Posted on July 2, 2009 at 5:51 am how well does debt settlement work with Capital One?

Posted on July 2, 2009 at 5:56 am I suppose it depends on the amount of debt and how good the negotiator is? I'm not sure -but if they've already sent you a letter saying that they are taking legal action against you-with a reminder that you could settle your debt with them-take it as a signal to negotiate a settlement.  I heard that they really do sue debtors.

Posted on July 2, 2009 at 5:59 am yeah i heard that too-that they love suing consumers...but is it still true even after that recent news about credit card companies having a change of heart regarding settlements? that they are now more open to negotiation than years before?

Posted on July 2, 2009 at 6:01 am but it's not impossible to get them to negotiate right? even if it seems tough..would you know how much  their recent average settlement rate is? also how are they with regards to reporting to the credit bureaus?

Posted on July 2, 2009 at 6:06 am some say to not expect to settle for less than 75- 80% ...and as for the reporting, I guess it would have to depend on what they agree to- it could be "settled", " settled for less", or "paid"--- and what you actually paid for.

Posted on July 5, 2009 at 10:16 am Capital One is one of the more aggressive creditors to work with if you are trying to negotiate a settlement. For one, they do tend to pursue legal action more than other creditors, and the percentages they settle for on average are higher. But to answer your question, yes, it is still very possible to settle a Capital One credit card debt. If the account is still with Capital One- you shouldn't expect to settle for anything less than 50% of the balance (assuming the account is 4-6 months past due). You will have to contact their settlement department to try and negotiate (it can be rather difficult to get someone on the horn there- you may have to leave a few voicemails). If a Capital One account is with a third party collection agency or debt buyer, the percentages tend to be less- usually between 35-50% of the current balance. And if they do file a lawsuit with against you- a settlement is still possible. You will have to negotiate with the law firm handling the account for collection. These settlements on average range from 55-90% of the current balance. If you do not have the funds for a settlement after a lawsuit has been filed you will need to see what your options are for setting up a payment plan. If you need help, feel free to fill out a form on DestroyDebt.Com for a free consultation!

Posted on July 13, 2009 at 12:02 pm I am currently trying to settle a $5600.00 account that is fast approaching charge off. They were "generous" and offered to settle for 90%. They seem to be the worst to deal with.

Posted on July 13, 2009 at 2:27 pm Yeah that are difficult to work with I agree. So the question for you is do you accept the high settlement offer to prevent your account from charging off (considering the negative impact a charge off has on a person's credit report).

Posted on September 8, 2009 at 8:28 am I saw "Settlement Department" for Capital One mentioned.  I, too, am hitting a stone wall, but I am not talking with settlement representatives or even anyone with an American accent.  Is there really a "settlement department", and if so, does anyone have their phone number?  Thanks!

Posted on September 8, 2009 at 3:06 pm Hi Sandy, Unfortunately I don't have the number. When you say "hit a stone wall" do you mean negotiating with them or just being able to make payments? Just curious...you should know that they aren't going to settle the debt at all unless you are at least 120-150 days past due.