Collector calling on settled credit card debt. Do I owe?

Question

A little over 2 years ago I settled with Capital One for the majority of a credit card I got behind on. I received a letter from Capital One stating that the account had been settled. This left an outstanding balance of $9,000.

Now, 2 years later, a collection company is calling me stating that I owe the remaining balance and that if I don't pay by the end of this month, the debt will be sent to Capital One's "Attorney Network" for a judgement.

I thought that if you have settled, you are under no additional obligation. If so, I'm surprised that the remainder was sold to a collector, or that Capital One is using them to get the rest.

I need some advice and experience.

I am in Texas, and as far as I can tell the Statute of Limitations is 4 years.

Answer 1

Many of these collectors are Cons, go and make a copy of that settlement letter mail a certified letter telling them to ceist and desist all communications with you. Also ask them to validate the purpertrated debt. If they continue pestering you then you can turnaround and sue them. Pull you credit report to see if it is on there and not undersettled, i bet not again another thing to sue for. I would maybe have an attorney"credit/consumer rights' send out those letters for you. do not sweat it long as you have that letter.

if it would make it to court they would have no case, they know that capital one sold these guys the debt for 90 bucks or so.

Answer 2

Speaking as a nationally known credit score and mortgage lending expert (book, radio shows, newspaper columns, etc.):

Two major points.

One, you are in TX. Your state has the highest protections of the law. The collector can do nothing to you at all--not sue you, not garnish your wages, nothing. They could illegitimately add a collection you your credit report.

Two, hopefully you kept the settlement letter AND the proof of payment having cleared the bank. With those two things, you have protection above the laws in TX.

Contact the Attorney General (AG) in your state and report the collection company. If Capital One is involved report them to the A.G. and also to the state department that regulates lenders.

Answer 3

Hi, Send a certified letter to the Compliance Officer at Capital One. Simply state your account was settled and that since you owe nothing Capital One should cease any collection efforts.
Of course if you have the paperwork on the settlement that would be good.
Good luck

Answer 4

Once its settled its settled. They probably sodl the debt before they settled or somehow they are confused. Its illegal for them to try to collect. Tell them you are going to talk to an attorney because they are bothering you, and they should go away. Contact Capital one also. Read the letter and make sure that it states that you are not liable for the remaining debt, sometimes they trick you and make you pay then say they told you they would accept it getting paid in a series of payments starting by the lump sum you paid to supposedly settle the amt.

Answer 5

Do you have all the paperwork from the settlement?
Unfortunatly alot of bill collectors are greedy and offer a SIF which is really false and the official company doesn't know of this deal
It doesn't happen much although it does....I would talk with an attorney in your area and see their advice

Answer 6

if it is settled you should not owe anymore. the next time they call, let them know that you settled (hopefully you saved the paper that said so) and fax over documentation. You might also want to go to experian.com or equifax.com and pull up a free copy of your credit report to verify that there have been no fradulent charges. hope that helps.