Settlement with capital one

I am about 160 days late with capital 1 and called them to see if I could settle my account. I was told that there is no settlement available in my account that it is all done by computer. I have been reading prior posts and it seems that they say that a lot. Has anyone settled with them? Do I wait for it to charge off and then try to settle? Any help is appreciated.
Thanks and God bless!

9 Answers

Jan of 2010, Finally I got a call from CAPITAL ONE with a name of Wanda Smith after many attempts to settle my account like I did with all my other credit cards. She said Capital One agreed on my request to settle my account for a little less than what I owed, then it was around $ 4,100. She said my balance will be zero but may appear as settled in my credit report. so I said, that's okay. She then provided me a confirmation number of the agreement. I sent my payment of $2,700 as agreed. I "assumed" everything was okay. I requested debt settlements to all my other credit cards and everyone else sent me a written agreement that after they receive my payment that the account is settled with zero balance. NOT with Capital One. In fact, 3 months later, they reported me to all 3 credit bureau that I owe $3,034. Until now, March of 2012. I still have an outstanding balance with them and continued to screw my credit report as derogatory and marked as charged off. I realized then, NEVER, NEVER EVER trust credit card company that they have accepted your offer if you did not receive the written agreement first before you send in the payment. CAPITAL ONE is notorious and have no word of honor if there is such a thing for them.


To SoapLady:  Is it possible for them to blatantly LIE and say that they just received a letter from the state department FORBIDDING Capitol One from negotiating with residents of Massachussetts and Virginia?


Hello All! I find myself in a similar situation with Crapitol One. My account is going to be charged off next week and I am also told that there are no settlement offers. I have been reading prior postings and also found out that even if a settlement is reached, capital one in its disclosure states that they can come after you for the discharged amount which is against the law. It seems that it doesn't pay off to reach a settlement with them even if one was available. What other solutions do I have?


Thank you! I am just frustrated. I have called Capital 1 and explained my situation, I am on the hardship department. They told me that they don't settle that if a settlement was available it would be in the system and if it is not there will never be a settlement. They are horrible. I explained that I don't have anything, no house no car and I am trying to make the best out of a horrible situation. I was told that if my account charges off they have ways of getting their money. She told me that they would garnish my wages except I am unemployed!!! Don't know what to do with them!!!


Soaplady is right. Try to settle your debts on your own. Look at this page to get an idea about how to do it yourself:  http://www.debtconsolidationcare.com/steps.html


Most of these posters do not know the difference between a debt management  (what they call "relief") company and a debt settlement company.   DO NOT pay a company to negotiate your settlement....do it yourself! 

How to Deal with Illegal Loans..OhioGal's Primer
http://www.debtconsolidationcare.com/paydayloan/dealingwith-illegallenders.html
PDL's are ILLEGAL in the following states...
AR, AZ, CT, GA, ME, MD, MA, NJ, NY, NC, PA, VT AND DC
OH AND NH have very restrictive low cost interest rate laws.

SOL for all states
http://www.debtconsolidationcare.com/statute-of-limitation.html

Most of these posters do not know the difference between a debt management  (what they call "relief") company and a debt settlement company.   DO NOT pay a company to negotiate your settlement....do it yourself! 

How to Deal with Illegal Loans..OhioGal's Primer
http://www.debtconsolidationcare.com/paydayloan/dealingwith-illegallenders.html
PDL's are ILLEGAL in the following states...
AR, AZ, CT, GA, ME, MD, MA, NJ, NY, NC, PA, VT AND DC
OH AND NH have very restrictive low cost interest rate laws.

SOL for all states
http://www.debtconsolidationcare.com/statute-of-limitation.html

Thank you! Any suggestion on a goof settlement relief company?


You can contact a debt relief company and take their assistance in settling the debts. They will negotiate with Capital One on your behalf and help you get a settlement offer. This will be a better option than letting them charge off your account.


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