Reached Settlement with Capital One Today

by SqueakyMarmot

I negotiated a settlement with Capital One today. Somehow I don’t feel like celebrating. I do feel tremendous relief as the stress of having them hanging over my head was incredible. I also feel like I could kick my butt for having gotten into this situation in the first place.

The settlement was for slightly more than my offer in my settlement offer letter but still ended up about 50% of the total amount. I am not thrilled with it but I do feel like it is probably fair to both of us and Capital One is notoriously difficult to negotiate with according to my research. The settlement paid off both the original amount borrowed plus interest. It did not pay off the $80 a month in Late fees and Overlimit fees that were incurred when I could not make payments.

I suppose it is MUCH better than declaring bankruptcy emotionally and better than the stress of having them hanging over my head. I don’t know that it is a lot better for my credit rating but that is something I will have to live with for the time being.

The book that has helped me in negotiating my debt settlements is called Good Credit is Sexy and you can Order the Book! for only $19.95.
I think I am going to go have a chocolate cupcake. I knew that I baked them for some reason and this is as good as any.

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Tags: debt settlement