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How to Settle Debt with Capital One

Sarah Edwards | March 27, 2024

Sarah Edwards
Legal Expert
Sarah Edwards, BS

Sarah Edwards is a professional researcher and writer specializing in legal content. An Emerson College alumna, she holds a Bachelor of Science in Communication from the prestigious Boston institution.

Edited by Hannah Locklear

Hannah Locklear
Editor at SoloSuit
Hannah Locklear, BA

Hannah Locklear is SoloSuit’s Marketing and Impact Manager. With an educational background in Linguistics, Spanish, and International Development from Brigham Young University, Hannah has also worked as a legal support specialist for several years.

Summary: If you’ve been sued by Capital One, you can settle the debt at any stage of the debt lawsuit process. To settle a debt with Capital One, you should respond to your pending lawsuit with an Answer, determine how much you can pay off in a lump-sum, send a settlement offer, and get the settlement agreement in writing. SoloSettle can help you settle your debt with Capital One for less.

Capital One is one of the largest consumer and business credit lenders in the U.S. The company is known for introducing the mass marketing of credit cards to the public in the mid-1990s. Since then, the business has grown to include traditional banking services, auto loans, and retail credit cards.

Millions of people use financial services provided by Capital One, including credit cards and loans. Capital One is known for offering a wide range of loan products, even to individuals with fair or poor credit scores.

If you owe a debt to Capital One, you’re not alone. Many people have difficulty keeping up with their credit card payments. There are a few ways you can reclaim your financial health and overcome your debt with Capital One. In this article we’ll explore these options and more.

Let’s get right to it.

Settle debt with Capital One.

You can negotiate debt settlement at any stage of the collections process. SoloSettle makes it easy.

Settle with SoloSettle

How can I pay down my Capital One debt quickly?

Capital One, like most creditors, charges interest rates on its credit cards and loan products. The higher the interest rate on your loan, the more difficult it will be to pay off your debt. Most of the money you pay monthly will go toward interest and fees.

However, if you can find a way to increase the amount of money you pay to Capital One each month, you’ll make more of a dent in your obligation while also improving your credit score.

You can increase the money you pay to Capital One in two ways. You can cut down on your other expenses or increase your income.

Reducing expenses is best for people who can’t take on an extra job. You’ll want to identify some cost savings measures, like cutting down on dining out or entertainment for a while.

If you can’t find a way to reduce your expenses, you may need to get an extra job. You can use all of the earnings from your additional job to pay off Capital One. The more you earn, the faster you will repay your debt.

Can I negotiate a payment plan with Capital One?

If you’ve fallen behind on your payments to Capital One for a few months, the company may be willing to negotiate a payment plan for you. You can try to reach an agreement allowing you to pay a set amount of money to the company over a specific period.

Usually, Capital One will stop future interest charges on the debt, but they will close your account with them.

A payment plan can last anywhere from a few months to a few years, depending on the amount you owe the company and your ability to make repayments. Contacting Capital One to set up a repayment plan can keep you out of legal trouble from a debt lawsuit, but it may harm your credit score.

Settle your Capital One debt before going to court

If you’ve failed to make arrangements with Capital One to pay off your debt, they could pursue a lawsuit against you. If the case goes to court, a judge might award Capital One a default judgment against you.

A default judgment gives Capital One the right to pursue further collections activity, like garnishing your wages or freezing your bank account.

You’ll want to avoid a default judgment at all costs. You can do so by settling with Capital One before your court date.

Follow these three steps to settle your debt with Capital One:

  1. Respond to the lawsuit.
  2. Send a settlement offer.
  3. Get the settlement agreement in writing.

Below, we’ll break down each step in detail for you. You can also watch the following video to learn more:

1. Respond to the lawsuit

You can avoid losing your debt lawsuit against Capital One when you file an Answer in response to the Complaint they filed against you. Your Answer addresses the grievances that Capital One lists in the Complaint. You may have specific reasons that prevent Capital One from obtaining a judgment. Make sure that you list all of them.

While the idea is to settle the debt with Capital One so you won’t need to go to court, an Answer protects you from the judge automatically granting Capital One a default judgment.

Responding to your debt lawsuit essentially buys you time to work out a debt settlement agreement.

Respond to a Capital One debt lawsuit.

2. Send a settlement offer

To begin your settlement process, determine how much you can afford to pay Capital One. Remember that Capital One may reject your offer if it’s too low. The bank might decide that a judgment will allow it to collect more money.

Your offer should be realistic and fair. It should convince Capital One that you’re serious about settling. For instance, if your outstanding obligation is $2,000, you might offer Capital One a lump-sum settlement of $1,200, or 60% of the total debt.

Send an initial offer to start the debt settlement negotiation process. In your offer, you might say something like:

“I see you’re suing me for [$___] for [case number]. I don’t have that kind of money and I don’t agree with the amount. But I do have [$___] that I can pay within 30 days to settle the debt in full. Let me know if you accept.”

Capital One will consider your settlement offer to determine whether it’s satisfactory to the company. If Capital One believes that you should pay more, the company’s representative will likely counteroffer with their own proposal.

You may go through several rounds of negotiation with Capital One before you reach a settlement agreement.

SoloSettle takes care of the settlement negotiation process for you.

3. Get the settlement agreement in writing

Make sure to get your deal in writing so that you have documentation to rely on if Capital One tries to resume its collections activity or changes its mind.

Here’s a debt settlement agreement example, with a preview attached below, so you know what to look for in yours:

SoloSettle Debt Settlement Agreement

Sometimes, people find negotiating debt settlement overwhelming, especially if they’re facing a lawsuit. When that happens, reach out to the professionals. That way, you won’t have to worry about saying the wrong thing or adversely affecting your case.

SoloSettle can help you manage your debt settlement agreement.

SoloSettle can help you settle your Capital One debt

SoloSettle, powered by Solosuit, is a tech-based approach to debt settlement. Our software sends and receives debt settlement offers on your behalf and helps you negotiate the best deal for your circumstance. Once an agreement is reached, SoloSettle helps you manage the debt settlement agreement documentation and forwards your payment to Capital One for you, helping you protect your personal financial information.

Now, let’s look at an example of how to settle a debt with Capital One.

Example: Freddy is being sued by Capital One for credit card debt. He uses SoloSuit to respond to the lawsuit, giving himself time to work out a debt settlement. After doing some investigating into his debt, analyzing his finances, and researching previous debt settlements involving Capital One, Freddy determines he can afford to settle the debt at 75% of the original amount. He uses SoloSettle to send and receive settlement offers to Capital One. In his initial offer, Freddy states he can pay off 40% of the debt. This gave him room to negotiate, and after a few rounds of counteroffers, Capital One accepts a settlement at 65% of the debt.


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Make an Offer

Here's how to get a Capital One lawsuit dismissed

To get a Capital One lawsuit dismissed, theses steps might help:

  • File a written Answer: This will help you avoid a default judgment and buy you time to work out a defense. Your Answer should be a straightforward response to the lawsuit's allegations. Solosuit can help you draft and file an effective Answer.
  • Understand Capital One: Defenses vary depending on whether you're dealing with the original creditor (like Capital One) or a junk debt buyer. Cases against original creditors are harder to defend unless there's an issue like identity theft. However, junk debt buyers often lack sufficient documentation and witness testimony, which can be a significant defense.
  • Assert your affirmative defenses: These include arguing the statute of limitations has expired or invoking a private arbitration clause. Affirmative defenses must be accurate and relevant to your case. Lack of proper service can be used as a defense, but if you're already aware of the lawsuit, the issue of service might be considered resolved.
  • Don't overshare in your Answer: Respond accurately to the allegations without assuming or adding unnecessary details. Avoid including excessive information, which can be detrimental to your case.
  • Consider settling: If defending the case is not feasible, negotiating a settlement for less than the claimed amount can be a practical solution.
  • Prepare for the long haul: If you choose to go to trial, be prepared for a lengthy process, often taking six to twelve months or more.

We asked an attorney for tips on the best defenses in a debt lawsuit and how to negotiate settlement. Watch the following video to learn more:

What is SoloSuit?

SoloSuit makes it easy to fight debt collectors.

You can use SoloSuit to respond to a debt lawsuit, to send letters to collectors, and even to settle a debt.

SoloSuit's Answer service is a step-by-step web-app that asks you all the necessary questions to complete your Answer. Upon completion, we'll have an attorney review your document and we'll file it for you.

>>Read the FastCompany article: Debt Lawsuits Are Complicated: This Website Makes Them Simpler To Navigate

>>Read the NPR story on SoloSuit. (We can help you in all 50 states.)

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