Capital One won't take settlement for debt Can we sue THEM?

by SC

We entered debt settlement in 2009 with 40K in debt. Thomassen Law Group has been wonderful in helping us settle all but two credit card debts. These are for original total of $4000 and $1000 with Capital One. They will NOT settle the debts. Granted various collection agencies now own the debt as it has changed attorney hands (with them) at least 3 times but no matter what our attorneys try to negotiate, it is never accepted. Can we take Capital One to court because they are continuing to report us as late and non paying to the 3 credit reporting agencies (I do have our current reports) and we are trying to settle the debt but they refuse. It seems they are doing it for spite to us. We were able to settle the other debts once we got served with court notices and ignored before that.
Thank you

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Dec 16, 2011
Capital One won't take settlement for debt Can we sue THEM

Based on what you have told me, you have no grounds for a lawsuit against Capital One. They are under no obligation to settle with you. I assume that the company wants you to pay a larger amount to settle than you have offered so far. Therefore, you may discover that if you can increase your settlement offer, the credit card will agree to it.

I am sure that Capital One is as anxious to receive at least some money on your past due debt and to avoid having to go to court to collect it, as you are to resolve the debt. However, it's entitled to decide what is a reasonable settlement amount and from what you have told me, it does not feel that what you have offered to date is enough.

Jan 10, 2012
Captial one debt

How do you decide what amount is proper, other than the full amount being asked.

I had a 300 limit credit card with capital one. I paid on time for several months, when I went to close out of the account because my job was being outsourced they apparently didnt close it. I never used more than 200 dollars of that limit.
A few months later after I had thought I closed the account I received a late payment of 300. At the time I should have been paid up to date on the card enough to close it out with an even balance. I called and was told that I needed to make that payment in full, of course I said I could not do so. I asked for payment arrangements and was denied. Now it has been 1 year since and I have received several collection notices of over 800 dollars. I call each one asking for a payment arrangement for 800! still no one will work with me. I now make 7.50 an hour and only work 25 hours a weeks but still cannot find another job to keep up with my every day living expenses. I consider them to be fairly cheap and I have no more then the necessaries. I am 21 years old and had have to drop out of college to support myself. How can they not understand that people have other bills?
That people need to eat and need heat in the winter to survive. My most recent collections notice was for 1108. When will someone work with me and the debt stop growing?

You may want to consider getting help settling the debt from a reputable debt settlement firm. The firm will be able to tell you whether or not settlement is a feasible option for you given your circumstances and if it is it can try to negotiate a settlement you can afford. It is likely to have more success than you have had thus far, assuming settlement is realistic in your case, because they have more negotiating experience than you.

If you want to learn more about debt settlement, I recommend that you read this, negotiate a settlement with the collection agency. If you would like to learn more about the settlement services of the firm we recommend, go here, Consumer Recovery Network.

I don't know if you have a lot of other unsecured debt, but if you do filing for bankruptcy may also be an option you want to consider. To learn more about the bankruptcy filing process, I suggest that you read how to file for bankruptcy. However, do not try to file on your own! Bankruptcy is a complicated process and so you need the help of a bankruptcy attorney. If you want, get a free initial evaluation with a bankruptcy attorney. The attorney will be able to tell you if bankruptcy is a good option for you, how it works and so on. Good luck!

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