Blackhawk0505 Posted December 12, 2012 Report Share Posted December 12, 2012 I am 80 days past due on approx $7,500. on a Best Buy CC thru HSBC. I have been contacted to settle at a 30% reduction and pay the remaining balance in 3 easy installments which I do not have. Could somone tell me my next steps or should I try to come up with the funds and settle this way. I don't want to give up to easy and wondering if I wait or do i see if they will settle for less?? Link to comment Share on other sites More sharing options...
howucan2 Posted December 12, 2012 Report Share Posted December 12, 2012 It is possible that Capitol one is the proud owner of the alleged defaulted debt. I know it bought all the retail cards from HBSC. My account was not in default, it was paid off long ago with zero balance but got a letter C1 now owns the accounts. HBSC just got caughed up $1.9 Billion to SEC , I doubt your debt is still owed by HBSC. first find out who you're dealing with before handing them your money. Link to comment Share on other sites More sharing options...
Blackhawk0505 Posted December 12, 2012 Author Report Share Posted December 12, 2012 Yes, I now went back to check the letter and it is in fact Capital One. Says HSBC on top but signed by manager that is with Capital One. Any recommendations on what I can do? I don't want to pay that much and would like to negotitate but I want to put this behind me as quickly as possible. Link to comment Share on other sites More sharing options...
howucan2 Posted December 12, 2012 Report Share Posted December 12, 2012 Since C1 bought the "DEFAULTED" debt it is now considered a DEBT COLLECTOR. Threat C1 just like Junk Debt Buyer , everything that applies to those will apply to C1. What I would do next is send them a "Dispute" and request validation, see what comes back. I would research and find a HBSC card agreement and read it , I would start getting familiar with IL consumer protection laws, ICAA (IL collection agency act) FDCPA, TCPA, FCRA, FACTA, TILA, Regulation Z (bank and banking act) etc. I would get a phone recorder, a camera and prepare a file for everything that will come my way ( I save envelopes too). I prepare for collectors to start calling me, my cell phone, or any other phone they may have. I would immediately order my free annunal credit reports from all three agencies. (ask for hard copies to be mailed to you) I think you got a pretty good assignment ! Link to comment Share on other sites More sharing options...
admin Posted December 12, 2012 Report Share Posted December 12, 2012 If you do decide to settle, I would wait until you have enough for a lump sum payment to pay the whole thing. This doesn't mean that you need to pay off the whole balance, you can offer them 25% when you have it. They are not going anywhere and you have the time to save up. Payment plans are always a bad idea. Little extra charges tend to get added to the balance over time. Link to comment Share on other sites More sharing options...
Blackhawk0505 Posted December 13, 2012 Author Report Share Posted December 13, 2012 thank you for the information. I understand what you both are saying but I have more questions: 1. I should hold off for how much longer. Are you saying I do not respond to them right now at all? 2. Should i just call and tell them I will settle if they can take 50-60-70% off or is that never going to happen? 3. I really want to get it closed, etc. I am currently renting and would love to purchase a home in 2 years. Besides a couple medical bills for $500 or less, I don't have much bad on my credit report. Link to comment Share on other sites More sharing options...
Credator Posted December 13, 2012 Report Share Posted December 13, 2012 With a medical bill derogatory on ones credit report and a desire to get a mortgage this might merit watching: http://nationalmortgageprofessional.com/news31126/medical-debt-responsibility-act-enters-critical-phase%E2%80%93help-support-crucial-cause 70% off or better on a settlement is going to come much easier with leverage from some violations of state law and/or the federal alphabet soup acts mentioned on this thread. To understand and document those violations will no doubt take some time. Link to comment Share on other sites More sharing options...
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