Capital One accept settlements?

abby1234519

I defaulted on my Capital One credit card at a balance of £690 (limit was £500) the date of default is 12/10/2009. The debt was passed around to various agencies and eventually was passed back to Capital One. They agreed about 6 months ago to pay £1 per month (single student parent circumstances).

I have worked out I can afford £100 per month towards debt repayment now if I don't overspend on my budget. Might be able to pay more but baby steps.

Because I am a student I get the majority of my money in lump sums so the £100 for the next three months arrives on Saturday. I think I can scrape another £100 together so I would have £400 available. The balance is now £656, whats the likelihood of capital one accepting £400. Should I go in higher? Lower? I don't really want to settle debts I'd rather pay them off but I just think maybe getting a couple out of the way will make life easier.

thechippy

Personally, I'd send Cap1 a CCA request. They rarely have compliant agreements, so it could be good ammo to beat down the settlement offer further.

sickasachip13

They settled for less than 50% of ours just the other day. I sent the template letter from National Debtline and made an offer. I suggest going in low!

abby1234519

sickasachip13 wrote: »

They settled for less than 50% of ours just the other day. I sent the template letter from National Debtline and made an offer. I suggest going in low!

Do you know what percentage it was?

I admit that really I should pay my debts off in full but this would take me 6 years on the income I am on now, when I graduate this will go down especially when I move in with my OH so I can't see myself EVER paying it off...But by settling a few it takes the strain off. PayDay Uk settled for £175 on a £350 debt which was unexpected last year!

abby1234519

I think I might try £300 which is 45% (approx)

MusicalLawyer

You could just ring Capital One up to pay off £400 of the debt. They wouldn't change the agreement you have with them if you're making your agreed payments without fail most probably. I have a debt with Capital Once which is about £600 and I pay £15pm, though I just paid a lump sum of £200 off the other day as I did over time at work this month.

dibdabable

I sent a letter the other day to Cap one, so I'd be really interested in how you get on,please let us know. Did you write or phone or haven't you decided yet? I'll let you know how I get it on if it happens soon.