Author Archive: CFFC

CapitalOne After Me – Now What?

About me:

Lost job a year ago. Got a new one, but it is taking time to build up my income to the point that it used to be. Had to go delinquent on credit card payments. Now, CapitalOne has served me a summons. Of course, they want the entire 13K I owe them. This is impossible as I am JUST paying my bills. I’m stuck in a house that’s way too expensive for me, but with the market-selling is not an option. In one year, my credit score has gone from perfect…to pathetic. I have struggled just to keep the mortgage paid.

Enough of my sob story. Here’s the question:

What advise do you have on next steps? I know if I contact a “debt reduction” service, they are just going to put off the credit card company further and make a margin for their services. I’ve received letters from lawyers wanting to discuss bankruptcy. I wonder if my best first step would be to call the credit card company and work out some payment plan…although I fear the monthly amount I could pay would not inspire them. Is there any such thing as a debt reduction loan? I make good money…just not enough to pay this debt off and still survive.

Any advice would be helpful. Thank you.

If you contact the Capital One Lawyer listed on the summons, hopefully you will be talking to someone with a brain, unlike the collectors. You might be able to work out a payment plan with the lawyer, have all your finances (income, bills) handy and be totally honest.

If that fails to bring about a reasonable agreement, answer the summons and meet them in court. Again, take all of your finances and lay it before the Judge. The court will order a payment plan and do so more from your advantage and not theirs. Failure to appear, you lose by default and the court will order garnishments which you cannot afford.

This is my question as well. I think I am at a point where I can make small payments to three credit card companies that are currently in collection. If they would reduce the amount I owe, and stop accruing interest, so that it’s like a “settlement”, but something I can make payments on, I would like to do this. Is this even likely? I met with a bankruptcy attorney last week, and quality for chapter 13, making payments over 5 years, but want to avoid this. The stress of the situation is making me sick, though, I need to either make a reasonable payment plan with the credit card companies, or seriously consider the chapter 13 option. Has anyone been able to get this type of payment plan or settlement? Thank you.

You said they served you a “summons.” Does that mean you’ve been sued and will be going to court? If so, go to court and tell them exactly what you ve told us. If you don’t show up, CapitalOne will automatically win and they will most likely start garnishing your wages. If you do go, explain the situation and tell them when you can pay, the judge will probably work with you. I’ve contacted AR Trust Services. They renegotiate unsecured credit cards. So far, they’ve been collecting money, and telling me that they’re negotiating with them. I do have an attachment to my phone that I love. I pass a collector to a recording that says they need to stop calling, the customer has contacted a legal help and they need to not call me, but them and they give a phone number.

I haven’t found anything bad online about them, but the calls have stopped and they don’t just stop on their own.