Capital One Settlement

george66

Just got off phone with Capital One, have asked for an amended letter stating that the remaning balance will not be pursued or sold on, at first he said that once payment was received they would then send a letter stating that I wouldn't be persued for the amount outsanding. At this point I said I was in a catch 22 situation and wouldn't be able to get the money paid off as my son wants to see it writing before he will pay it. He (CapOne) then went away for a few minutes and when he came back he said there will be a letter in the post shortly to confirm it won't be sold on or persued.
Here's hoping they get it right this time
Thanks

UsetheFORCE

Hopefully you have resolved the issue.

I would have clearly stated that YOUR SON (a third party) will settle the debt and ensure that your SON makes the payment, preferably by cheque.

Capital One would in effect be entering into an agreement with your SON to settle the debt you owe them.

moohound

I had the same response from MBNA this morning, and I don't know what to do, they accepted 38% which is quite low I think, the account is at the point of being sold on at any time (so they said) but like the OP they said it would be marked as a partial settlement and the rest would remain on file, and I don't know what this means.

Sorry to be hijacking , but we are in the same position I feel.

happy_bunny_2

moohound wrote: »

I had the same response from MBNA this morning, and I don't know what to do, they accepted 38% which is quite low I think, the account is at the point of being sold on at any time (so they said) but like the OP they said it would be marked as a partial settlement and the rest would remain on file, and I don't know what this means.

Sorry to be hijacking , but we are in the same position I feel.

means they will not set your outstanding balance to zero, so they can sell it chase you later. Don't pay until you have confirmation in writing

george66

Hello all,
Finally got my letter from CapOne stating,
"The remaining balance will remain on your account, although we will not be pursuing payment of this balance. We confirm that this balance will not be passed on or sold to anyone else to pursue after the settlement of your account.

Your credit file will show your account is settled with an additional flag to show that a partial payment was accepted"

happy_bunny_2

Sounds like a good result

sickasachip13

Hi George,

Just as possible reassurance - we went through the same process with Cap1 and haven't had any problems with them. I did ask them, when I paid, for a letter confirming the payment had been received - which they sent.
Well done :-)
SAAC

george66

Thanks to all that have replied and for the help, I did phone and ask that payment had been received, which it has, and have to phone again next week and ask for them to send out a confirmation letter.
So I am financially debt free, but owe the son a lot of DIY, which I would have done for him anyway

Thanks again