Capital One
i rec'd a call today from a collection agency stating that they represent Capital ONe, and that they will be sueing me by serving me on March 26th.
my question is can a credit card company actually sue me?
Prior to all of this, i wrote to Captial one in January asking them to provide some validation about this collection agency, confirming that they are representing them on this past due account and Capital One never responded. Do i have any recourse at this point? 
I would write a letter to capital one once again about this collection company and tell them they have 10 days from the receipt of this letter to respond but you have to send it return receipt requested so you know for a fact they received it. I would then send the collection agency a letter telling them that you are looking into this matter with Capitol One and that they need to quit harrassing you or you will call the BBB and Fair Trade Commission. Make sure you send all of them return receipt. The collection company is mroe thank likely using a scare tactic on you. See what kind of response you get from them and then post it or PM me. I am not an expert but I have helped repair some of my families credit and I have researched a lot.
Kelly
Cap 1 are very very evil people...I'm in the process of suing them now for their reporting of a settled account.
I can tell you one thing..Cap 1 is smart...lol I would use care with dealing with them. If the debt is a great amount...they will sue....
I remember when I sued a collection agency in small claims court and Cap 1 attorneys were there a they had several suits that day with average joes who owed them some greenbacks.
I also tried the validation letters, with intent to sue letters, and letters to the CRS..after I paid and settled for a rating of R3...they never reported correctly so that's why i'm suing now. It's been a year but it's worth the fight.
Best wishes
[addsig]
Yes, they can sue you.
You shouldget a copy of your credit report all three bureaus and on it will be the collection agency, address and phone number. If you plan on paying this debt, you will have all the info at your fingertips. If not you will at least know what is happening with your credit situation. if they put a judgement on your credit it can hurt your chances for a mortgage or even a loan.
These things depend on various state laws.
Lori
[addsig]
Just make sure you look at your report because if Capitol One still shows up on there and so does the collection agency you can have the Capitol One account removed because it is not suppossed to be on there twice. I have dealt with this many times and even had some removed from a freind's credit because of this.
Kelly
Cap 1 sues more than perhaps any other credit card issuer. Their threshold for suit seems to be about $1,200. If there is a collection agency working on assignment (not a debt buyer), they may simply be misleading you in the course of telling you the deadline they have from Cap 1 for getting you to pay or make a deal. Capital One may or may not sue when the assignment ends.
If Capital 1 has sold the charged off account to the CA, their own charge-off TL must show a zero balance (the CA can show the balance you owe). If it's assigned, Cap 1 still owns it and can still report a balance.
My friend actually workds for a creditor and informed me that only one item can be on your credit report. Therefore as I stated above you can have one deleted if they are both for the same credit card account. I used this information and had one removed from my husband's credit report. Just FYI. He has taught me a lot about creditors.
Kelly
Quote:
On 2004-03-05 23:10, kellyntx wrote:
My friend actually workds for a creditor and informed me that only one item can be on your credit report. Therefore as I stated above you can have one deleted if they are both for the same credit card account. I used this information and had one removed from my husband's credit report. Just FYI. He has taught me a lot about creditors.
Kelly
Not quite.
It can appear twice, but no more than twice. The OC can appear, and one CA at a time can appear (the one that's currently trying to collect). If it's assigned, both can show a balance. If it's sold, the OC must show a zero balance.
Many times, you will find two CAs appearing simultaneously, because it bounced from an unsuccessful one to another, either through sale, or by reassignment from the OC to a different CA. The CA that doesn't have it should always be easy to knock off your CRA reports.
We paid two settlements on charge-offs -- one with Capital One and one with Household Bank, and we are fighting them, as they SAID they would remove the CO once we settled and paid. I just got done arguing with 4 people from their recovery department and got nowhere. They fully intend on leaving it for 7 years. How can we get them to remove the charge-offs. They say charged off and then underneath, "Settlement accepted."
I have two accounts with Cap. One. both of which I have more than paid the amount of my purchases (I know because I've actually made up a spread sheet with the various charges, payments,etc.). Both cards remain "over the limit". I put one account on a debt mgmt prog. over one year ago. When I first added them, the account was approx. $600 now that account is over $700 and my dmp has been sending the "agreed" amt of $35 mo.!! I quit paying the other account completely because I felt like I was basically throwing my money away. Originally I'd called Cap. One to settle, but they refuse. Now that I haven't pd. on that acct. I've rec. ltrs offering settlement, but only for $100 less than the balance. Not good enough!!! Any suggestions?
I have a client that took the dump for a nice corporation. He obtained the cards and signed on them and the company ran up over $50,000. The company then disbanded and the entire group of executives then went over to a parallel company which was clean as to credit.
The cards of course attacked my client. Who was of course to blame but the funds had been used with others to obtain some rather spectacular holdings in land which was latter subdivided and profits all around. But for some strange reason known only to the Syndicate they did not pay off the old credit cards and my client had debits outstanding close to $100,000.
We tried on his behalf to make settlements with the two big card companies. But they would not remove the items even if paid off as they were not going to be paid off at the full amount. The charges and interest accelerations were enormous. Of course at that instant the IRS and California Franchise Tax both posted liens and our client finds himself loaded with debt without having had the pleasure of at least spending the money.
We informed him that he had a bad choice of business associates and as he had now been eliminated from the Syndicate there was but one path open to him and that was the big BK. He has now filed and is off and running to first creditor meeting. We have installed him and his family in a house which he leases and hopes to one day own. We have extended to him an option at no cost to buy the house. His house payment generates about $90 a month to us. He may buy the property any time within the next two years for a stipulated price that will give us about $7,000 at time he does this. He is now acting as "What Else" an appraiser and also handles the management of 10 small apartment houses and his income is pretty steady. His assets are zero except for a modified VW Jetta 2001 that is spectacular.
My question based on present market and the requirements to obtain a mortgage. Do you think he will be able to obtain such a mortgage which will be for about 70% of the appraised value of the house when all this legal stuff is finished and he is discharged from BK.?
He will syndicate no more, stay away from Wilshire Blvd. Never play high roller. Just run his own game and lead the good life. I would appreciate your comments.
Lucius
Hi Lucos, I can help you and your client with financing . I have sources that will virtually finance any credit with a few stipulations. A- Must prove Ability To Pay (ATP) ---Time length depends on credit problems. Can be 3-6-or 12 months to financing. B- Must be paying on time on all present accounts. C- Must NEVER of had a rental eviction. If your client can meet these rules I can probably get you 100% financing. I can help anyone , anywhere with this solution. So, all others on this site that are having trouble getting financing for a property or are experiencing problems getting financing for a client ,get ahold of me . Corning, Ohio 43730 Tim Maxhimer--I'm in the book. PS My wife and I owe 2 capital One accts. and I am taking them to my grave.
[addsig]
Well I have to go with my friend on this one since this person works for a collection company and like I said I have done research and have had them removed from someone's credit because it can only appear once on the report. I guess we all have an opinion on this one but I know what has worked for me and several other people. I am inclined to believe my friend because they are experts on it.
you are up __ creek without a paddle if you didn't get it in writing. Writing is the only proof. I like to use faxes call Loss ask for a fax # then start faxing back and fourth. Doc is the key they know it and you should too.
Quote:
On 2004-03-06 00:44, dezra wrote:
We paid two settlements on charge-offs -- one with Capital One and one with Household Bank, and we are fighting them, as they SAID they would remove the CO once we settled and paid. I just got done arguing with 4 people from their recovery department and got nowhere. They fully intend on leaving it for 7 years. How can we get them to remove the charge-offs. They say charged off and then underneath, "Settlement accepted."
You should have gotten their promises in writing. People representing bank lays. That's the fact. I also noticed that Citibank and BankOne service are rapidly deteriorating. When you make a call and spend tons of time trying to resolve the simplest issue just to be called "baby" or "honey", you know something's wrong with that bank. Citibank and Bank One are on the top of my NO WAY list. Let them call their mama "baby". That's discussing luck of professionalism, don't you think?
I didn't think you could be sued by a collection agency, but rather you can be sued by who they represent. If you want to get to the heart of the matter, write the collection agency a 'cease and desist' letter. This keeps them from calling and harrassing or sending threatening letters. AS far as I know, the matter then goes back to the main source.