If you have settled a credit card debt with Capital One, what percentage of the balance did they accept?

Hi there,

The difficulty with credit card debt is that it can take so long to pay it off that u just get almost bored & spend again. Most people find it hard to live within their means & not get further into debt or back into debt.

l can recommend starting to buy everything with cash - l am telling you, when u see those bills going through ur fingers u will really cut back on ur spending! It is far too easy to spend money u do not have with a credit card.

You have to get rid of ur credit card debt. Either get a consolidation loan or consolidate ur cards to ones with zero or low rates of interest. Once u have done this u MUST get rid of ur old cards - cut them up & destroy them otherwise u will be tempted to spend on them again & get into even more serious problems.

You really can get out of credit card debt but it is going to require some discipline & self control & maybe even a five year plan, but once u r out of debt u will feel a new found sense of freedom!

Hope that helps, but please let me know if u need any more info :)

l have been unable to get them to settle. They closed the account, and when l offered a settlement (50%) they sent it to collections.

BFD -- Take a number, stand in line . . . .

Capital One has their own in-house collection dept and are very aggressive in collections. They are very likely to sue even for small balances.

You will need very strong negotiating skills to get them to settle.

Why should they settle. You ran up the debt and owe the company. The first ans. was good. sell what you can to raise money and get a second job working nights and weekends till debt is paid. Cut up all credit cards since you cannot manage them safely

l have. If you're really behind and/or about to be charged-off, they will usually make a settlement offer. They offered me 20% off the balance in a lump sum and l paid it off.
Creditors will take a one lump payment or split up the settlement but lasting usually no more than 3 months. Just make sure you get everything in writing before you settle.
Do not expect a large discount at this point, although depending on the rep, it can happen.

My experience has been around 45%. It can change monthly with how aggressive they are in wanting to settle claims.

They accepted a 45% discount for me last month on a $28,000 original debt.