Posted on Saturday, 7th August 2010 by Lucy Hales
And I am not taking about their customer service, which is not worse than that of others. I am talking about their willingness or rather unwillingness to settle debt with consumers. After we published Debt settlement with Capital One and Bank of America story that described how successfully a couple I know manage to settle credit card debt, we have received many emails which basically state that Capital One settlement is very hard to negotiate and that they simply refuse to settle for anything less than 50% of the outstanding debt amount. Sometimes, they do not want to negotiate at all, even after a 120-day default. According to many readers, where Chase, Bank of America, Wells Fargo and few others would often settle for less than 30%, Capital One charges bad debt off and then sends it down to its Recovery Department. It also files lawsuits more frequently than the rest.
Well, as I said before the couple that settled for so little, is very persuasive. May be they were just lucky, may be they exaggerated somewhat or a lot. Who knows. The fact is if the Capital One is the worst credit card issuer among the others that you are trying to settle with, negotiate your debt with others and then try to settle with Capital One. Do not let it hold you up. Apparently, Capital One also does not sell its default debts to the third party collection agencies so you can keep on trying to settle with them.
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