Capital One? Allied Interstate

Don't waste your time with Allied; Capital One sends all of their pre-charge-off accounts to Allied as a scare tactic, but doesn't give Allied Interstate any authorization to do anything significant. We never work with Allied for Capital One accounts.

Marie, I'm in the same boat as OP, although at this point only 75 days past due. Are you saying it's best to wait until after charge-off rather than try to settle with Allied, or is there an alternative?

Debtnightmare, we had 2 Capital One accounts; one MC and one Visa. We settled the MC directly with Capital one for 55% (through their Capital One Services LLC). They said that card was eligible for settlement but the Visa card was not. We were about 120 days late at that point. Can't figure out why they would deal on one and not the other.

Thanks Marie. Yes they are persistent and call a few times on all numbers every day. I pick up every now and then and tell them we already offered all we could and unless they were interested in taking that we had nothing to discuss. They only come back with principal or making a payment to get current and then restoring charging privileges, etc. I just laugh at that. Who cares. We don't want any credit cards.

So any idea where it goes after the 180 days?? I've heard Capital One will sue but we are talking a $3200 original balance and I'm in Texas.

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I wish I knew what their next move will be. lol. I was tempted to agree to the principal offer just so we can finish this and it does knock about $800 off the current balance. But it seems so wrong when all the others agreed to 50% or less and I allocated the money to everyone based on getting them down half and now this one hanging tough is making me mad!

"Court and legal fees are charged to you, so they have nothing to loose. "

Is Capital One that difficult, I would think if you could convince them that a law suit would result in a less favorable result than settling they would want to settle.

Gawe, how difficult were the negotiations on your first account?

What would a lawsuit be less favorable to them? A judgment extends the length of time the debt is collectable, up to 20 years in some states. Interest continues to accrue, and if they choose not to settle, they have other means to collect thru bank levy and wage garnishment. Truth is, they make MORE money with a judgment.

SOAPLADY, I do see your point of view, but what are the circumstances that they do settle?

From a business perspective, they have let consumers know that they dont play games and expect their money in full, and its working as I see many posts that people had to give in.

But what is the key to getting a settlement with them, convincing power or just luck that their computer selected your account for settlement?

Soaplady's right - Capital One does sue. BUT, I just did a quick review of our clients' Capital One accounts and noticed that nearly 98% of them end up with a collection agency, as opposed to a law firm, post charge-off. If you allow it to go extremely delinquent, beyond the charge off date, it is at that point that Capital One will sue.

The first account with Capital One was relatively easy. I had a figure in mind for both accounts and was talking to Allied about them. They ended up transferring me to Capital One Services (in house collection) and a guy there said the one account was eligible and very easily accepted my offer. Said the other account was not eligible. I went ahead and settled the one figuring I could use it as leverage when they came back saying "they didn't settle". So far it's not working.

I guess I'm going to let it go past charge off next week and see where it lands. I'll make a last ditch effort at 178 days or so to offer my settlement again. I'm just nervous about passing up a willingness to go back to original principal for something that turns into much more money and hassle. Sucks to come this far and have one small one being a PITA.

I also keep trying to call Capital One Services since that's who I settled the first one with and I can't get past being transferred to Allied.

Marie,

Trying to understand...

You told Gawe not to bother with Allied, are you saying it may be kicked back to Cap 1 or another agency and wait to deal with the new agency or Cap 1 again?

Marie, I'm curious to know the answer to ioalot as well if you have any thoughts on this. Tried talking with Allied again today at 174 days and still not budging. Where do you think it will go at 180 days? Easier to deal with CA? Back to Capital One? Darn I just want this last one done so I can breathe a huge sigh of relief. :(