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I had 3 Capitol One accounts charged off 2 years ago.
I settled 2 of the accounts with the collection agency for 40-50% of the balance. The third account on my credit report says sent to collection & skip. I tried to settle the 3rd account directly with Capitol One for 50% but they will not budge. They say they are the collection agency on this account. Pretty soon the interest and late fees will be more than the charged off amount. I don't know what to do next.
How many times have you tried to settle? Sometimes they can be very hard headed if they think you will pay the full amount. Let them know that you want to resolve this matter but can not afford what they are asking. I would tell them when they are willing to work more with you to call you at such and such number. Maybe by showing them you can not and will not settle for the asking amount they will agree to something lower.
It costs them to take you to court so most want to avoid these extra costs plus it would not look goo in front of a judge if you were willing to work it out and they were still tapping on all those fees.
Hi klowe
Deal with them patiently. This might be quite irritating when they don't want to co operate, but you need to be cool headed. If you lose your cool, things might worsen.
Carol is correct..do not upset them. Just keep trying to work with them. Hopefully with a little time and patience you will get somewhere. Have you been dealing with the same person? If so maybe you can request someone higher up or another person to work with on resolving the issue.
Hi klowe
I hope you had them validate the debt? Before you make any offer to them, make sure you know exactly how much you owe them and why. You must be aware of the amount you have borrowed and the amount accrued after interests have been charged on the account. You definitely don't want to pay more than what you owe! Take care and do let us know what happens.
Eventually it will make it to someones hands that will show some cooperation. Just beware that the collection agencies can be jerks too and be very threatening.
I would let them know right from the start that you intend to pay what you owe and not a lot of bogus fees. Let them know that you intend on contacting the attorney generals office in your state and having them look into it. They will be very helpful if the situation gets out of hand.
you will need contact information on the company and the name of the person you spoke to.
So once a collection agency picks it up, get yourself a little notebook and keep notes. If you get a letter in the mail, respond politely and let them know that you disagree with the amount they are saying you owe.
if they tell you it is in your contract, ask them to produce the contract, 99% of the time they can not do this, so they will be more cooperative at this point.