Hello, is it more difficult to settle with Capital One if you're a homeowner? Do they require bank statements, income and other financial documentation before offering you a settlement?
If your Capital One account is still internal with them, I would not expect those things to be an issue. If your account being collected on external of Capital One, those things can be an issue. That said, there are some one-off scenarios I have seen play out with Capital One that I would not consider a normal negotiation. Are you dealing with an external collector?
I'm being sued by Capital one and my account has been charged off.....I don't have any savings at all. Can I still see if they are willing to they will still settle with me with reduced minimum payments?
It is common to set up a payment arrangement with the law firm that is suing you. Settling a lawsuit for less with low monthly payments is possible, but less common. Lump sum settlements work best in this situation, and we are successful getting monthly payments of a year or two, but longer than that and they will start thinking about collecting the full balance.
Hi Michael, 1) I have a Capital One card that they closed on me due to being $2000 over the credit limit. I've been making monthly payments but i've reached a point in my life where I can't make payments anymore. I tried to call to negotiate before it closes off and goes to collections...but they wouldn't even send me to their hardship department and said they couldn't do anything. Do I have to wait until after I've missed a payment due date for them to take me serious and what is your recommendation on how many payments to miss before calling them back? 2) My mom have another Capital One card that isn't closed yet, but is also over the credit limit. Do you recommend I close the card first before trying to negotiate with them to speed up the process for them to go for 1099-C?
Check out my video about timing your settlement offers: ruclips.net/video/Ci4Ut6AE4C8/видео.html Can you tell me more about what you are trying for with your comment about getting Capital One to go for 1099 C on your moms account? Are you hoping to get them to flat out forgive the debt?
@@MichaelBovee that video was very helpful, thanks! in regards to my moms account (and mine), I'm hoping to negotiate before it goes to creditors or force an earlier close out...my hope is to be able to negotiate a reduced amount without playing the waiting game and potentially destroying my credit long term. My understanding is they'll eventually send to creditors which would be better to negotiate, but I want it on my terms rather than waiting for 6 missed payments (maybe more) until they do so....my thinking is if the account is already closed they know for sure my mom is no longer a customer and now it's just time to collect debt. My reasoning comes from the fact that my mom has had a history of going over the limit...making minimum payments for months at a time or missing a payment or two, but then eventually paying it down and doing all of that again.
@@JoeMcknart69 I do not see Capital One settling any earlier whether the account is closed or not. The credit damage from settling is roughly the same whether they allowed it to be settled today, without being late, or if you time it right to get the best savings many months from now.
@@MichaelBovee understood. Thank you! Last question: if my mom wants me to settle for her (her English isn’t too good), how would I go about representing her when I call in without breaking the law?
@@marielatorreslemus2422 Yes I fell behind 6 months no payment then got a call from collection agency and ended up settling for $2750 after 7.5 months of 0$ payment. I was sent a letter in the mail after 4 months of 0$ payment. GL GL
@@adama3350 I’m in 5,700 in debt and got laid off and it’s really hard to make payments since I have to pay my credential program . do you recommend to stop making payments and wait to settle ?
I tend to see the earliest Capital One will send to collection attorneys being around month 9 of delinquency. We get really flexible payment terms on settlements with Capital One, often a allowing years to pay, so if someone has consistent resources, or a lump sum available to settle with Capital One, lawsuits can be avoided.
Iam iin Canada and have a debt with BMO I try to negotiate but they don't want , what do you recommend to do. My sorry is I have a RESP and zI do not want that they take money from there.😄
You are right capital one is gonna be a hard one I think to settle it's now June of 2020 I have a closed account that is 5 months behind they say the charge off is next month I called today and they say the settlement offer is 2994.56 I had to laugh it's 6 bucks less then my original credit line you hit it on the money I'm 5 months and 2 weeks is it better let it charge off and deal with it later and does capital one really sell your debt or do they do in-house acting like third party??
The tend to send to attorneys or sell the debt to aggressive debt buyers. I often encourage people get help on CapOne accounts in your situation. We have negotiators available.
I’m 21 and recently got laid off my job because I’d get sick a lot . I owe about $5,700 on my capital one and can’t afford the payments at the time . Should I just stop making them and wait for a negotiation?
You can negotiate a settlement with Capital One. If it were me, I would be proactive in my efforts starting at around the 150 day late mark, and not wait for them to do something.
my girlfreind had a Capital One cc and she closed acount bc thy say 0 apr but its at 26 apr thy want 100$ intest every month. how can we get them to settle
Capital One settles accounts for less when you are many months late on payments to them. If she is not late already, falling behind to settle is going to hammer her credit scores.
Hi. If you've been sued by Capital One, should you try and reach out to them or their attorney's to possibly settle? Can't seem to find an answer to this. Thanks.
Thanks for the info. If I have a business and the business (LLC taxed as partnership) is closing, and I have a $20,000 balance on my credit card (not past due currently as business just closing), and this is tied to my personal credit as one partner of 4 - could I negotiate a lump sum payoff for lower than the total? Assuming there aren't quite enough funds left to settle it completely, would it be reasonable that once the minimum payment is not made for a few weeks, they won't report to my personal credit for maybe 60 days, so no effect there, then I could call and let them know the business is closed and possibly pay 75% without effecting my personal credit? And is it best to use an agency, do they just charge a fee, do you do this? Thanks
Yes, I can help you settle this, but I cannot guarantee it will not ding your personal credit scores. You can schedule a call to talk through strategy with me here: calendly.com/debtbytes/15min
It can vary based on whether you were ever sued for the debt, if they sold the account, and who to. If you were able to deal directly with the Capital One recovery department, and this is not a judgment or lawsuit, lump sum you may be able to get this down to between 30 and 50 percent. It is not impossible to see lower, just not common.
Yes, in fact, I would say most debts are settled after charge off, and not before. More particular to Capital One, who this video is about, the deals you can get when settling, at least at the time I am commenting, are better after charge off.
My Capital One account balance is a little under $1700. The account has been closed for years. Just received my stimulus check. Do I have any chance of negotiating?
If you have been late on your payments with Capital One for more than 6 months, you have a great chance of negotiating. They may have sold it to a debt buyer, so you may have to settle with someone other than Capital One. If your account went to a collection law firm you will typically have to deal with the attorneys collecting for Cap One.
Capital One will not agree to delete in return for money. Not even if you offered them double what you owe. But you really do not need the removal to improve your situation. You can often get where you are going with paid/settled collections on your credit reports.
Hi Michael. My debt from Capital One was purchased my Midland Funding. Capital One sues the most, but since it was purchased by a debt buyer, does it mean the chance of sue is less riskier? Thanks.
Not at all. Midland Funding is highly likely to sue as well. But they can also be good to settle with. What is the balance owed? Do you know how long they have had the account? When did Capital One charge off?
@@MichaelBovee Balanced is about $23K. I think they just received it. From your videos, it seems 40% settlement is good target with Capital One. Since midland bought the debt, is 40% still good target? Or is lower possible? Thanks.
I had two cards from Capital One. One for $3000 and another for $5000 both went to collections and the $3000 card I settled for $600, but the other is like pulling teeth trying to settle.
I don't know what a legacy card is, but I got it directly from capital one. Each card was sent to two different collection companies. One was just a normal collection agency, the other was sent to Rausch Sturm law firm for collection. It's been a little over a year since I stopped making payments on both cards.
Hello my capitol one debt is 7400 original 6000 its 165 days past due and currently with internal collections and they are offering 3000 to settle before charge off at 180days do you think i can get a lower settlement after charge off? i currently have 2300 to settle tho capitol one/ collections seem to only be willing to settle for 3000 do you think they will lower the settlement amount pre charge off? im trying to gather the 700 to settle before charge off tho with covid situation no employment and other bills its really difficult and my credit score is 450 with 3 other credit cards past due.
That is a 40 percent settlement with Capital One. There is a chance you could get a little lower after charge off, but that is when they sell accounts (debt buyers for Capital One sue), and also when they may send your account to an attorney themselves. You can often pay a settlement to Capital One over 90 days if the account has not charged off. You can often get monthly payment terms way better than 90 days if the account has charged off. Who are the remaining creditors after this, and what are those balances? Are these other accounts also 5 months late?
Did not catch this is CA based Capital One account. I would like that 40 percent settlement more. Scotiabank settlements I have seen of late have been between 40 and 50 percent, and they are a risk of going to court. I do not have anything I can share on the Tire store.
@@MichaelBovee Its Canada capitol one card so you think after charge off i wont getbetter deal from 3rd party collection? I mean i have 2300 they want 3000 so im hoping C1 settles before charge off on dec22 not sure how likely that is any suggestions?
No. Capital One is updating credit reports regularly now, and they have for some time. It can take 2 billing cycles after the settlement payment clears though, but that is the case with many creditors.
My husband has been sued by Capital One. The amount owed is $3462 and the attorney said they will settle for $2275. This account was charged off 2 years ago but still in the SOL in Georgia. The wording on the letter from the attorney does not sit well with me. It states the amount that they will accept but doesn't say that it will be considered paid in full. Please Advise! Thanks!!
Great video. I am doing a court phone call hearing with capital one due to Covid. I am confused. I want to settle for half if they agree. So...I don't mention percentages? I should just say dollar amounts? If I owe say $2000 I should ask them if they would accept $1000 instead of saying 50 percent? I would appreciate you getting back to me. The call is Thursday. Thanks again. Great video.
My feedback about mentioning percentage settlements is that it sounds more natural for someone to refer to a dollar amount they have, rather than a percentage. "I only have $ amount of dollars" sound better than "I can give you 50 percent". Having a limited amount of dollars comes across better. Settling for 50 percent in a lawsuit setting in not all that common right now.
@@MichaelBovee Thanks for getting back to me. I'm in Massachusetts. Doing court over the phone on Thursday morning. Capital one..very greedy company. I will make them an offer. Thanks again!!
I think my post was taken down. I need advice on how to settle a 5yr debt with capital. It was originally 1300, but with legal fees it’s now 1866. I tried offering the collection firm 30 percent in a lump sum but they declined so I suggested possibly filing a chapter 7… no change. I’ve watched some of your videos to get guidance, but I’m still in need of help. What can I do next?
If your Capital One account is being handled by a collection law firm you are likely looking at a higher settlement. Often between 50 and 80 percent of what they are suing for.
I was asking for a settlement from Capital One -- I just got a call that my account doesn't qualify. i asked why and she said she can't say. Is there someone who I can speak to - she said no. Waited about 6 weeks to hear back.
They would have to sue and get a court judgment first. After that there can be a lien filed against the home. Most of these types of collections do not result in an involuntary foreclosure, so the lien just sits there, potentially growing when the court grants judgment interest, until you try to refi, or want to sell the home. Same state protect a good amount more in equity, so you can keep your home, in a chapter 7 bankruptcy. You may want to look into whether you qualify for chapter 7 if things get that far.
Hi Michael, I'm trying to apply for the Venture X card, but I have a charge-off with Capital One from 2015 that I never repaid or settled. Do you think there's any chance they might approve me for a new card since it's been so long and it's already fallen off my credit report naturally, or will I probably have to address this old account before being approved for another card? Scores are fully recovered at this point and based off credit alone I'd probably qualify, but concerned about this old account.
I have seen Capital One approve cards for people shortly after the person filed chapter 7 bankruptcy, where the balance was discharged and the credit reports did not look as good as yours. I would say there is at least a chance of you getting another card with Capital One.
@@MichaelBovee Thanks for the reply. Is there a difference in these cases between a BK discharge vs just completely walking away from the debt? I'm pretty sure they sued me and got a default judgement but it's been so long I don't even know what ended up happening with this account. I guess all I can do is apply and see what happens
I have 2 cap one credit cards. One I have a zero balance on never been late and paid in full every month. Now my other cap card i owe 6500 to. I don't have the cash this month to make the minimum payment what should i do?
If you are late already, and believe that you can make the payment if it were lower from here on out, you may want to talk to Capital One about getting on a hardship plan. More on that here: consumerrecoverynetwork.com/hardship-payment-plans/ You may want to look into the hardship plan with them before you are 30 days late, as you may be able to prevent credit damage that way. If you end up going more than 90 days late I would then seriously consider settling with Capital One for less.
What happens if a senior citizen can no longer make credit card payments. The income just isn't there and never will be. I believe Retirement income is protected from garnishments, and judgements. . What's the best route dealing with Capitol One in this case
Check out my article and video about being collection proof here: consumerrecoverynetwork.com/question/social-security-pension-state-exemption-debt-collector-garnishment/ Keep in mind that if you own a home you are not really collection proof. You can be sued, and a judgment result in a property lien ,that eventually gets paid when the home sells are you refinance.
Hi I’m trying to pay off almost 15 thousand to capital one. I’m trying to get something off the balance. I’ve been on time with my Payments and I’ve paid the balance off 3 times in the past Recently I called to pay it all off and they didn’t want to help me out I just got off disability and was pretty much living off the card Is there something I can say or do the get something off??? And get the interest rate down ???
If you are current, most banks to not offer reduced interest hardship repayment plans. They may offer them if you fall late with payments. In order to settle a debt for less than what you owe you typically have to be many months late, and accept the credit damage that comes with that.
You may not be able to get Capital One to delete it from your credit, but you can get them to update it to show that you paid it, and it is now a zero balance. They will do that whether you pay in full or settle for less. You can still reach credit and finance goals with paid collections on your credit.
Capital One is likely not going to take it off your credit. They will update it to show you have a zero balance though. These most often show as paid collections.
My account is charged off and they offered me a settlement of 35%. I actually want to ask to pay a couple dollars more to prevent getting the 1099-c. What can I do to leverage my settlement to help my credit? Does capital one remove any negative reporting in your experience?
Capital One does not do pay for delete. They will update your credit to show a zero balance owed, and paid collection. Are you saving a little over the 600 hundred dollar threshold for requiring them to send you a 1099c this January? How much over 600 in savings is your deal right now?
Hey Michael, I’m hoping if you could possibly help me, I have two capital one credit cards, one is Journey and the other is Bass Pro Shops. I owe around $480 on each card. The journey credit card they’re willing to make a settlement payment of 75%. But the bass pro shops I believe they sold it to PRA. I’m ready to pay off Journey and I would like to pay off the Bass Pro Shops as well, but I’m not sure who I would call and pay for Bass. Do I make a deal with Capital one itself or call the collection which is PRA. PRA have been calling me and I’m honestly too scared to answer that I might be sued. Thank You so much in advance
PRA is a debt buyer. If they have the account, they bought it. You would need to call them to negotiate your settlement. More on Portfolio Recovery Associates here: consumerrecoverynetwork.com/resolve-debt-portfolio-recovery-associates/
@@MichaelBovee Thank You Michael, what do you think I should do, would I be able to negotiate and pay lower that what I owed or do they usually what the amount that was owed or more ?
With Capital One I owed them 650$ and I stilled it for 400$. They still report 250$due. I am struck. Should I disput it with Experian ?Please sajust me with a solution .
It is typically best to get the settlement agreement in writing before you pay. It can take up to 60 days for your credit reports to accurately reflect you settled. I would call Capital One and see how they have the account coded in their system. Let me know what you find out.
I missed a payment last month now my minimum payment has gone up from $74 to $175 with a new balance of $2,370.02 and no available credit. My second card with Capital One has a minimum payment of $143.00 and the current balance is $4,902.73 with $37.39 available credit. I only have $329 in the bank. I just don't know what to do at all anymore. Should I try to make the payments or just sit back and wait for the lawsuit?
Capital One has hardship plans that they may be able to talk to you about after you miss a payment. See more about hardship plans here: consumerrecoverynetwork.com/hardship-payment-plans/ If you got to a place where you could not pay on the accounts at all for a time, I would not wait to be sued. I would being saving up and trying to pull together resources to settle with Capital One for less than the balance.
I have a question. I know that we had a conversation about Capital One and their lawsuit time frames. I just received an e-mail, saying that my account will be charged off in less than 60 days, the account will close, I will be responsible for the full balance etc. They threw out the terms lawyer and law suit (obviously a scare tactic at this point). May 19th will be my 6th payment missed. My questions are: 1.) Does the account get closed 30 days after the 6th missed payment? If they do wait until 30 days to "Charge Off" the account, that would put my Charge Off date to June 19th, 2017. This would mean that as of June 20th, I could technically start negotiations, correct? 2.) As long as I maintain contact with after Charge-off I have until about to September to achieve a settlement with them, correct? I am just trying to solidify my game plan when I call, and know what my timelines and deadlines are as far as having the money ready to settle.
Generally speaking, Capital One is going to charge off your account when it has been 7 months since you last paid your required minimum. Once they do that they tend to put your account in their internal post charge off recovery department. The account is there for a couple to 3 months often enough, and this is where you can negotiate your settlement. You can actually negotiate settlements with Capital One prior charge off in some instances, but I tend to see people have more success with the recovery department.
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Capital One is offering me a 45% settlement for a payment plan. The guy i spoke to said I could possibly get lower if I paid in lump sum depending on the manager. Leaning towards paying in full to try to get an extra savings and help my credit score recover faster but would have to take a financial hit in a different way to do so. Would I be right in assuming that if I do the payment plan, my credit score won't recover until I finish the payment plan? Also how low could I possibly get from what you are hearing right now when it comes to a lump sum settlement? Thanks
It can depend on how late you are with payments. You are correct, they do not update your credit reports if you are making installment payments on a settlement. Not until they get the last payment. If you care about improving your credit faster, I would pay in a lump sum, or pay off the monthly payments as fast as possible to get it updated faster.
@@MichaelBovee I'm 8 months out and in their recovery department. how much lower would you shoot for in my position with a lump sum deal in that situation?
i have car loan with capital one,i am now gonna be able this month to pay montly so i am gonna get repo from them , capital one gonna sue me or they gonna sell debt to collection agency. i am upside down with loan so i am gonna owe for sure.... other question i am also in credit card debt so when is right moment to start debt settlement before car repo or after?
Hello, I am in a situation where I will no longer be able to make my line of credit payment (65,000) and my credit card (26,000) payment. What should I do?
I would start with comparing your debt relief options here: consumerrecoverynetwork.com/debt-solutions-review/ Which of the options appear workable for you current situation and near term goals?
Michael I have a capital one card for 16K that I can't afford the $400+ payments monthly due to loss of employment. I just got a new job but I am 2-3 months behind already and I won't be able to catch up on that. To bring my account current they want the entire past due balance paid at once which is impossible and they aren't willing to do anything else. Should I just wait until I hit 6 months past due and give them a call? I tried everything witb them so far and no luck. I also have another card for $1700 witb them but I'm paying on that as normal. It won't hurt me that I'm paying my other card will it? Thank you
If the goal is to try to salvage the account, but they are not allowing it, your next step, like you pointed out, is to settle it. Will you be able to afford 330 a month starting a few months from now? This is a number based on them settling with you, and allowing a payment plan over 24 months.
Michael Bovee maybe but I'm not entirely sure as my new job is commission based as well so I don't have a clear viewpoint of an actual annual income yet. I honestly want to just close it and settle it at 50% on a payment plan and be done with it. Do you think that is possible?
@@Darknesssleeps Yes, it is. But you want to be late enough for them to offer that. You cannot get settlement terms longer than 3 months unless your account is charged off. Do you want help with this?
Michael Bovee they emailed me today saying that I'm two months behind and to call them to set up a series of smaller payments. Should i call them? Because if I'm understanding right, that won't really help me because they add that payment onto your regular minimum payment right? Which would leave me with a payment I still can't pay. Should I Call?
Hi Michael, I am planning to settle/close an account with Capital One (opened in California) soon. What can I expect in terms of a realistic settlement? The account was set to be closed on Dec 10th but I paid them $126 to have 30 more days. Current balance is $4747.89. Thanks in advance for your insight.
I see settlement vary with Capital One from one account to the other. Some accounts settle for 30%, while others they can refuse any settlement at all (though you can settle after charge off when the account goes to a third party).
Capital One is one of the banks that is pretty good about offering credit products again to those who file bankruptcy, or settle and pay less than what they owe. A secured card is even more likely, but if they do not approve one, there are many competitors to choose from.
Have you been sued by Capital One on this account? If not, and if the account is not with a collection law firm when negotiating, I think you have a fair shot at 50% or under.
Yes, they do, but this account may have been sold off to a debt buyer. The debt buyer will likely still settle, but which one can impact how low you are able to get this.
Hi Michael thanks for your great advice. I’ve been reading through the comments but I am unable to find the answers to my concerns. I just got sued and they froze my savings. But I see no point in paying debt that will remain poorly on my score for the next few years. I’m young and it’s not a large sum, ($3600) how do I settle this or come into an agreement so that I am able to fix my score within the next two years? Any advice is appreciated
To get to your bank account they would have gotten a judgment. Judgments are not so much about credit reporting as they are the bank account, and wage garnishment issues. You can often settle judgments for 50 to 80 percent of the balance owed. See this article for more: consumerrecoverynetwork.com/question/can-you-settle-credit-card-judgements-like-other-debts-stressed/
@@MzNika2u Are you able to keep your account payments current with your current balance and interest rate? If you are, point out you are a good customer and had something take you off your game for one payment cycle (whatever that may be), and ask them to waive the late fee. If keeping your payments current is going to be a consistent problem from here, check out this article where I compare your debt relief options for cost, speed, and impact to credit goals: consumerrecoverynetwork.com/credit-report-score-rating-debt-relief-programs/
Portfolio Recovery Associates is a debt buyer. You will not be able to resolve it with Capital One. You will have to negotiate with PRA. Here is a video related to settling with PRA: ruclips.net/video/1DJ0DrnRIGg/видео.html
Have you had any experiences where Capital One took your car after they won their judgment against you? I received a summons and only asset I have is a 2019 car worth $20,000. I didn't buy it, a relative bought it for me. My name's on the title.
Hi, Do you HAVE to call them, can you converse with them via email. They send action emails with offers to reduce debt, but the lump sum offers are all too high. I can do a reduced lump sum then a payment plan. In the past when trying to get a reduced apr and lower monthly payments they were rude and dismissive so I don't really want to call them.
You may want to get help with this. If you can get a 50% deal and a bunch of time to pay, would that work with your goal? If so, fill it your profile clicking the get debt help tab at the top of my site www.consumerrecoverynetwork.com Complete your profile and start a debt settlement plan. You will be able to get things rolling without a call.
Hi Michael, I am going to list my creditors below. There are quite a few of them. I am behind on every one of them. Keep in mind, most of my accounts are $1000 or less. I will also mention if they are charged off or not. What I am wanting to know is which ones are more likely to sue me quickly once the account is charged off. which ones off the best settlement offers. Which ones will let it sit a while and which ones will send it to collections immediately. I understand that it will be approximate because things can change quickly but just trying to figure out really which ones to be the most concerned about atm. The following are charged off: Walmart, JC Penney, Toys R Us, Fingerhut and Bank of America. They charged off within the last 45 days. I havent heard nothing from any of them. The following are late. Most are late by at least 90 days: Mercury, Capital One, Applied Bank, Avant Credit Card, Fortiva, Dell Financial Services, First Premier, Continental Finance, Credit One, Merrick Bank, Chase and Seventh Avenue. I appreciate your time in this. I love listening to your channel.
Here is one for you, I am over 200k in credit card debt and have been out of the US for three years and I plan to return soon. As far as I know there are no judgements against me and my credit has been frozen for over two years. I am on Social Security so I do not need a job, is there any way the creditors can go after me in a criminal or civil case?
Be careful there. There is something called sewer service. It is not nearly as common as it was years ago, but it can still happen. This would be them filing a lawsuit and a process server saying they served when they did not, or served the wrong party. You can often search your name in the county civil court docket to see if there is an any court action filed, and if it somehow progressed.
Michael Bovee Thanks for all the great content, I checked all court records and nothing about a law suit on me. Also, I froze my credit on all three bureaus and will keep it frozen for 10 years
I have 3 different Capital One accounts that are right at 5 months late. I have been gathering up funds to settle with them. How should I proceed when there are multiple accounts with same credit card company? Capital One 4275 Capital One 2365 Captial One 2700
How much will you have available at 7 months late to settle all of them? I see a lot of 40 to 50 percent on Capital One settlements at that time. You can sometimes get terms too.
I had a Capital One debt that was pre-negotiated for 79% roughly a year after, then for 53% roughly 2 years after, and a few months later, was pre-negotiated for just 39% of my original debt -- which I paid for. Your videos are really good and have helped me out.
There is not much a collector can do to force payment in this type of situation. More on that here: consumerrecoverynetwork.com/question/social-security-pension-state-exemption-debt-collector-garnishment/
I have had previous experience with Capital One, and want to know why they are so difficult to work with. I am currently trying to collect PPI on the account, and have found (through a court judgement) that they have been collecting 75% - 80% commission on this, another credit card I had at the time paid up no problem (Barclaycard).
It Capital One is not honoring an agreement they have with you, I would file a complaint with the CFPB: consumerrecoverynetwork.com/filing-complaints-with-the-cfpb/
Hi Michael, between my wife and I we have 4 Cap One accounts for a grand total of approximately $19K. The oldest one is four cycles late and 110 days past due according to the representative I spoke with today. I believe you said the sweet spot for a settlement with them is 150 - 180 days past due. I know I am still a bit early, but they said that "There was no settlement option available for my account at this time". Is this to be expected? I was hoping they would have made some sort of offer and we could have started negotiating from there over the next month or two.
Settling with Capital One is more ideal right after charge off with their internal recovery department right now. That puts you passed 180 days. I still see settlements a couple weeks from charge off though. You are indeed way too early to even talk about settlements. And when the more opportune time does come, you should not wait for them to bring up the topic, as they may not. You have to sometimes call and start that discussion.
Okay, I just got the notification that I would be charged-off in 60 days on one of the four accounts, so I guess I just have some waiting to do. I apologize for the urgency, its just that I have been sitting here watching them inflate these balances with penalties and fees over the last few months and it is starting to really bother me. Once we start negotiating the settlement I assume it will be based on the inflated balance at charge-off?
Hi Michael, We spoke today, and I forgot to ask one key question that will probably be instructive to anyone trying to settle debt. When trying to determine when you should begin dealing with your creditor, (you mentioned day 151 for Synchrony, day 181 for CapOne, etc.), should we count from the date of the last payment we made, or the date that the account first became delinquent (the day after the first bill was missed)? Thank you so much for what you do!
Thank you for your help. I regret the day I got Capital One. I owe them $2122. The card is charged off ugghhh. Everytime I call cust service it goes to some law firm. I am going to settle with them and keep my fingers crossed that this is over and done with. This is only unpaid thing on my credit report uggggh. You think i will be ok Michael?
Hey, So I ended up not having enough money for the settlement. They wanted 80% and would not budge. They offered me a payment plan but said I need to sign a judgement to give to the court. Is that the same as a default judgement where the default will be reported to my credit report, or will capital one just report it as paid in full?
Thanks for the video. Cap One is one of my creditors. I'll be dealing with them in the future, along with Synchrony Bank and WebBank. Laid-off from my job 6 months ago and went through the Unemployment Insurance. Forced to early retirement so I'm on Social Security. Your videos help me see what I'm up against.
Shannon Mcwilliams be careful i had debt charged off and 6 months later the court sent me a letter garnishing my wages because the charged off debt was sold to a collector whom claimed they couldnt find my address so the judge said they won by default.
thx
Hello, is it more difficult to settle with Capital One if you're a homeowner? Do they require bank statements, income and other financial documentation before offering you a settlement?
If your Capital One account is still internal with them, I would not expect those things to be an issue. If your account being collected on external of Capital One, those things can be an issue.
That said, there are some one-off scenarios I have seen play out with Capital One that I would not consider a normal negotiation.
Are you dealing with an external collector?
I'm being sued by Capital one and my account has been charged off.....I don't have any savings at all. Can I still see if they are willing to they will still settle with me with reduced minimum payments?
It is common to set up a payment arrangement with the law firm that is suing you.
Settling a lawsuit for less with low monthly payments is possible, but less common.
Lump sum settlements work best in this situation, and we are successful getting monthly payments of a year or two, but longer than that and they will start thinking about collecting the full balance.
Hi Michael,
1) I have a Capital One card that they closed on me due to being $2000 over the credit limit. I've been making monthly payments but i've reached a point in my life where I can't make payments anymore. I tried to call to negotiate before it closes off and goes to collections...but they wouldn't even send me to their hardship department and said they couldn't do anything. Do I have to wait until after I've missed a payment due date for them to take me serious and what is your recommendation on how many payments to miss before calling them back?
2) My mom have another Capital One card that isn't closed yet, but is also over the credit limit. Do you recommend I close the card first before trying to negotiate with them to speed up the process for them to go for 1099-C?
Check out my video about timing your settlement offers: ruclips.net/video/Ci4Ut6AE4C8/видео.html
Can you tell me more about what you are trying for with your comment about getting Capital One to go for 1099 C on your moms account? Are you hoping to get them to flat out forgive the debt?
@@MichaelBovee that video was very helpful, thanks! in regards to my moms account (and mine), I'm hoping to negotiate before it goes to creditors or force an earlier close out...my hope is to be able to negotiate a reduced amount without playing the waiting game and potentially destroying my credit long term. My understanding is they'll eventually send to creditors which would be better to negotiate, but I want it on my terms rather than waiting for 6 missed payments (maybe more) until they do so....my thinking is if the account is already closed they know for sure my mom is no longer a customer and now it's just time to collect debt. My reasoning comes from the fact that my mom has had a history of going over the limit...making minimum payments for months at a time or missing a payment or two, but then eventually paying it down and doing all of that again.
@@JoeMcknart69 I do not see Capital One settling any earlier whether the account is closed or not.
The credit damage from settling is roughly the same whether they allowed it to be settled today, without being late, or if you time it right to get the best savings many months from now.
@@MichaelBovee understood. Thank you! Last question: if my mom wants me to settle for her (her English isn’t too good), how would I go about representing her when I call in without breaking the law?
She can authorize you to speak on her behalf. She can do that verbally or in a written document you can send in.
Update on my capital one card $7800 I settled for $2750 after 8 months!
GL
Congratulations!
@@MichaelBovee Great advice on end of month settlements they work!!!
How did you settle ? Did you stop paying until they sent you a letter ?
@@marielatorreslemus2422 Yes I fell behind 6 months no payment then got a call from collection agency and ended up settling for $2750 after 7.5 months of 0$ payment.
I was sent a letter in the mail after 4 months of 0$ payment.
GL
GL
@@adama3350 I’m in 5,700 in debt and got laid off and it’s really hard to make payments since I have to pay my credential program . do you recommend to stop making payments and wait to settle ?
Neglected to tell people that credit card debt is only collectible for five years. Anything beyond that they can’t do anything.
Actually, some states Capital One would have only 3 years to bring a legitimate collection lawsuit. Each state has their own statute of limitations.
If they do sue you how long before they take you to court?
I tend to see the earliest Capital One will send to collection attorneys being around month 9 of delinquency.
We get really flexible payment terms on settlements with Capital One, often a allowing years to pay, so if someone has consistent resources, or a lump sum available to settle with Capital One, lawsuits can be avoided.
Iam iin Canada and have a debt with BMO I try to negotiate but they don't want , what do you recommend to do. My sorry is I have a RESP and zI do not want that they take money from there.😄
When did you stop making payments on this account?
You are right capital one is gonna be a hard one I think to settle it's now June of 2020 I have a closed account that is 5 months behind they say the charge off is next month I called today and they say the settlement offer is 2994.56 I had to laugh it's 6 bucks less then my original credit line you hit it on the money I'm 5 months and 2 weeks is it better let it charge off and deal with it later and does capital one really sell your debt or do they do in-house acting like third party??
The tend to send to attorneys or sell the debt to aggressive debt buyers.
I often encourage people get help on CapOne accounts in your situation. We have negotiators available.
I’m 21 and recently got laid off my job because I’d get sick a lot . I owe about $5,700 on my capital one and can’t afford the payments at the time . Should I just stop making them and wait for a negotiation?
You can negotiate a settlement with Capital One. If it were me, I would be proactive in my efforts starting at around the 150 day late mark, and not wait for them to do something.
my girlfreind had a Capital One cc and she closed acount bc thy say 0 apr but its at 26 apr thy want 100$ intest every month. how can we get them to settle
Capital One settles accounts for less when you are many months late on payments to them. If she is not late already, falling behind to settle is going to hammer her credit scores.
Hi. If you've been sued by Capital One, should you try and reach out to them or their attorney's to possibly settle? Can't seem to find an answer to this. Thanks.
Once Capital One places your account with a collection law firm they will direct you to call the attorneys.
Thanks for the info. If I have a business and the business (LLC taxed as partnership) is closing, and I have a $20,000 balance on my credit card (not past due currently as business just closing), and this is tied to my personal credit as one partner of 4 - could I negotiate a lump sum payoff for lower than the total? Assuming there aren't quite enough funds left to settle it completely, would it be reasonable that once the minimum payment is not made for a few weeks, they won't report to my personal credit for maybe 60 days, so no effect there, then I could call and let them know the business is closed and possibly pay 75% without effecting my personal credit? And is it best to use an agency, do they just charge a fee, do you do this? Thanks
Yes, I can help you settle this, but I cannot guarantee it will not ding your personal credit scores. You can schedule a call to talk through strategy with me here: calendly.com/debtbytes/15min
What is the trend to settling with capital one on over 5 yr old debt of 5k
It can vary based on whether you were ever sued for the debt, if they sold the account, and who to.
If you were able to deal directly with the Capital One recovery department, and this is not a judgment or lawsuit, lump sum you may be able to get this down to between 30 and 50 percent.
It is not impossible to see lower, just not common.
Can you settle once the debt is already charged off
Yes, in fact, I would say most debts are settled after charge off, and not before.
More particular to Capital One, who this video is about, the deals you can get when settling, at least at the time I am commenting, are better after charge off.
My Capital One account balance is a little under $1700. The account has been closed for years. Just received my stimulus check. Do I have any chance of negotiating?
If you have been late on your payments with Capital One for more than 6 months, you have a great chance of negotiating. They may have sold it to a debt buyer, so you may have to settle with someone other than Capital One.
If your account went to a collection law firm you will typically have to deal with the attorneys collecting for Cap One.
What about negotiting to remove the record from credit bureau? Will they be willing as part of settelment.?
Capital One will not agree to delete in return for money. Not even if you offered them double what you owe. But you really do not need the removal to improve your situation. You can often get where you are going with paid/settled collections on your credit reports.
Look at expert credit sweeps channel. You can do a factual based dispute and get things removed that way.
Hi Michael. My debt from Capital One was purchased my Midland Funding. Capital One sues the most, but since it was purchased by a debt buyer, does it mean the chance of sue is less riskier? Thanks.
Not at all. Midland Funding is highly likely to sue as well. But they can also be good to settle with. What is the balance owed? Do you know how long they have had the account? When did Capital One charge off?
@@MichaelBovee Balanced is about $23K. I think they just received it. From your videos, it seems 40% settlement is good target with Capital One. Since midland bought the debt, is 40% still good target? Or is lower possible? Thanks.
It can vary by how collectable they see you. It can also vary if you are settling this yourself or get professional help. Do you want help with this?
@@MichaelBovee I am ok for now I think.
I had two cards from Capital One. One for $3000 and another for $5000 both went to collections and the $3000 card I settled for $600, but the other is like pulling teeth trying to settle.
Was the settled Capital One a legacy card, like when they picked up from HSBC?
How long ago did you stop paying the one that is not settled yet?
I don't know what a legacy card is, but I got it directly from capital one. Each card was sent to two different collection companies. One was just a normal collection agency, the other was sent to Rausch Sturm law firm for collection. It's been a little over a year since I stopped making payments on both cards.
Thanks. That really great settlement is surprising for Capital One. You are probably looking at between 50 and 80 percent with the Sturm firm.
Hello my capitol one debt is 7400 original 6000 its 165 days past due and currently with internal collections and they are offering 3000 to settle before charge off at 180days do you think i can get a lower settlement after charge off? i currently have 2300 to settle tho capitol one/ collections seem to only be willing to settle for 3000 do you think they will lower the settlement amount pre charge off? im trying to gather the 700 to settle before charge off tho with covid situation no employment and other bills its really difficult and my credit score is 450 with 3 other credit cards past due.
That is a 40 percent settlement with Capital One. There is a chance you could get a little lower after charge off, but that is when they sell accounts (debt buyers for Capital One sue), and also when they may send your account to an attorney themselves.
You can often pay a settlement to Capital One over 90 days if the account has not charged off.
You can often get monthly payment terms way better than 90 days if the account has charged off.
Who are the remaining creditors after this, and what are those balances?
Are these other accounts also 5 months late?
@@MichaelBoveehi scotiabank 2 cards 15k 5 months past due 5k 4months past due and canadian tire financail 10k 2 months pat due
Did not catch this is CA based Capital One account. I would like that 40 percent settlement more.
Scotiabank settlements I have seen of late have been between 40 and 50 percent, and they are a risk of going to court.
I do not have anything I can share on the Tire store.
@@MichaelBovee Its Canada capitol one card so you think after charge off i wont getbetter deal from 3rd party collection? I mean i have 2300 they want 3000 so im hoping C1 settles before charge off on dec22 not sure how likely that is any suggestions?
If they will not go lower, you may try to get them to split up the payments if you can raise the additional cash over a short period of months.
are you still seeing them not report a 0 balance after the negotiated amount is paid?
No. Capital One is updating credit reports regularly now, and they have for some time. It can take 2 billing cycles after the settlement payment clears though, but that is the case with many creditors.
My husband has been sued by Capital One. The amount owed is $3462 and the attorney said they will settle for $2275. This account was charged off 2 years ago but still in the SOL in Georgia. The wording on the letter from the attorney does not sit well with me. It states the amount that they will accept but doesn't say that it will be considered paid in full. Please Advise! Thanks!!
Check out this article about what to look for in a settlement agreement consumerrecoverynetwork.com/debt-settlement-letters-agreements/
Great video. I am doing a court phone call hearing with capital one due to Covid. I am confused. I want to settle for half if they agree. So...I don't mention percentages? I should just say dollar amounts? If I owe say $2000 I should ask them if they would accept $1000 instead of saying 50 percent? I would appreciate you getting back to me. The call is Thursday. Thanks again. Great video.
My feedback about mentioning percentage settlements is that it sounds more natural for someone to refer to a dollar amount they have, rather than a percentage.
"I only have $ amount of dollars" sound better than "I can give you 50 percent". Having a limited amount of dollars comes across better.
Settling for 50 percent in a lawsuit setting in not all that common right now.
@@MichaelBovee Thanks for getting back to me. I'm in Massachusetts. Doing court over the phone on Thursday morning. Capital one..very greedy company. I will make them an offer. Thanks again!!
I think my post was taken down. I need advice on how to settle a 5yr debt with capital. It was originally 1300, but with legal fees it’s now 1866. I tried offering the collection firm 30 percent in a lump sum but they declined so I suggested possibly filing a chapter 7… no change. I’ve watched some of your videos to get guidance, but I’m still in need of help. What can I do next?
If your Capital One account is being handled by a collection law firm you are likely looking at a higher settlement. Often between 50 and 80 percent of what they are suing for.
Bad advice Michael is the dad is five years old. It’s not collectible. It’s time barred.
I was asking for a settlement from Capital One -- I just got a call that my account doesn't qualify. i asked why and she said she can't say. Is there someone who I can speak to - she said no. Waited about 6 weeks to hear back.
What do you suggest I do?
How late are you with payments?
Michael Bovee I had them do a payment deferral. So it’s on hold from getting late payment charges.
When it comes to a Capital One credit card, you typically have to be late with payments by 5 months or more before negotiating a good settlement.
Michael Bovee ah. Thank you.
I am not behind on Cap one but I am coming into some money and would like to negotiate a pay off amount. Is this possible and how do I do it?
You have to be late by many months to settle, which kills your credit. Are you good with that?
@@MichaelBovee Ty for answering. I want to keep my credit good. I was just hoping there was a way to get balance lowered.
Have 50k in cc debt , house with 100k equity , laidoff , can cc companies go after my house , if I default Thxs
They would have to sue and get a court judgment first. After that there can be a lien filed against the home. Most of these types of collections do not result in an involuntary foreclosure, so the lien just sits there, potentially growing when the court grants judgment interest, until you try to refi, or want to sell the home.
Same state protect a good amount more in equity, so you can keep your home, in a chapter 7 bankruptcy. You may want to look into whether you qualify for chapter 7 if things get that far.
Hi Michael, I'm trying to apply for the Venture X card, but I have a charge-off with Capital One from 2015 that I never repaid or settled. Do you think there's any chance they might approve me for a new card since it's been so long and it's already fallen off my credit report naturally, or will I probably have to address this old account before being approved for another card? Scores are fully recovered at this point and based off credit alone I'd probably qualify, but concerned about this old account.
I have seen Capital One approve cards for people shortly after the person filed chapter 7 bankruptcy, where the balance was discharged and the credit reports did not look as good as yours.
I would say there is at least a chance of you getting another card with Capital One.
@@MichaelBovee Thanks for the reply. Is there a difference in these cases between a BK discharge vs just completely walking away from the debt? I'm pretty sure they sued me and got a default judgement but it's been so long I don't even know what ended up happening with this account. I guess all I can do is apply and see what happens
@@TheAlexHaberman There can be a difference between what you described with many creditors, but I find Capital One to me one of the more lenient.
I have 2 cap one credit cards. One I have a zero balance on never been late and paid in full every month. Now my other cap card i owe 6500 to. I don't have the cash this month to make the minimum payment what should i do?
Will you be able to make the payment late? What is your interest rate?
@@MichaelBovee if I can it'll be over a week late or later. My interest is around the 20% spectrum.
If you are late already, and believe that you can make the payment if it were lower from here on out, you may want to talk to Capital One about getting on a hardship plan. More on that here: consumerrecoverynetwork.com/hardship-payment-plans/
You may want to look into the hardship plan with them before you are 30 days late, as you may be able to prevent credit damage that way.
If you end up going more than 90 days late I would then seriously consider settling with Capital One for less.
What happens if a senior citizen can no longer make credit card payments. The income just isn't there and never will be. I believe Retirement income is protected from garnishments, and judgements. . What's the best route dealing with Capitol One in this case
Check out my article and video about being collection proof here: consumerrecoverynetwork.com/question/social-security-pension-state-exemption-debt-collector-garnishment/
Keep in mind that if you own a home you are not really collection proof. You can be sued, and a judgment result in a property lien ,that eventually gets paid when the home sells are you refinance.
@@MichaelBovee Thanks I will watch that video
How long should I wait before I’m behind to contact capital one? How long before I attempt negotiations?
I typically want to do that right after 6 months late with Capital One.
Hi I’m trying to pay off almost 15 thousand to capital one. I’m trying to get something off the balance.
I’ve been on time with my Payments and I’ve paid the balance off 3 times in the past
Recently I called to pay it all off and they didn’t want to help me out
I just got off disability and was pretty much living off the card
Is there something I can say or do the get something off??? And get the interest rate down ???
If you are current, most banks to not offer reduced interest hardship repayment plans. They may offer them if you fall late with payments.
In order to settle a debt for less than what you owe you typically have to be many months late, and accept the credit damage that comes with that.
I’m 21 I had a capital one card at 18 used the money now I owe 450$. What should I do I want this off of my credit
You may not be able to get Capital One to delete it from your credit, but you can get them to update it to show that you paid it, and it is now a zero balance. They will do that whether you pay in full or settle for less.
You can still reach credit and finance goals with paid collections on your credit.
Michael Bovee hey i haven’t paid anything yet. Should I pay the 450$ and get this off my credit score or settle??? Thanks for the reply!
Capital One is likely not going to take it off your credit. They will update it to show you have a zero balance though. These most often show as paid collections.
My account is charged off and they offered me a settlement of 35%. I actually want to ask to pay a couple dollars more to prevent getting the 1099-c. What can I do to leverage my settlement to help my credit? Does capital one remove any negative reporting in your experience?
Capital One does not do pay for delete. They will update your credit to show a zero balance owed, and paid collection.
Are you saving a little over the 600 hundred dollar threshold for requiring them to send you a 1099c this January? How much over 600 in savings is your deal right now?
Hey Michael, I’m hoping if you could possibly help me, I have two capital one credit cards, one is Journey and the other is Bass Pro Shops. I owe around $480 on each card. The journey credit card they’re willing to make a settlement payment of 75%.
But the bass pro shops I believe they sold it to PRA. I’m ready to pay off Journey and I would like to pay off the Bass Pro Shops as well, but I’m not sure who I would call and pay for Bass. Do I make a deal with Capital one itself or call the collection which is PRA.
PRA have been calling me and I’m honestly too scared to answer that I might be sued.
Thank You so much in advance
PRA is a debt buyer. If they have the account, they bought it. You would need to call them to negotiate your settlement.
More on Portfolio Recovery Associates here: consumerrecoverynetwork.com/resolve-debt-portfolio-recovery-associates/
@@MichaelBovee Thank You Michael, what do you think I should do, would I be able to negotiate and pay lower that what I owed or do they usually what the amount that was owed or more ?
They will settle for less. How low they go is often different for each person.
@@MichaelBovee I called the number and they said the account was sent to MRS. what are you takes and opinion about MRS?
They should be straight forward to negotiate with.
With Capital One I owed them 650$ and I stilled it for 400$. They still report 250$due. I am struck. Should I disput it with Experian ?Please sajust me with a solution .
Has it been more than 60 days since the settlement was paid?
Do you have the agreement to settle in writing?
@@MichaelBovee no
It is typically best to get the settlement agreement in writing before you pay.
It can take up to 60 days for your credit reports to accurately reflect you settled.
I would call Capital One and see how they have the account coded in their system. Let me know what you find out.
I missed a payment last month now my minimum payment has gone up from $74 to $175 with a new balance of $2,370.02 and no available credit. My second card with Capital One has a minimum payment of $143.00 and the current balance is $4,902.73 with $37.39 available credit. I only have $329 in the bank. I just don't know what to do at all anymore. Should I try to make the payments or just sit back and wait for the lawsuit?
Capital One has hardship plans that they may be able to talk to you about after you miss a payment. See more about hardship plans here: consumerrecoverynetwork.com/hardship-payment-plans/
If you got to a place where you could not pay on the accounts at all for a time, I would not wait to be sued. I would being saving up and trying to pull together resources to settle with Capital One for less than the balance.
I have a question. I know that we had a conversation about Capital One and their lawsuit time frames. I just received an e-mail, saying that my account will be charged off in less than 60 days, the account will close, I will be responsible for the full balance etc. They threw out the terms lawyer and law suit (obviously a scare tactic at this point). May 19th will be my 6th payment missed. My questions are:
1.) Does the account get closed 30 days after the 6th missed payment?
If they do wait until 30 days to "Charge Off" the account, that would put my Charge Off date to June 19th, 2017. This would mean that as of June 20th, I could technically start negotiations, correct?
2.) As long as I maintain contact with after Charge-off I have until about to September to achieve a settlement with them, correct?
I am just trying to solidify my game plan when I call, and know what my timelines and deadlines are as far as having the money ready to settle.
Generally speaking, Capital One is going to charge off your account when it has been 7 months since you last paid your required minimum. Once they do that they tend to put your account in their internal post charge off recovery department. The account is there for a couple to 3 months often enough, and this is where you can negotiate your settlement.
You can actually negotiate settlements with Capital One prior charge off in some instances, but I tend to see people have more success with the recovery department.
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Capital One is offering me a 45% settlement for a payment plan. The guy i spoke to said I could possibly get lower if I paid in lump sum depending on the manager. Leaning towards paying in full to try to get an extra savings and help my credit score recover faster but would have to take a financial hit in a different way to do so. Would I be right in assuming that if I do the payment plan, my credit score won't recover until I finish the payment plan? Also how low could I possibly get from what you are hearing right now when it comes to a lump sum settlement? Thanks
It can depend on how late you are with payments.
You are correct, they do not update your credit reports if you are making installment payments on a settlement. Not until they get the last payment. If you care about improving your credit faster, I would pay in a lump sum, or pay off the monthly payments as fast as possible to get it updated faster.
@@MichaelBovee I'm 8 months out and in their recovery department. how much lower would you shoot for in my position with a lump sum deal in that situation?
I have seen some 35% lump deals in the recovery department. Not everyone's account qualifies though.
i have car loan with capital one,i am now gonna be able this month to pay montly so i am gonna get repo from them , capital one gonna sue me or they gonna sell debt to collection agency. i am upside down with loan so i am gonna owe for sure.... other question i am also in credit card debt so when is right moment to start debt settlement before car repo or after?
I suggest calling in for a phone consul to go over both issues, and how to time your efforts. You can reach me at 800-939-8357 ext 2.
Hello, I am in a situation where I will no longer be able to make my line of credit payment (65,000) and my credit card (26,000) payment. What should I do?
I would start with comparing your debt relief options here: consumerrecoverynetwork.com/debt-solutions-review/
Which of the options appear workable for you current situation and near term goals?
Michael I have a capital one card for 16K that I can't afford the $400+ payments monthly due to loss of employment. I just got a new job but I am 2-3 months behind already and I won't be able to catch up on that. To bring my account current they want the entire past due balance paid at once which is impossible and they aren't willing to do anything else. Should I just wait until I hit 6 months past due and give them a call? I tried everything witb them so far and no luck. I also have another card for $1700 witb them but I'm paying on that as normal. It won't hurt me that I'm paying my other card will it? Thank you
If the goal is to try to salvage the account, but they are not allowing it, your next step, like you pointed out, is to settle it. Will you be able to afford 330 a month starting a few months from now? This is a number based on them settling with you, and allowing a payment plan over 24 months.
Michael Bovee maybe but I'm not entirely sure as my new job is commission based as well so I don't have a clear viewpoint of an actual annual income yet. I honestly want to just close it and settle it at 50% on a payment plan and be done with it. Do you think that is possible?
@@Darknesssleeps Yes, it is. But you want to be late enough for them to offer that. You cannot get settlement terms longer than 3 months unless your account is charged off.
Do you want help with this?
Michael Bovee yes please
Michael Bovee they emailed me today saying that I'm two months behind and to call them to set up a series of smaller payments. Should i call them? Because if I'm understanding right, that won't really help me because they add that payment onto your regular minimum payment right? Which would leave me with a payment I still can't pay. Should I Call?
Hi Michael, I am planning to settle/close an account with Capital One (opened in California) soon. What can I expect in terms of a realistic settlement? The account was set to be closed on Dec 10th but I paid them $126 to have 30 more days. Current balance is $4747.89. Thanks in advance for your insight.
I see settlement vary with Capital One from one account to the other. Some accounts settle for 30%, while others they can refuse any settlement at all (though you can settle after charge off when the account goes to a third party).
I defaulted with capital one, after 7 years when it is no longer on my credit report, can I get a secured credit card with them?
Capital One is one of the banks that is pretty good about offering credit products again to those who file bankruptcy, or settle and pay less than what they owe. A secured card is even more likely, but if they do not approve one, there are many competitors to choose from.
I have a credit card debt with capital one of $812 may 9,17 was my last payment I ever did. Can I get a debt settlement from them for 50%
Have you been sued by Capital One on this account? If not, and if the account is not with a collection law firm when negotiating, I think you have a fair shot at 50% or under.
Michael Bovee no haven’t been sued for that account it just says current when I check on credit karma every time
I meant to say credit one bank not capital one do you still think credit one does debt settlements since the account is only $812
Yes, they do, but this account may have been sold off to a debt buyer. The debt buyer will likely still settle, but which one can impact how low you are able to get this.
Michael Bovee oh ok I just set appointment with you guys for Tuesday
Hi Michael thanks for your great advice. I’ve been reading through the comments but I am unable to find the answers to my concerns. I just got sued and they froze my savings. But I see no point in paying debt that will remain poorly on my score for the next few years. I’m young and it’s not a large sum, ($3600) how do I settle this or come into an agreement so that I am able to fix my score within the next two years? Any advice is appreciated
To get to your bank account they would have gotten a judgment. Judgments are not so much about credit reporting as they are the bank account, and wage garnishment issues. You can often settle judgments for 50 to 80 percent of the balance owed. See this article for more: consumerrecoverynetwork.com/question/can-you-settle-credit-card-judgements-like-other-debts-stressed/
@@MichaelBovee any advice on one late payment with them?
@@MzNika2u Are you able to keep your account payments current with your current balance and interest rate? If you are, point out you are a good customer and had something take you off your game for one payment cycle (whatever that may be), and ask them to waive the late fee.
If keeping your payments current is going to be a consistent problem from here, check out this article where I compare your debt relief options for cost, speed, and impact to credit goals: consumerrecoverynetwork.com/credit-report-score-rating-debt-relief-programs/
Once Capital One has sent your account to collections is there a way to get it settled with Capital One directly?
Maybe. Is the account out with a collection agency or a collection law firm? How long ago did you stop paying?
Thanks for responding. Its with a collection company, Portfolio Recovery. It’s been there for years but I will have money to settle it soon.
Portfolio Recovery Associates is a debt buyer. You will not be able to resolve it with Capital One. You will have to negotiate with PRA. Here is a video related to settling with PRA: ruclips.net/video/1DJ0DrnRIGg/видео.html
Hi Michael, what if the account was being collected by a collection law firm - Gurstel?
Have you had any experiences where Capital One took your car after they won their judgment against you? I received a summons and only asset I have is a 2019 car worth $20,000. I didn't buy it, a relative bought it for me. My name's on the title.
I have seen it happen a few times over 20 plus years. It is not common.
Thank You for all your great videos. They are so informative and help us DIY people have a little more confidence.
Hi, Do you HAVE to call them, can you converse with them via email. They send action emails with offers to reduce debt, but the lump sum offers are all too high. I can do a reduced lump sum then a payment plan. In the past when trying to get a reduced apr and lower monthly payments they were rude and dismissive so I don't really want to call them.
You may want to get help with this. If you can get a 50% deal and a bunch of time to pay, would that work with your goal? If so, fill it your profile clicking the get debt help tab at the top of my site www.consumerrecoverynetwork.com
Complete your profile and start a debt settlement plan. You will be able to get things rolling without a call.
I got a settlement for 10.59% of the bal for a repo with Cap one.
Nice! That is not a common outcome by any stretch.
Hi Michael,
I am going to list my creditors below. There are quite a few of them. I am behind on every one of them. Keep in mind, most of my accounts are $1000 or less. I will also mention if they are charged off or not. What I am wanting to know is which ones are more likely to sue me quickly once the account is charged off. which ones off the best settlement offers. Which ones will let it sit a while and which ones will send it to collections immediately. I understand that it will be approximate because things can change quickly but just trying to figure out really which ones to be the most concerned about atm.
The following are charged off: Walmart, JC Penney, Toys R Us, Fingerhut and Bank of America. They charged off within the last 45 days. I havent heard nothing from any of them.
The following are late. Most are late by at least 90 days: Mercury, Capital One, Applied Bank, Avant Credit Card, Fortiva, Dell Financial Services, First Premier, Continental Finance, Credit One, Merrick Bank, Chase and Seventh Avenue.
I appreciate your time in this. I love listening to your channel.
Here is one for you, I am over 200k in credit card debt and have been out of the US for three years and I plan to return soon. As far as I know there are no judgements against me and my credit has been frozen for over two years. I am on Social Security so I do not need a job, is there any way the creditors can go after me in a criminal or civil case?
Criminal would be highly unusual, but civil cases to collect are very common.
And if they didn’t serve me at all?
Be careful there. There is something called sewer service. It is not nearly as common as it was years ago, but it can still happen. This would be them filing a lawsuit and a process server saying they served when they did not, or served the wrong party.
You can often search your name in the county civil court docket to see if there is an any court action filed, and if it somehow progressed.
Michael Bovee
Thanks for all the great content, I checked all court records and nothing about a law suit on me. Also, I froze my credit on all three bureaus and will keep it frozen for 10 years
I don't mean to be nosy, but wtf happened. Vague is ok or nothing at all. But damn.
I have 3 different Capital One accounts that are right at 5 months late. I have been gathering up funds to settle with them. How should I proceed when there are multiple accounts with same credit card company?
Capital One 4275
Capital One 2365
Captial One 2700
How much will you have available at 7 months late to settle all of them?
I see a lot of 40 to 50 percent on Capital One settlements at that time. You can sometimes get terms too.
Thanks for responding so quickly. I will definitely have that by then. Do I tackle them all at once or individually?
If it were me I would try to do them all at once.
Thank You for your advice. I will let you know how it turns out!
NEVER GOT A CAPITAL ONE CARD BETTER OFF WITH A AL CAPONE CARD
I had a Capital One debt that was pre-negotiated for 79% roughly a year after, then for 53% roughly 2 years after, and a few months later, was pre-negotiated for just 39% of my original debt -- which I paid for.
Your videos are really good and have helped me out.
What if someone is on disability and have absolutely NO assets ?
There is not much a collector can do to force payment in this type of situation. More on that here: consumerrecoverynetwork.com/question/social-security-pension-state-exemption-debt-collector-garnishment/
I have had previous experience with Capital One, and want to know why they are so difficult to work with. I am currently trying to collect PPI on the account, and have found (through a court judgement) that they have been collecting 75% - 80% commission on this, another credit card I had at the time paid up no problem (Barclaycard).
It Capital One is not honoring an agreement they have with you, I would file a complaint with the CFPB: consumerrecoverynetwork.com/filing-complaints-with-the-cfpb/
Hi Michael, between my wife and I we have 4 Cap One accounts for a grand total of approximately $19K. The oldest one is four cycles late and 110 days past due according to the representative I spoke with today. I believe you said the sweet spot for a settlement with them is 150 - 180 days past due. I know I am still a bit early, but they said that "There was no settlement option available for my account at this time". Is this to be expected? I was hoping they would have made some sort of offer and we could have started negotiating from there over the next month or two.
Settling with Capital One is more ideal right after charge off with their internal recovery department right now. That puts you passed 180 days. I still see settlements a couple weeks from charge off though.
You are indeed way too early to even talk about settlements. And when the more opportune time does come, you should not wait for them to bring up the topic, as they may not. You have to sometimes call and start that discussion.
Okay, I just got the notification that I would be charged-off in 60 days on one of the four accounts, so I guess I just have some waiting to do. I apologize for the urgency, its just that I have been sitting here watching them inflate these balances with penalties and fees over the last few months and it is starting to really bother me. Once we start negotiating the settlement I assume it will be based on the inflated balance at charge-off?
You have to ask to speak with a Senior Account Manager to get any further on situations like yours. Anyhow, how did this work out?
Hi Michael,
We spoke today, and I forgot to ask one key question that will probably be instructive to anyone trying to settle debt.
When trying to determine when you should begin dealing with your creditor, (you mentioned day 151 for Synchrony, day 181 for CapOne, etc.), should we count from the date of the last payment we made, or the date that the account first became delinquent (the day after the first bill was missed)?
Thank you so much for what you do!
For those 2 creditors I would count from the date you had a payment due, but did not make.
Michael Bovee thank you so much!
Just read your article, lol
Thank you for your help. I regret the day I got Capital One. I owe them $2122. The card is charged off ugghhh. Everytime I call cust service it goes to some law firm. I am going to settle with them and keep my fingers crossed that this is over and done with. This is only unpaid thing on my credit report uggggh. You think i will be ok Michael?
Be sure you get any settlement agreement in writing before you pay.
How much do you think they will settle for? I'm hoping maybe $400 since it's pennies on the dollar lol.
Once accounts are with law firms it is harder to get under 50%, and even getting to 50% is optimistic.
Ok thank you.
Hey, So I ended up not having enough money for the settlement. They wanted 80% and would not budge. They offered me a payment plan but said I need to sign a judgement to give to the court. Is that the same as a default judgement where the default will be reported to my credit report, or will capital one just report it as paid in full?
Thanks for the video. Cap One is one of my creditors. I'll be dealing with them in the future, along with Synchrony Bank and WebBank. Laid-off from my job 6 months ago and went through the Unemployment Insurance. Forced to early retirement so I'm on Social Security.
Your videos help me see what I'm up against.
This was so helpful, thank you!
I’ve settled with capital one it was easy for me two years charged off
Shannon Mcwilliams how did you go about settling?
Shannon Mcwilliams be careful i had debt charged off and 6 months later the court sent me a letter garnishing my wages because the charged off debt was sold to a collector whom claimed they couldnt find my address so the judge said they won by default.
Steve B you still have to pay a charge off.
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