How to Settle With Capital One

  Reviewed by: Alicia Bodine, Certified Ramsey Solutions Master Financial Coach      Updated October 27, 2018
  Written by: Jennifer Hench
How to Settle With Capital One

Debt is a financial issue and concern for many people. If you have found yourself with lingering credit card debt and an inability to pay off that debt, you should settle your accounts to clean the slate of outstanding monies due. When attempting to settle a debt with Capital One, understand that the status of your account will determine how your settlement and payoff will be processed.

Determine Your Account Status

Read through the last statement sent to you directly from Capital One. Look at the total balance due, your credit limit, the amount of available credit and any recent late fees or charges. Note that if your account status is current and up to date, and not listed as past due or delinquent, you will have to pay off the total balance listed to Capital One to satisfy the debt. In the meantime, do not stop paying your credit card bills, as negative credit bureau reporting will occur and Capital One does report to all major credit reporting agencies.

Review Any Delinquencies in Payment

Go back through statements if your account is past due and note the last time you made a payment to Capital One. Note whether your last payment was more or less than 180 days ago. For accounts past due for more than 180 days, your account has been written off of the books at Capital One as a delinquent debt and will be processed first through internal collections and then potentially through an external collections agency. Understand that debts that have been written off are still your responsibility, and you must satisfy those debts in full.

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Call Customer Service

Contact Capital One directly by calling the customer service number listed on the back side of your credit card or account statement. Speak to a customer service representative about your account. Ask the agent to transfer you to someone in the delinquent accounts department. Write down the name of the agent, date and time of the call.

Request a Settlement

Ask the delinquent account agent how to settle your debt. The first option you will be given is to pay off the entire amount. Ask for an alternative option, one where the total debt is reduced. You will get push back, as Capital One is not going to reduce your total debt right away. Ask if late fees and accrued interest charges on the delinquent account can be removed. Ask for a payoff figure and request a payment plan for that exact amount, with no additional interest charges.

Speak With a Supervisor

Request to be transferred to a supervisor or manager at Capital One. Speak to the alternative agent regarding a reduced payoff amount. Take extensive notes and make sure you record who you spoke with and when. Follow up with all requests by Capital One for additional information and if you reach a settlement agreement, request the terms and conditions be sent to you in writing before payment is made.

Be Persistent

Understand that you may need to repeat the process of calling Capital One and speaking to several agents until you reach a settlement agreement. You do not have to accept the first settlement offer presented to you, but keep in mind that as time passes, your account becomes increasingly delinquent and interest charges will continue to accrue and accumulate.

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