     anonymous (Zcraws) | Thursday, August 03, 2000 - 08:01 pm 
Any one have any experiences negotiating a settlement with capital one? At this point in negotiations, they are stating that they do not REMOVE any of their tradelines. What should be my next step? If I pay this account will it change the date of last activity and be reported from the date I paid it? |
| Senator (Senator) | Friday, August 04, 2000 - 01:29 am
Ask them to not verify or disclose the item if you settle and get the promise to not do so in writing. Then you challenge the item with the cra. they will always tell you they can't remove.
If they won't do that, then don't pay. Make sure you are submitting your offer in writing to them and save the copies. Save the copy of any settlement agreed upon and retain it for many years in a safe place.
Paying and having an r-9 doesn't do you any good on your fico score. You may think it is honorable to pay at least a portion. It doesn't do you any good so don't do it. |
| anonymous (Zcraws) | Friday, August 04, 2000 - 03:42 am
Thank you for your reply. I am actually working with a collection agency within capital one. Capital one will not talk to me and keeps refering me to this collection agency. The collection says that capital one has a policy not to remove trade lines, no matter what the status may be. It would be considered "lying". When you say I should ask them that they not verify or disclose the item, are you refering the account in general or the actual settlement? how should this "agreement" be worded? Do you have any further info in reference to this sort of settlement? A reply would be greatly appreciated... |
| John Shimmer (Jshimmer) | Friday, August 04, 2000 - 06:12 am
What Senator is saying is just that: Get it in writing that they will not disclose, give out or talk about ANY information about ANYTHING (accounts, past history, settlements, etc.) that relates to YOU to ANYBODY - period. That way, you can dispute the line item @ the CRA and when they call the creditor, they'll say "Sorry, we don't have any information on that" and it will be deleted.
It's not "lying". It's called "Renegotiating the original contract" ...  |
| Senator (Senator) | Friday, August 04, 2000 - 10:05 am
All they want is some money. So if they refuse to negotiate and deliver at 25%, raise it to 35% for that written agreement. Play hardball just as much as they do--you are in a situation where they are paid a commission for the amount they recover. therefore, you must ask yourself, is it worth it to pay them their ounce of flesh to not verify. Speaking from experience and a lot of pain, pay them, let them not verify and rebuild that FICO score. |
| anonymous (Zcraws) | Monday, August 28, 2000 - 01:22 pm
Senator, John Shimmer
I took the advice that you gave in your previous posts. (They are very much appreciated) .Capital One has since agreed to accept $500.00 to settle the debt. I asked Capital One not to disclose any information about the account upon receipt of my settlement payment. I did not tell them the reason for this request. I did not explain that I did not want them to verify the debt so that I could dispute it later with the bureaus.I simply asked that they not disclose any information about the debt with accepting the settlement payment. Should I have told them the reason that I wanted the disclose? Because Capital One has refused to agree to the disclosure and their letter states that they are REQUIRED to report the account rating to the credit reporting agencies. My question is..should I tell them the reason that I requested such disclosure? Should I tell them to go ahead and report the debt (since they insist) and tell them to not verify the debt after its been reported? Any further advice would be greatly appreciated. |
| anonymous (Zcraws) | Monday, August 28, 2000 - 01:27 pm
Oh yeah,
and the letter that I received from Capital One also states that "Capital One does not disclose any credit information unless authorized by the cardholder." (what a bunch of bull!)
it then goes on to say that they are REQUIRED to report the account rating to the credit bureaus. What does this mean? |
| Michael Bardelli (Bull22) | Monday, August 28, 2000 - 01:40 pm
"it then goes on to say that they are required to report the account rating to the credit bureaus. What does this mean?"
It means B.O.H.I.C.A (Bend Over, here it comes again!)
They are required to report delinquent tradelines to the credit bureaus as per their own company policy. Request with your settlement that they don't verify with the credit bureaus. Make sure this is in writing before you send the check. When they agree not to verify, you simply dispute the debt after you pay it and when they don't verify with the bureaus, the account must come off your credit report. This is the trick that is used to get around that B.S. line about having to report account ratings to the CRA's.
Mike |
| anonymous (Zcraws) | Monday, August 28, 2000 - 02:33 pm
Should I tell them why I don't want them to verify the debt? |
| Scott (Scott) | Monday, August 28, 2000 - 03:08 pm
I'd say no! It's none of their business, but also I'm sure they can guess why. I'd do two things: First, get it in writing that they will not disclose. Get it on Cap One letterhead. Make them aware that they only get money for this agreement. Second, has anyone tried typing something to the effect of "Processing this check binds the parties, <your name here> and <blood suckers name here> to confidentiality in regards to this payment, and the account <account number here>." or similar? Kind of double protection. |
| anonymous (Zcraws) | Monday, August 28, 2000 - 03:38 pm
Scott,
My first letter asked that they not disclose ANY information of the debt with accepting the settlement payment. Capital One replied that they could not comply with my request to not disclose the debt as they are REQUIRED to report the account rating to the credit reporting agencies. It is apparent to me in all of my correspondence with them, that they INSIST on reporting the settlement on this debt. They will report R9 with "paid by settlement". So, now I counter with telling them to just not verify the debt with the credit bureaus? How do I make it clear to them that they can still report the R9, but that I simply want them to not verify it if I dispute it? |
| Michael Bardelli (Bull22) | Monday, August 28, 2000 - 04:58 pm
Word your agreement with exactly those words that you have said. Request that in exchange for said payment, that they will not verify debt with credit bureaus when they investigate your dispute. This gets them out of their company policy about reporting to the bureaus since they will report your R9. After they report that, then dispute with all of the CRA's. By the written agreement (on capitalone letterhead signed by a company officer), they will not verify when the credit bureaus call them about the debt. If they do verify, then be ready to sue for breach of contract. If they don't verify, then the item MUST come off the report. This is a win-win situation. Capitalone is getting their money and you are getting a clean slate. They would be foolish not to accept it. Best of luck.
Mike |
| Senator (Senator) | Monday, August 28, 2000 - 04:58 pm
here is the methodology--and relax, it will work out--you have written to them and they have written back on letterhead agreeing to not verify or disclose any information to any third party. You then wait 30 days and then challenge the CRA to verify the information. they won't be able to verify within another 30 days and then will have to remove the item. do not tell them why. they don't care. they only want the money. If you are unlucky enough to have a cra airhead "verify" the debt --as it is on occasion very able to do by munching potato chips, sipping coke and painting fingernails or reading Soap Opera Digest--re challenge. don't give them a copy of the letter that you have received from the creditor, though. good luck. |
| Scott (Scott) | Monday, August 28, 2000 - 05:00 pm
And lastly, R9 with "paid by settlement" is as bad as not paying at all. If they refuse to use Michael's work around, DON'T pay them, period. |
| anonymous (Zcraws) | Friday, September 01, 2000 - 02:32 pm
Today, I received my final letter from CAPITAL ONE (As far as I am concerned) I have been going back and forth with them since 8/1/00. Today in reply to my request to not verify the debt or disclose any information(after they REFUSED DELETION, REFUSED "PAID", REFUSED TO CHANGE THE RATING AT ALL)...I received a letter stating "Upon receipt of the payment, the account will be updated to reflect"paid by settlement" with a rating of R9" it also states: " Please be advised that Capital One does not disclose any account information to a third party unless authorized by the cardholder. However, we are required to report the account status to the three credit reporting agencies" Should I even bother to reply back to tell them where to stick this "offer"? |
| Scott (Scott) | Friday, September 01, 2000 - 02:39 pm
I'd say just tear it up and ignore them. It's a long wait, but it does go away eventually. |
| Erik (Erik) | Friday, September 01, 2000 - 03:34 pm
Two strategies:
1.
Repeat your offer with your terms every 3-6 months. Eventually someone there may give in.
2.
Write them a cease & desist letter and hope they sell your debt to an agency that will agree to your terms. |
