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NunYa | How Should I Settle This Credit Card Debt? |
Long story but I had a Capital One Credit Card with a limit of $3000. I ended up not being able to pay the bill. I was swamped with other bills, and since Cap One insists on calling me 20 times a day, I decided they would be paid last.
I have made a good faith effort to pay toward the card when I have the money. I even sold my car for $1125 and put toward the card. I just can't make any progress toward paying off the card.
I now have $4000.53 on the card and have received a pre-legal notice. Their voicemails say they have some special offers for me.
I have been setting aside money to make my minimum payment but the minimum payment increases faster than I can save the money. It is currently $969 and I have about $105 saved.
Would they let me pay them $100 now and then $50 every two weeks? I just don't want to give them any money if it's all going to be eaten up by fees again like my car money was.
What is the best way to pay this off? I make about $850/month. |
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hamrrfan
|
Contact them and work out a payment plan. Your saving plan is impractical because their rate of interest is higher than any rate of interest you might get in savings. By the time you save up $969 the minimum payment may be $1100. This is a guess for an example. I do not know that actual amount.
Do not use the card any more, until your have a zero balance. |
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Mr. Smiles
|
Go into hiding in the Bahamas. They can't make you pay if they can't find you!
Also, burning your passport will probably help a lot. |
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sophieb
|
Ok, you're in over your head. Set up an appointment with and go to Consumer Credit Counseling (a government entity for the purpose of helping you). What they do is consolidate your bills then determine how much you can pay and then talk with your creditors and get them to lop off some or all of the interest so you can pay down the amount you owe. They are in the phone book or you can find them on the internet. Find an office near you. |
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Michael M
 |
First they cannot call you 20 times a day that is a violation of the FDCPA> I would remind them the next time they call you.
It appears that you have a solutio and they are no accepting. I would put the above in writing and send it to them, you are making a good faith effort to pay and they are not working with you.
And remind them they may call once a day and leave one message only. IF they exceed that number report them and they will be fined.
Good luck |
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Knowitall
 |
The longer you take the more it will cost. This is why you do not buy what you cannot afford. |
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bdancer222
 |
I'm not clear if this is still an current, active account or if it is in collections. It sounds like you have defaulted and the account is in collections. You should understand that Capital One has in-house collections and is very aggressive and takes no prisoners. You will be sued. It is in your best interest to settle this account NOW, before they take you to court and get a judgment which will further damage your credit.
They are not going to take small payments. Not sure where you are getting the minimum payment at $969. Are you still receiving monthly statements? It sounds like that minimum is the amount to bring the balance under the limit. If you fail to make that minimum, you will be hit with late fees.
I suggest you call and find out what the special offer is. Maybe they are willing to give you some kind of hardship program.
You may want to check with a NFCC credit counseling service: http://www.nfcc.org/. These are legit non-profit companies that offer debt management programs for a nominal fee. They negotiate lower interest and payments so you can pay off your debt. |
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San
|
The best thing for you to do a balance transfer to some other credit card. Citibank offers very low rates on balance transfer up to one year. But still do a comparison of other credit cards offered in you country and try to get the best deal. Don't make a hasty decision but make an informed decision, by getting suitable advise from your local bank.
Cheers
San |
|
O
|
If it is still Capital One handling the debt collection, the best you can do is negotiate. If you have this income they will realize that there is a limit to what you can pay. Ask them to freeze the account in terms of interest, fees, etc. The interest and fees are what eat you alive.
At your level of income, giving them the $100 monthly you propose is quite an effort. Even if they eventually obtain a judgment against you, they can garnish your salary up to 25% but they can’t touch the first $217.50 of your weekly income. These limits apply whether there is one creditor or 100.
If you don’t have any other creditors, it’s a good plan. Again, make sure interest, late fees, over-the-limit fees, etc., are frozen.
Often banks have certain plans for these situations, which happen so very often they have to deal with it. They will ask you about your income and expenses to set up a payment plan.
Capital One, as the ORIGINAL creditor, IS NOT subject to the FDCPA (Fair Debt Collection Practices Act).
An EXTERNAL collection agency acting on their behalf IS subject to the Fair Debt Collection Practices Act. (FDCPA). You can immediately silence an external collection agency with a Cease and Desist letter, but they will almost certainly proceed to sue after that, or they may just bring them back to the in-house collections dept., or sell the debt to a junk debt buyer.
Negotiate with Capital One in good faith and you’ll be better off. |
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