“Dear Steve,
Had Credit Card Debt with Capital One for around 10,000
I just recently read your article on Everest Debt Solutions. Interesting to say the least and made me a little nervous! I enrolled in their program 2 years ago. As far as I can tell, they have done what they promised…..a 24 month program in which I have been making monthly payments…settled the debt with Capital One to around 5,500.00 and as of today, I made my last payment…so….it looks like I’m free and clear!
Should I have anything to work about?
JB”
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The Answer
Dear JB,
My only advice before you walk away is to make sure you have a letter from Capital One specifically laying out that the remainder of the debt, the part forgiven, has been completely discharged and is no longer due.
Without such an agreement it is not unusual for a creditor to come back at a later time and say they never agreed to eliminate the other part. I’ve even seen creditors sell the balances to a debt buyer who tries to collect on them later.
With that letter you’ll be covered. Keep the letter with all your other important papers and don’t lose it.
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