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Home > Ask The Get Out of Debt Experts > Machol & Johannes is Calling to Collect on a Capital One Debt. – Cheryl

Machol & Johannes is Calling to Collect on a Capital One Debt. – Cheryl

“Dear Steve,

Got behind on CC, due to a home base business and tried to make payment plans and they were withdrawing till end of March, got calls from them and life happened and was unable to return calls. June 9,2012–went to ‘different dept.”

have a Capital one Credit Card that was recently charged-off. Amount around $16,500. Called them and they said they can no longer work with me it is with a different ‘dept?” Found out it is with Machol & Johannes, debt collectors that are also attorneys. Recieved a VM from them yesterday–Capital One said I should contact them—what should I do. Try to make a payment arragement? I have heard they are horrible to deal with? Should I even call them back? Or send a letter. Do Not want a summons on my doorstep from them….what sort of timeframe do I have from 1st. point of contact? Have not recieved anything in the mail either.

Cheryl”

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The Answer

Dear Cheryl,

There is a good possibility that once the debt charged off Capital one sold the bad debt to a new owner.

Unless you can talk to either Machol & Johannes or Capital One and come to an agreement regarding a repayment plan you can afford, depending on the state you live in, they could elect to pursue legal action to collect.

If you wanted to get ahead of this and get legal protection and prevent the potential lawsuit then you can click here to find a local bankruptcy attorney and discuss the situation with them.

I’m assuming that you don’t have $8,000 laying around to settle now and that you might also have some other debt as well.

Let’s start with the basics.

I’d suggest you first read How to Get Out of Debt. The Honest and Unvarnished Truth and The Truth About The Success Rates, Failure Rates and Completion Rates of Credit Counseling, Debt Settlement, and Bankruptcy. They will give you a great overview of what we need to deal with to get you moving in the right direction.

Then use the free How to Get Out of Debt Calculator to review your options.

Please post your responses and follow-up messages to me on this in the comments section below.

Big Hug!

Machol & Johannes is Calling to Collect on a Capital One Debt.   Cheryl
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About Steve Rhode

Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
  • Cheryl

    HI Steve,
    Thanks for the reply. I am in Colorado. Would you think they would be into somesort of payment plan monthly? Around $300? Are you suggesting I do call them and talk to them? I could possibly do the $8000 over 12mths…not sure if they would agree to that, but then my preference would be $300/mth. I don’t want to declare bankruptcy…,…I contacted CO today and they told me to contact the M & J.

    • http://GetOutOfDebt.org Steve Rhode

      If you avoid them then this will either end in continued collection attempts, a suit, or sold/passed to someone else.

      If you want someone to represent you in this matter you might want to contact the DIY debt settlement instructors at zip debt.com, consumerrecoverynetwork.com or avoidbk.com.

      For a fee they can coach you through this.

      Otherwise, just talk to them and negotiate a solution you can afford and make sure you get the deal in writing before you send any money.

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