Have you settled credit card debt with Capital One?

Question

If you have settled a credit card debt with Capital One, what percentage of the balance did they accept?

Answer 1

I have.  If you're really behind and/or about to be charged-off, they'll usually make a settlement offer.  They offered me 20% off the balance in a lump sum and I paid it off.

Creditors will take a one lump payment or split up the settlement but lasting usually no more than 3 months. Just make sure you get everything in writing before you settle.

Don't expect a large discount at this point, although depending on the rep, it can happen.

Answer 2

Why should they settle.  You ran up the debt and owe the company.  The first ans. was good.  sell what you can to raise money and get a second job working nights and weekends till debt is paid.  Cut up all credit cards since you cannot manage them safely

Answer 3

They accepted a 45% discount for me last month on a $28,000 original debt.

Answer 4

Hi there,

The difficulty with credit card debt is that it can take so long to pay it off that you just get almost bored and spend again. Most people find it hard to live within their means and not get further into debt or back into debt.

I can recommend starting to buy everything with cash - I'm telling you, when you see those bills going through your fingers you will really cut back on your spending! It's far too easy to spend money you don't have with a credit card.

You have to get rid of your credit card debt. Either get a consolidation loan or consolidate your cards to ones with zero or low rates of interest. Once you have done this you MUST get rid of your old cards - cut them up and destroy them otherwise you will be tempted to spend on them again and get into even more serious problems.

You really can get out of credit card debt but it is going to require some discipline and self control and maybe even a five year plan, but once you are out of debt you will feel a new found sense of freedom!

Hope that helps, but please let me know if you need any more info :)

Answer 5

I have been unable to get them to settle.  They closed the account, and when I offered a settlement (50%) they sent it to collections.

BFD -- Take a number, stand in line . . . .

Answer 6

Capital One has their own in-house collection dept and are very aggressive in collections. They are very likely to sue even for small balances.

You will need very strong negotiating skills to get them to settle.

Answer 7

My experience has been around 45%.  It can change monthly with how aggressive they are in wanting to settle claims.