Dealing with Capital One, I am 48 hours from charg
Dealing with Capital One, I am 48 hours from charge off. I have been out of work since last May and everything got behind, lost my house, moved my kids and I in with my parents, and last week my engine blew in my vehicle. Sad to say all of that is true. Anyway, once I was finally able to deal with Cap One, I went back and forth many times.
FIRST in many phone conversations, they refused to send/fax me a settlement agreement letter.
It took many phone calls to finally get them to agree to fax one to me. (the guy had to walk all the way across the office twice in order to make it happen... I was supposed to feel bad for him!!) So the settlement was for $11000. The principle balance $15713 and the balance with all the late fees and interest was $16995. In wanting to get this nightmare behind me I was hesitant to tell Wayne I would agree to it because of the following verbage:
Upon completion of the settlement, the remainder of your account balance will be written off and your credit report will be updated to show the account as settled with an outstanding balance.
Also because I saved over $600 in the settlement , by accepting the settlement I will receive the IRS form 1099 C in which I have to report the balance as income.
I was going to settle it today but just got a very uneasy feeling and then after googling about Captial One, Im glad I waited.
Is this agreement, the account is settled with an outstanding balance worth taking this offer? Will they come back for the balance? Will they sue for the balance?
I had to do so massive borrowing and selling of furniture and other things to get the settlement amount but do not know now if I should settle this all at once due to the agreement verbage.
I do not know how long my kids and I will have to stay in the one bedroom my parents have for us if I pay this off in full and then they still come after me!