Impress Posted October 4, 2019 Report Share Posted October 4, 2019 Hi all, So I was sued in May of 2018 last year by Capital One for $3,201.28. I hired a lawyer (it was before I found this site). In October of 2018, the Cap One's lawyers (Rausch Strum) Filed a motion to request a hearing for summary judgment, but never actually filed a motion for summary judgement. I had asked my lawyer if we could move for dismissal for want of prosecution since it's been nearly a year since anything was done on this case but he informed me that since and answer and a petition had been filed we can't. He also said if they are asking for summary judgement then they have all the evidence they need to win the case. Since it's the OC suing me, I don't doubt it. He asked if I wanted to present a settlement offer. Since this is the OC, and I would like to get this dealt with, I am going to settle. My question is, what should I ask for? I was thinking 30-40%. Also, what would be the odds Capital One would be willing to delete this trade line? It's one of only three baddies on my credit right now. Or any other suggestions on what to ask for so this reflects on my credit in the most positive way possible. Thanks. Quote Link to comment Share on other sites More sharing options...
Goody_Ouchless Posted October 4, 2019 Report Share Posted October 4, 2019 Experience has shown that is doesn't matter what you offer - they will tell you what they will settle for. They most likely won't remove trade line, and it's a straight settlement (unlike getting them to come to terms after invoking arbitration, for example) there will most likely be a 1099 issues for amount forgiven. Quote Link to comment Share on other sites More sharing options...
WhoCares1000 Posted October 4, 2019 Report Share Posted October 4, 2019 Knowing Capital One, they will probably want more like 60% - 70% since they know they have the goods and will probably win (especially when the offer wakes them up to the case). Your lawyer can start with 30% - 40% but I am sure they will counter higher. They also will not remove the trade line in your report. They do have to report that the account was paid for less that the full amount which will help your score a little bit (it used to be that a settlement would hurt your score but FICO changed that at the request of creditors when people refused to pay because of that). Quote Link to comment Share on other sites More sharing options...
Clydesmom Posted October 4, 2019 Report Share Posted October 4, 2019 1 hour ago, WhoCares1000 said: Knowing Capital One, they will probably want more like 60% - 70% I have to second this and the other opinion. Cap1 is one of the top 3 aggressive OCs in court. They also have the advantage that arbitration was removed from their card agreements almost a decade ago. Your options are limited and they know it. 1 hour ago, WhoCares1000 said: They also will not remove the trade line in your report. This is accurate as well. They have a hard line stance on not doing this. Quote Link to comment Share on other sites More sharing options...
fisthardcheese Posted October 7, 2019 Report Share Posted October 7, 2019 On 10/4/2019 at 9:08 AM, Impress said: I was thinking 30-40% Regardless of the percentages tossed around above, the fact is no one other than Cap1 knows. It's called a settlement negotiation, so toss out 30% and see what their counter is, then counter back. This is the only way to see what you could settle for. On 10/4/2019 at 9:08 AM, Impress said: what would be the odds Capital One would be willing to delete this trade line? Absolutely zero. If this were me, I would just be only focused on getting the lowest settlement I could and be happy with that when dealing with Cap1. Quote Link to comment Share on other sites More sharing options...
Impress Posted October 7, 2019 Author Report Share Posted October 7, 2019 Thanks everyone for the input. Y'all confirmed what I was thinking but figured it didn't hurt to get opinions. Quote Link to comment Share on other sites More sharing options...
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