Capital One's new contract says it can show up at cardholders' homes, workplaces

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106. brett_jv, please don’t offer these scammers any money.

The debt is uncollectible, legally void now. I’ll explain this scam to you. Capital One extended you credit and you made use of that credit. Capital One bundled your account with thousands of other accounts and securitized it, sold it off to investors and made money on both sides of the deal, from you and the investors.

Capital One purchased insurance for themselves so when you defaulted, they charged off the debt and collected the insurance. Then they made a bit more money by selling off your account information and collection rights to a debt collection company for pennies on the dollar.

That debt collector will attempt to collect from you the entire amount plus fees and interest. So while the debt might have been $500, the debt collector only paid possibly $10 for the right to collect. And here you are offering them $225.00.

Did you ever do business with that debt collector? Did you ever sign a contract with them? Do you know for a fact they now own the debt? Did you convince that company to injure themselves by buying your debt? Are you aware that $225 paid on a $10 injury is considered Unjust Enrichment in law?

Do you know that in addition to the debt collector, Capital One themselves most likely could not prove in a court that you owe any amount of money?

My suggestion to you is continue with your effort to clean up your credit report and to send a Cease & Desist letter by Certified mail to the debt collection company and cease communicating with those scammers. Midland is notorious for collecting time barred debt so I’m wondering if its that company.

And if they don’t follow the law and continue to call, use your money in a productive way rather than just to enrich scammers. Put it use by filing a Complaint in your local District Court and sue the scammers. Make them pay you. Violating the FDCPA is good for $1,000.00 plus your filing fee.