Seems you did fairly well getting a 40 % payout.
When the letter arrives be sure it states what you asked for and is infact from Capitol One on their letterhead and signed by someone of authority there.

Make payments only to them directly and keep receipts.

Insist credit bureau file be updated Immeadiatley after payment recieved else it could take months.

Question I have is if TRC said they now own debt....what has Capitol One got to do with anything at this point.

So TCR is has settled with us. We are asked to make a $4000 payment within 3 months. This is on a $10,000 balance.

I asked them for a letter in writing to ensure the following were listed:
-Settlement will denote as "paid in full" on our credit bureau
-No remainder part of the debt will be sold off to other creditors

Anything else?

And TCR said we should be getting a letter from Capital One, not them. Is this correct? I just don't want to have to deal with them again in the future.

Thanks for your feedback

The fact that it has gone to collections already makes it a r9....and it will remain that way for 6 years. Best that can happen is a note is attached to your file stating paid in full.

*beleive* him

The debt is Quite new. Last payment approx 6 months ago. I should also say that TCR said that if i make $1000 payment with $175 monthly payments for 5 years my rating for this cc will remain be an R1. Should I beleie be him?

Thanks

how old is this debt and when did you last make a payment on it?

I owe $10,000 to Capital One but now Total Credit Recover (TCR) owns the debt. I can not pay this total amount they are asking for. At our last conversation, they gave me 2 options

1) To settle...which will refelct a R9 rating on my credit
2) Pay $1000, and $175/month until the amount is paid off.

In Alberta, how long does a R9 rating stay on my credit? If i do nothing (which I do not plan to do), what will happen.

If I pay $1000 and do monthly payments, do I need to get this writing? Once this is paid how will it reflect on my credit?

Thanks