How to Settle Capital One Credit Card Debt
How to Settle High Capital One Credit Card Debt
When I receive a call that a client owes Capital One for high credit card debt, I am confident that I can help them. As you will read, I have had success wiping out approximately 50% of my clients’ credit card debt with Capital One. In some cases, I have settled the debt resulting in my client paying pack only half of what they originally owed in a lump sun. In other cases, I negotiated deals with Capital One to have my client pay back only 50% of what they owe in a payment plan over an extended period of time. Each client’s case for settling high Capital One credit card debt is unique.
Settle High Capital One Credit Card Debt
What is a Credit Card Debt Settlement?
Debt settlement literally means that credit card lender will settle on an agreement for the borrower to pay back less than they originally owed in debt. In most cases, the borrower pays back significantly lower than they originally owed. In order to negotiate a debt settlement, the borrower must stop making credit card payments for about 180 days and then the credit card account goes into “default”. Once in default, the lender considers your account “charged off.” The lender would rather collect a reduced amount from you than you declare bankruptcy and receive nothing.
Benefits of Settling Credit Card Debt with Capital One
One of the benefits of settling credit card debt with Capital One is that they often have their collections in-house, rather than farming it out to a debt collection company. For instance, one of my clients owed Capital One $5,561.26. My client had owed this balance for some years, but Capital One was willing to negotiate and we ended up saving our client 50% of the amount due. Our client only had to pay back $2,780.63!
Will I have to Pay My Debt Settlement in a Lump Sum or Can I Extend It Over a Time Period?
Each case is unique. I have a client who owed Capital One over $10,000 in credit card debt. I was able to negotiate the balance down by 50% AND make an arrangement for the payments to be made over a 24-month time period. My client went from being over $10,000 in credit card debt to only $5,000. And was able to pay back the debt in small increments of $208 per month for two years.
In another case, I have a client who owed Capital One $22,252 in credit card debt. In this case, our client was about to be sued by Capital One for credit card debt and was facing potential wage garnishments and bank levies. Facing those devastating circumstances, my client was in a panic. I am happy to report; we were able to negotiate a debt settlement saving my client HALF of what she owed. This client paid her remaining $11,076 in Capital One credit card debt in a lump sum
How do I Get Started Settling My High Capital One Credit Card Debt?
You can try settling your debt on your own. Keep in mind that Capital One is one of the largest credit card companies in the country. They have a vast team of attorneys and debt collectors whose entire job is to get you to pay them back in full. For your best results, I recommend contacting a skilled and experienced debt attorney who focuses exclusively on debt relief. Be aware of “debt settlement companies” as they are not held to the same legal and ethical standards as attorneys, who are required to act in the best interest of their clients. Call me for a free debt consultation at 858–217–5051 to go over your debt relief options and be sure to check out my debt relief success stories page to learn about people just like you who are now living a life free of debt.
Story originally published on GamezLawFirm.com. Daniel R. Gamez is an attorney serving clients nationwide and focuses exclusively in debt relief. He is licensed to practice in all state and federal courts in California and Texas. Mr. Gamez owns and operates the Gamez Law Firm in San Diego and Los Angeles, and helps people with debt problems all over the country. For more information, please contact Daniel Gamez at 858–217–5051, daniel@gamezlawfirm.com or use our online contact form. Stay updated about the latest debt relief tips by following on Facebook and Twitter and read about client success stories on our website.
