Capital One Suing – Negotiate with CapOne or Contact Attorney?
Hello, I have just received a letter from an attorney in the state of Michigan, I now live in Florida, that says a lawsuit is being filed against me in district court for 1200$ owed to capital one. I also have 3 other capital one credit cards that I have also not been able to pay for a year that will probably be going to a lawsuit the same as this one soon.
Can I still contact Capital One directly to settle for a lesser amount and make payments to them, or now that the lawsuit has been filed (if it has) must I negotiate with the attorney on that debt, but negotiate with Capital One for the other 3 credit cards?
I have been considering bankruptcy, but if I can get on some payment plan for the debts I may be able to pay them off eventually if they are willing to do this.
What do I do about the one I just got the letter saying they were filing the lawsuit against me, and I would be receiving a summons soon? And also what should I do about the other 3 credit card bills (totaling about 3000$) as well as a few others I have that are not in a lawsuit yet, but will be. I truly appreciate any help and look forward to your response. Thank you.
Capital One lawsuit, can I still negotiate with Capital One, or must I contact their attorney? Also, what to do about the other debts?
—Tracy
Short answer
Once Capital One has sent the account to a law firm, you resolve it with that attorney debt collector, not with Capital One. A lump sum payoff is possible, and if you cannot reach an amount you can fund, the settlement can often be stretched over a few payments.
Key points on this page
- A Capital One debt placed with a law firm for collection means settling with the attorney debt collector.
- You can arrange a lump sum payoff, spread a settlement over a few payments, or set up monthly payments you can afford until the balance is paid off.
- Never commit to a payment plan you are not confident you can complete.
- Around 50 percent of the current balance is where Capital One settlements often land. Other accounts you hold may settle for less than Capital One.
- The state you live in matters. Florida has strong consumer protection laws that prevent wage garnishment, so if you cannot afford much right now, it may be better not to commit to anything until your situation stabilizes.
- Do not assume you will be sued on every Capital One account, or on any of the others.
Who is the attorney firm contacting you about your Capital One account from Michigan? Did you receive the letter direct at your Florida address, or was it forwarded to you after having been sent to an address in Michigan?
Capital One Debt Sent to a Law Firm for Collection Means Settling with the Attorney Debt Collector
It is certainly possible to contact the attorney and arrange for a lump sum pay off. If you don’t reach a dollar amount you can fund, it is possible to stretch the settlement out over a few payments. Never commit to a payment plan you are not confident you can complete.
Monthly payment arrangements you can afford until the balance is paid off are also an option.
How long have you lived in Florida? I ask because FL has some pretty strong consumer protection laws that would prevent your wages being garnished. If you cannot afford to do much right now, perhaps you should not commit to anything until your situation stabilizes.
Resolve Your Past Due Capital One Accounts
Can you come up with about half of the current balances? Fifty percent may be where you land on the Capital One accounts after negotiating your settlement. Your other accounts you mentioned having may settle for less than Capital One.
Your targets for savings in settlement, and timing your offers based on your available money, is something of a science. It can depend on who has the accounts, how long they have had them and a few other things.
How long has it been since you last made a payment on these debts? Your answer may help to determine your next step.
I would not assume that you will be sued on all Capital One accounts, or any others. If you would like to discuss your concerns and your options to resolve the debts one on one, you can call me at 800-939-8357, choose option 2. You can also submit my consult request form. Consults are free, so do not hesitate to take me up on the offer.
You can also post answers to my above questions in a comment reply below. I will respond with more details once I have some of that information.
Anyone looking to resolve Capital One debt that is in collections is welcome to post questions and concerns below for feedback.
About Michael BoveeMichael started CRN in 2004 with a mission to provide people in need with detailed debt and credit help and education. Michael has participated as an expert panelist in federal consumer protection rule making, collaborated on state law changes governing debt consolidation, has worked as an expert witness in court matters related to the debt relief industry. He is available to speak with you about your financial struggle and helps people resolve their debt problems daily.
Hello! If you’re still answering questions about Capital One I was curious what you thought my chances might be at getting them to accept a lump sum settlement of 30% (35-40% would be difficult but I might be able to pull it off) on a debt of $10k?
The debt has just gone to their attorneys Hyat Hyat and Landau. Prior they weren’t able to offer a plan I could afford. I live In PA. I’m on disability, have one minor child, 1 vehicle and own a home with I’m guessing not much equity as it needs repair to the floor joists, foundation, chimney and the exterior/interior walls are collapsing in a couple areas. (I bought a fixer upper then got sick.) When I got my back pay I put a little in savings, a little in a small CD and a little in some stocks I dabbled with on Robinhood, all totaling around 4k.
Getting a law firm to settle your Capital One account for as low as 30% of the balance is not likely.
Central Credit Control (now called Partners in credit) in Barrie Ontario operates illegally. They claim I owe money to a company that I do not. Everything was paid in full. Ms Asselin claims I owe money which is different amounts each time she emails me and different from what the original company claims too. Ms Asselin claims she is charging interest on a disputed claim . Its illegal to charge additional fees….Her writing style is immature and childlike, doesn’t seem educated. Reported to the financial consumer agency of Canada and consumers affairs office they operate illegally! Also filed a BBB file. They don’t validate anything if they did they wouldn’t be wasting their time with me.
My husband has been served court papers that he is being sued by Capital 1 for a debt he knew nothing about in the amount of $7983. What actions should we take?
Is it that he may have been the victim of ID theft?
We think so
That is how I would approach this. I have an article up about how to deal with ID theft.
Hi I live in Florida and capital one is sueing me for $3000. I am not working now I’m taking care of wife she had accident. I’m very scared I don’t know what to do please advice me or help me
When did you get served the legal papers? What is your goal for resolving this account? Are there additional debts, and if so, what do they all add up to?
Good morning Michael,
I came across you through YouTube and again while surfing the internet. I took a lot of your advice and I am now settling with Capitol one for 50% of the debt owed. First, I would like to say thank you. There are many people that need this type of help and it is amazing for someone to offer this. You are greatly appreciated. I wanted to ask you a question. I have set up 8 monthly payments but most likely can pay it off early. Can I do so, or do I need just pay monthly? The amount was too much for me to pay all at once and I did’t want to agree to something that I may default in, however I may be able to pay it off in 3 or 4 months. If this is possible, can I do that or do I have to stick to the settlement amount only.
I have regularly had people pay off settlements earlier than planned. It is common to do, and nothing should hold you back from it, but call Capital One prior to paying it off and make sure. Let me know if they say anything odd.
Hi Michael, THANKS FOR YOUR INSIGHT. I was sued by Cap One a year or so ago, I have made payments to one law firm then they switched to another one. I had triple by-pass surgery is why i got behind in my payments before the law suit.. But recently I got behind again due to no work at my part-time job. So the last payment of $25 was sent in along with a question to the firm on what was my balance at present. They never responded. From some of my research on Capital One law suits and such, I’m beginning to think that Capital One is not really receiving these payments to lower or pay off my balance to them. Do you have a heads up or further knowledge about their MO? ( modus’operandi) Thanks. CK
I would not say that, but when you send in small payments, you are likely just covering judgment interest (if the court granted it), or collection costs and fees, so in that way, not paying down the actual principle.
Sometimes, not always, it is best to conserve cash, and save up to settle judgment debts.
It can also make sense to get a fresh start with chapter 7 bankruptcy if the situation warrants it.
Hi Mike;
First off thank you for the info! I had a default judgement entered against me from (CapOne) for a little over 5,000 back in 2014. I just got a letter from a Atty last week re: a Depo hearing they want me to attend in Dec. Can I assume they are doing this because they’re getting ready to garnish wages/bank accounts etc..? Why would they wait so long to take action?
Thanks again,
Andy B.