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Capital One default

in Debt-Free Wannabe
3 replies 241 views
Hi,

So after 6 months, one of my Capital One accounts has finally defaulted. I am going to self manage my DMP. My question is, who do Capital One sell their debts to and how long after they have defaulted the account do they get rid of it?

I was planning to write to them next week now that the account has defaulted with my offer. If I start paying that offer amount, then I am guessing even if they do sell the account on, the sum that I have paid between now and then will be taken off the balance? 

Replies

  • edited 3 July 2020 at 3:32PM
    fatbellyfatbelly Forumite
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    edited 3 July 2020 at 3:32PM
    Yes, any money you pay must be taken off the balance.

    My guess is that it will take a year or more before they consider selling it.

    It's not an exact science and who buys it probably depends on who is in a position to give them the best price - if indeed they ever do sell.

    Having said that I did deal with a client who had had two Capital One accounts sold to Lowell - I can check on  the timescale there and get back to you.

    Edit: Defaulted June and July 2019 and sold to Lowell last month
  • SuperFrank88SuperFrank88 Forumite
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    fatbelly said:
    Yes, any money you pay must be taken off the balance.

    My guess is that it will take a year or more before they consider selling it.

    It's not an exact science and who buys it probably depends on who is in a position to give them the best price - if indeed they ever do sell.

    Having said that I did deal with a client who had had two Capital One accounts sold to Lowell - I can check on  the timescale there and get back to you.

    Edit: Defaulted June and July 2019 and sold to Lowell last month
    Thank you for checking that for me. Appreciate it. I will write to them this week with the offer and get the ball rolling.

    Thank you 
  • edited 7 July 2020 at 2:28PM
    JambobabiJambobabi Forumite
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    10 Posts First Anniversary
    edited 7 July 2020 at 2:28PM
    My Capital One credit card defaulted on 17/05/2015 and it's still with them. Never sold the debt, and they have always been fair and helpful when discussing the DMP arrangements

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