Credit card charge off with Capital One, 7 year reporting time and debt validation
Q: I have 3 year old charge off on Capital One credit card account for $7,800. If I make a payment, will it reage and the 7 year reporting time start anew? The other question is, the statute of limitations is 4 years so I have only some 10 months to go, what if by paying, I wake the Capital One up and they will sue me. I want to settle with them for no more than 20%. I got an offer to settle for 45% from their collections department 2 years ago. I sent data validation letter, and sure it came back with debt verified nice and clean. Then they sort of fell asleep.
A: I thought that collection department never sleeps but you must have slipped through the cracks. The 7 year reporting time should not be restarted if you pay. As far as 10 months left, that is a tough one. Sounds tempting just wait and get through the last crack. I can't really tell you what to do here. If you want to pay them because your conscience bugs you, then contact them and offer to settle. But be ready that your 20% offer will be refused. Of course they can sue and go after your paycheck or what have you. Lately though Capital One has mellowed down a bit, but with so many credit card charge offs, who knows.
Wed Oct 29, 2008 12:10PM by Tony | More in Credit Repair | Comments (0)
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