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Just Received an Intent to Sue from Cap 1


OopsIGoofed
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Hi! Great forum with a lot of solid info! Here's my story. So, I owe about $8,500 in principal plus interest. It has been 9 months since I last made a payment. I stopped paying because I lost my job. Anyways, about six weeks ago I received a letter from the legal arm of capital one. I sent in a debt validation letter and received a package of credit card statements about a week later. Since I started working again a couple of months ago I wanted to settle so I gave the attorneys a call last week and offered $2,000 which is all I can afford right now. That was rejected and they countered with 70% of principal and I refused stating I didn't have the money. The woman I spoke with said that offer would stand for three months. Sweet I thought, but then today (less than a week later) I received a letter with the intent to sue and have ten days to settle before they file a lawsuit. What is my best course of action? Looking through everyone's experience with capital one it looks like I should jump all over the 70% and hope to get a payment plan going. Would it be stupid of me to continue haggling for less than 70%?

 

Also, my account says charged off. Should I try to negotiate to remove that? Or is it bleak?

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I don't know if anyone is reading this but I'll figure I'll update just in case anyone is curious and for future reference. I called them again today and offered to settle at a 50% with a payment plan. They refused and offered 60% on three payments. I was a bit nervous and I really don't want to go to court because I'm sure I would lose with my weak defense. I also hate lawyers with a passion (no offense to any of you lawyers on this board!). Anyways, I took the offer. They dropped another 10% in less than a week so I'm thinking I should have waited a bit and probably haggled a bit more but everything I've read so far about Capital One had them not being very forgiving so I jumped at the 60%. $3,400 less then the principal so I'm happy.

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