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Hey yall should ... |
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if you can pls explain your answer.... |
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Elaine K | I got a letter from Capital One...I think they are suing? |
I defaulted on my Capital One Card less than a year ago. I recently moved, had the post office forward my mail but unfortunately a letter from Capital One went to my old address at my parent's house. My mom apparently is looking through the envelopes and saw that there is the word "defendant." Does anyone know how Capital One works? It seems awfully soon to be proceeding with a possible judgement. I owed more to Discover card, like a few grand, and it took them a few years before they sent another collection agency after me. Also, I thought Capital One sold my debt to a collection agency...can Capital One still sue? I thought they didn't own the debt anymore?
Serious answers only please...I know I wouldn't be in this situation if I had been smarter about my debt. But things happen and people make mistakes, I just need to know what this may be and what I should do.
Additional Details
chickey...lol my parents aren't anywhere near me.
to the 2nd poster...lets see, I said serious answers only please. People's lives have things go on and situations occur where money is needed for more important things. Some people like me don't borrow money to not pay it back; they have things happen which is why they can't pay it back. |
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KKup
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Call the company and talk to them about what they have done and how you can set up a payment plan.
They can sue immediately for the funds if you don't pay. The fact that you owe more to someone else is immaterial.
Set up payment plans and stick to them or your credit will be ruined for a really long time. |
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woocee
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open the letter, or have your mom open the letter. Then call cap one, find out what/who you owe and set up a payment plan. |
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Jennifer
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Hi,
I used "Credit Solution" to settle my debt and improve my credit score.They managed to reduce my debt up to 58%.It's legitimate. Icame across this company on NBC News Special Edition.Check it out here:
http://is.gd/7il |
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Ted
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Sometimes they sell the debt to a collection agency, in which case they are permanently out of it. Sometimes they contract with a collection agency to try and collect the debt for a period of time, in which case they still owe the debt and can sue.
If you have not notified a creditor of your new address, then a letter to your last known address is sufficient. |
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jnklvr
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Sometimes they use this as a scare tactic or to get your attention so you open it. I would find out who "owns" the debt and MOST credit collectors will reduce it if you wait long enough. I HAVE NEVER been sued by any of them and had one card after me for 2 years before I settled it with whoever bought the debt. Don;t panic as I am sure your credit is already ruined after this long just wait and see what they will take. Another thing to do is dispute the debt as it buys you more time GOOD LUCK! |
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video production
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More than likely since it was a year old they wouldn't sue you yet. Companies generally wait until the Statute of Limitations is almost up. If they were suing you, you should have been served personally by a Sherriff, or someone. I had a default on a Capital One card years ago, they sent me letters telling me that the debt had been transferred back to them for collections. Maybe it was one of those. Call Capital One and ask they tell you who actually owns your debt. |
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cosmosclara
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If Cap One is suing you, you would have been served with a Summons - by a sheriff's deputy, generally. Perhaps the "defendant" verbage was to get your attention, by some unscrupulous collector. (They did, I guess.) You're right -- six months is so soon to be suing.
You have to be served properly -- to you (the right person) and in a proper manner (that is, not left on your doorstep to find, etc.).
Cap One does not sell much of their paperwork (accounts), if at all. They do, however, let other agencies try to collect for a percentage. Cap One, too, (itself) is in to Junk Debt Buying and have their own Crap Agency (called Westmoreland, or something).
A Statute of Limitations exists on credit card debt. It varies, depending on the state you're in. You can find out what your state's is at this site:
http://www.budhibbs.com/statute_of_limitations.htm
Also, your agreement with Cap One probably says the Contract is governed by the laws of Virginia and Federal laws. The SOL on Open Accounts (credit cards) is three years in Virginia. It sounds like you are well within the limit & can be sued.
Perhaps you can call county and city agencies -- or visit their websites -- and find out if you can get some free or low cost legal advice. They should have phone numbers and info. Ask your State Attorney General, as well -- or visit his/her website.
www.BudHibbs.com ("Agencies to Avoid" button, top) has info on "Westmoreland/Cap One).
Good luck to you. :) |
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chickey_soup
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Open it. That's the only way to find out. |
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SlimMick
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If they were taking you to court, a sheriff would have come and served you papers to appear in court on a specific date....You would have had to sign for it......You cannot be served a summons via regular first class mail..
CapitalOne has a history of taking people to court over relatively small dollar amounts. They make more money by tacking on extra fees. If you get a summons, DO NOT ignore the court date....being a no show = default judgement...which means wage garnishment at 25%. Still, you should have this mail fowarded to you to see what it says. I'd try to make a deal with CapitalOne, because you're better off dealing with it now rather than in court. |
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quickspic
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Your already late paying them will not help your credit at all. If it is a small amount < $5000 or so they won't take it to court. Their legal fees would be more than that. They will threaten to do everything under the sun but won't do anything. If you don't have the money their is nothing you can do but learn a valuable lesson.
Wait till it goes into collection and you have some money saved up this may take a couple of years. Then do debt negotiations with them. go to www.creditinfocenter.com to get the exact details. Don't pay on the loan as it will reage and not help your credit at all. |
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An0nym0us mAn1Ac
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Stop borrowing money you cannot afford to pay back.
Call them and find out how much you owe, make a payment plan. |
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