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I need some advice. I'm at 120 days past due. Just going into what they call pre-legal. I would like to make a settlement with them Balance $4500 principal, or $5700 with their fees and interest. Those are their numbers. What is a reasonable settelement amount, do I need to drag this on with them or will they take a settlement offer before the s hits the fan? Will they take a 3 pay settlement? Personally, I don't want to get into the lawsuit battle with them.

 

Thanks in advance

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I'd make them an offer of 25% and see what they say.  Do you have the cash?

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Is this a guess or are you using that figure based on some factors that you are aware of?  Would you make that offer based on the principal amt of $4500 or the $5700 with the interest & fees. I'd find the cash to settle for that amount.

 

Thanks

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I am in the same situation with Capitol 1. I owe roughly $3k. I am in the "pre-legal" stage as well. I have had the card for about 3 yrs but not found anything in my cardhilder agreement about arbitration or JAMS. I have offerred $800 cash to settle. They refuse. Their best offer is the principle balance $2,996. I will be 180 days delinquent on March 13th, 2013. At that point they are saying they might sue. They have offerred the $2,996 repeatedly now for about 3 months with now end in dropping the offer. If they sue, they could attach to my underwater home. Any help or tips?? I need to get from under this.

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I agree with admin. Start low. If you are going to settle make sure you read this board through and through and that you make sure that you include key points in your desire to settle. Main point being they cannot sell the debt. But start low. Even if it leaves Cap 1 , they will still settle at some point. Proceed with caution and keep a copy of everything. Good luck!

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My Cap One charged off about a month ago. They still have it, but not getting anywhere with settling. They've offered an amount just below the balance when I started to fall behind. I'd like to settle this rather than dragging it out forever. Should I just keep with offering what I can afford and wait to see if they come down?

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Just so you know..."pre-legal" is a scare term intended to make you think something is about to go terribly bad...its not.

 

"Charge off" is just an accounting term that means "charge against accured income for P&L purposes".

 

Neither term really means anything to you and does not indicate they're about to sue or sell the debt.

 

So, letting the debt go thru pre-legal and charge off doesn't mean they're any more or less likely to settle with you.

 

Therefore...if you don't have the money to pay them what they want for a settlement,  offer what you can.  If that $0, then you have no choice but to let it slide and wait for them to sue (not likely for less than $3000) or sell it to a junk debt buyer.  If it goes to a JDB, read the posts on how to deal with them in court.

 

You didn't get in this overnight...and its not going away overnight.  You need knowledge and patience to deal with this.

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@B Ball Joe

 

find your naca lawyer & handle Cap1 only via NACA Lawyer. Look on the order and see if a social security number is fully displayed.

Cap1 is handled best via a lawyer.

 

I handled 7 accounts with CAp1 via lawyer. worked.! all on the same suit though

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I handled 7 accounts with CAp1 via lawyer. worked.! all on the same suit though

Details?

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2 Lines of Credit- Personal/Business

2 MasterCards-Personal/Business

2 Bank Checking Accounts- Personal/Business

1 Safe Deposit Box Acct?

 

2 accts had right of offset & got busted on it!!!!!!

 

Any questions????lol

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resulted in want of prosecution judgement.

 

not a desired settlement, but off my back!!!! couldn't have handled it personally!!!!!

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2 Lines of Credit- Personal/Business

2 MasterCards-Personal/Business

2 Bank Checking Accounts- Personal/Business

1 Safe Deposit Box Acct?

 

2 accts had right of offset & got busted on it!!!!!!

 

Any questions????lol

Right of offset?  Did you have a lawyer make settlement offers?  Your details are pretty sparse.  Not a criticism, just intensely curious how things were handled. 

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Well, capital one took money as a right of offset when i unknowingly had a checking account and a Direct Deposit got into that checking account while the business checking account was out of balance. Amount involved was $357. At that time, i did not know what right of offset was so i consulted the lawyer.

 

Regarding safe deposit box, the payment of box fee with capital one appears in ARREARS. They were offering their first year for free and in return always wanted a direct debit from checking acct. it so happens, that they were moving/relocating one of their branches in TX & asked me to transfer my account to a different branch location. I had requested that it be a free year if its gonna go to another branch. When they do not get it, matters get worse!!!!! Drill of box happens? have to have lawyer involved

 

So upon so many lessons with Capital One, i reached a conclusion that if anything involves Capital One, like when they sued me for 4 accounts on one suit, i better consult a NACA lawyer which i sure did.

 

After two years and lawyers help, i ended up with a want of prosecution. (Attorney cost me $500). They had me provide them with my three year tax return and when they were ready to dismiss they were even willing to take the very last $100 if i had in my bank account!!!!!!

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