Capital One Payoff Negotiation?
by admin on Tuesday, March 9th, 2010 | 2 Comments
I have two Capital One credit cards with a total debt of $1128.48. I need to purchase a car soon and have to get my debt paid down very quickly to so. How do I ask for a payoff when I speak to a Capital One rep – can I ask anyone who is a Customer Rep, or should I speak to someone specifically? Also, is it true that 1099’s only apply if the amount you save is over $600?
(Before you comment, paying off my current debt is more important to my car loan lender than my credit score)
Thanks, L
I am behind, paying a small amount biweekly.
How far are you behind or has the debt been completely charged-off as bad debt? You need to understand that if you are behind that your credit has already been damaged…paying it all back at once in full or through a settlement will not repair your credit…but it would look a little better on your credit report.
Have you tried to settle with them….like 50%? If you do, get all terms in writing prior to settleing. FYI: CapOne is very aggressive and they have a history of taking people to court over small dollar amounts like this…so be careful…Try to settle so this won’t happen.
The balance shown on your credit card statement IS your payoff effective as of the billing date of the statement. You’ll have to pay a few extra bucks of interest that accrues from the billing date to the date they post your last payment. You’ll see that upon receipt of your next statement.