I have been served with court papers from Capital One Credit. Limit was $3K, balance is now $9K. Pls

I opened the account in 01/01 and I was making the minimum payments but then lost a job and could not keep up with the interest accumulating on the card. The limit on the card was $3,000 and they continue to report a charged off balance every month of $9,100. That is 3 times the amount of the original balance. What should I do? I can not pay them $9,100, that is more than anything else on my credit report and more than I owe on both cars that I have. I am not sure they will accept a settlement offer of whatever. My husband told me to ignore it, that would not be smart because they would place a judgement against me.

I have been served with court papers from Capital One Credit. Limit was $3K, balance is now $9K. Plse help?title loans

Ignoring the problem will only make it worse. I suggest seeing a credit counselor and somehow consolidate your loans into low payments that might be manageable for you. You can also contact Capital One, let them know your situation, and work out some sort of plan to help you get back on track. If you cannot pay back your loan, then seek advice and help, and always pay as much as you can do each month. Lenders will look more favourably on you if you are seen trying to pay back as much as you can.

I have been served with court papers from Capital One Credit. Limit was $3K, balance is now $9K. Plse help? loan

You are destroying credit worthyness you might have left by ignoring it. Once you become known as a bad credit risk life becomes very very difficult. Firstly you must get some free advice and you must come up with an arrangement with capital 1. Usually if you close your account and make an arrangment the interest stops but you must honour your arrangement.|||They will accept a settlement. We got a lawyer and he went to court for us and they agreed to about half of what was owed.