2) Did they send you to a collection agency or Attorney? were you able to settle with them and for what %?

3) If they sued you. Did you settle before court? how much?

4) If you went to arbitration, What was the outcome and how much did you settle for or what happened after the arbitration?

Thank you so very much for your input.. I guess these are all the scenarios that I will be confronted with after reading a lot on this forum from other's experience.. just wanted to consolidate the outcomes if possible so I can start budgeting and saving up for a settlement in the near future with them.

Thanks a lot!

Share this post


Link to post
Share on other sites

65 percent of an 8k bal after a year with them.

Was a Chase card, missed 2 payments with Chase, Chase then sold the card to Cap1, just my luck. I think the only reason Cap 1 held onto it for a year is they had it listed as medical hardship. It was my wifes card, when I sopke to them to explain my unemployment, I also mentioned my wife could not find full time employment due to a high risk pregnancy, they classified it as medical hardship. They do not consider unemployment a hardship.

They started at 80 percent at about 6 months and stayed there till we settled at 65%. Tried my hardest for 50% in a lump sum payment, ended up with 65% over 6 months, If I recall correctly, I could have spread it to a year.

They dont care, they have this reputation of not settling reasonably, and quite frankly it works for them. They either get what they want or will sue. Research from many different forums have anywhere from 50% to 85% settlements. It had already charged off and I didnt want a law suite, I had assets they could attach to.

Share this post


Link to post
Share on other sites
Hey guys...

I have managed to get good settlement offers from most my CA. BUT I have a tough cookie left.. CAP ONE credit card.

Account has been past due for 1yr but I confirmed with them that they don't have a "Settlement offer available at this time" and that they don't know when the account will be sent out to a CA or an ATT.

So, I need to be prepared and just wait. So I wanted to set my expectations straight.

1) Where you able to settle with Cap One BEFORE it was charged off and What was the % that you settled for (of the total balance due)

2) Did they send you to a collection agency or Attorney? were you able to settle with them and for what %?

3) If they sued you. Did you settle before court? how much?

4) If you went to arbitration, What was the outcome and how much did you settle for or what happened after the arbitration?

Thank you so very much for your input.. I guess these are all the scenarios that I will be confronted with after reading a lot on this forum from other's experience.. just wanted to consolidate the outcomes if possible so I can start budgeting and saving up for a settlement in the near future with them.

Thanks a lot!

If they send you any collection letters, I would elect arbitration via JAMS now. If they sue after that, you have them on violation. Then I'd initiate in JAMS and file a MTC arbitration with my court. Then wait . . . you'll see them ready to settle on your terms.

As for settlement outcomes - I've seen mutual walkaways. I've seen them accept $100-$250. They would rather settle than arbitrate. And you can work in the deletion of the tradelines, etc., too.

Share this post


Link to post
Share on other sites

They are a pain. before I knew it I was served papers being sued, and they put a judgement against me which I knew nothing about the judgement until a few weeks ago when I found it online filed with my court. So now Im stuck with that for 7 years I suppose. Yes I still owe them, Im trying to get the money together as the fees they charge tripled pretty much. Im just hoping that they will do a settlement offer for half or even less than, and then hope they would negotiate taking that judgement off my CR, bc its the most damaging, but not sure if they will or not.

Good luck with them

Share this post


Link to post
Share on other sites

In 05, at about the 150 day mark of my default I received an unsolicited offer of a 50% settlement on a $12K balance. Since bk was my endgame, I never persued it and filed a few weeks later and took the 0% percent settlement.

FWIW, at about the same time, Chase offered to settle for 45% on an $8k balance.

Share this post


Link to post
Share on other sites
If they send you any collection letters, I would elect arbitration via JAMS now. If they sue after that, you have them on violation. Then I'd initiate in JAMS and file a MTC arbitration with my court. Then wait . . . you'll see them ready to settle on your terms.

As for settlement outcomes - I've seen mutual walkaways. I've seen them accept $100-$250. They would rather settle than arbitrate. And you can work in the deletion of the tradelines, etc., too.

this is where it's at!! thank you linda :)++

Share this post


Link to post
Share on other sites

That's assuming you have a copy of your cardholder agreement and that the arb provision is still valid ( many of the OCs dropped arb) and that the provider is taking cases. If you are unsure as you don't have the agreement, you may be tilting at windmills.

Share this post


Link to post
Share on other sites
They are a pain. before I knew it I was served papers being sued, and they put a judgement against me which I knew nothing about the judgement until a few weeks ago when I found it online filed with my court. So now Im stuck with that for 7 years I suppose. Yes I still owe them, Im trying to get the money together as the fees they charge tripled pretty much. Im just hoping that they will do a settlement offer for half or even less than, and then hope they would negotiate taking that judgement off my CR, bc its the most damaging, but not sure if they will or not.

Good luck with them

Looks like a judgment is good for 10 years in Missouri (Is that where you are?)

Look here for confirmation RSMO-Chapter 527

Since you just found the judgment you might be able to get it set aside, but I would hurry if it were me due to time limits to contest. Good luck

Edited by Denita

Share this post


Link to post
Share on other sites

Cap 1 will probably sue you they like to do that. Generally 2 or 3 collection agencies will get involved before it goes to an attorney, bone up on the FDCPA and build a warchest with the settlements, answer the summons, and let them know they are in for a fight.

At that point you have some leverage

Share this post


Link to post
Share on other sites

I finally settled with Cap1, they used Hunt and Henriques. I was sued in 02-11for 4400.. I failed to respond. I've been battling with them for the past year. I tried as low as 30%. Just sent them a check for 3900 bill had gotten up to 5700.

Account settled.

They had also attached an abstract judgement on my house.

Share this post


Link to post
Share on other sites
Guest
This topic is now closed to further replies.