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Just got off the phone with Cap One hoping to negotiate a settlement-no luck. The person I was speaking to was urged me to make a payment large enough to take me out of collections and put me back into Cap 1. She assured me that by doing this, Cap 1 would lift my already bad credit history with them of 177 days late and replace it with paid on time. Could this be true? If so, it might be worth it to try and resume paying these people off if I can swing it?




If it's not in writing, it didn't happen so beware waht they tell you. If you happened to record that then it's golden. CO is really a non-event for all intents and purposes. It's an accounting term that means charged against income. Cap1 will still own th eaccount and chances are, it's already in collections with a 3rd party. If you can get them to fax that to you in writing and you have the cash to bring the acct current, I suggest you do so. If you can't at this time and the debt is significant, they will file suit.

Sub: #1 posted on Mon, 08/04/2008 - 22:57

NASCAR_Devil NASCAR_Devil
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(Posts: 4666 | Credits: 308.23)

Thanks Nascardevil~ thanks for yor response. what are the ramifications if I let this get charged off? Am I buying more time to negotiate a settlement? I have alittle bit of money now- but it seems if I apply that to get me ot of collections- I am right back where I started- in over my head with monthly payments. Thanks so much

Sub: #2 posted on Mon, 08/04/2008 - 23:29

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The ramifications are harrassment by 3rd party debt collectors and the very real possibilty of a lawsuit in the future. What state do you live in? Cap1 is notorious for allowing CO'd accts to accrue interest and then file just before the SOL expires.

Sub: #3 posted on Mon, 08/04/2008 - 23:51

NASCAR_Devil NASCAR_Devil
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(Posts: 4666 | Credits: 308.23)

yuck- that would be no good....I live in NJ where I believe the statue of limitations is 6 years. I can't thank you enough for yor advice. From what I resad- avoiding charge offs is the way to go if you can help it

Sub: #4 posted on Tue, 08/05/2008 - 00:24

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You always want to handle things before it gets to that point but I know that's not always possible. If you run into this in the future, contact the creditor at the first sign of trouble and keep them in the loop. BTW: Once an account has been charged off, there is no way to bring it back to a current status.

Sub: #5 posted on Tue, 08/05/2008 - 00:29

NASCAR_Devil NASCAR_Devil
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(Posts: 4666 | Credits: 308.23)

Nascardevil- you are a "port in the storm"- anyone who thinks cyberspace is a cold, dark place- hasn't come on this board. I really needed good sound advice in a hurry today- and you were there. Thank to you, I called Cap1 and made payment arrangements to work out my account. A settlement would have been cheaper...:), but that was not in the cards. At least I avoided a charge off on my credit report- and will be able to sleep easier knowing that this creditor has been taken care of. Thanks for reaching back, I hope to "pay it forward" with someone else on this board!

Sub: #6 posted on Tue, 08/05/2008 - 02:38

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