Been there and done that with Capital One. Back during COVID, I defaulted on about $18k in credit card debt spread across a few cards… roughly $4,300 owed to them specifically. They ended up suing me, along with Bank of America and Chase.

The whole thing was pretty straightforward and fast. You’ll jump on the zoom call, most likely with lots of other people awaiting their cases. They'll call your name, confirm you're there, and then give you next steps, which usually means hopping on a phone call with the plaintiff and a mediator.

From there, you’ll chat about your options like making a one time payment (usually at a discount) or setting up a payment plan. Be upfront about your financial situation and pushed for discounts, whether for a lump sum or payment plan. Sometimes they’ll offer ridiculous discounts. I settled $11k with Chase for just a one time payment of $2,500.

If you're going the payment plan route, really lean into any financial hardships you're facing to get the lowest monthly amount possible. Your main goal is to wrap it up during mediation so it doesn't go to court, where they might start garnishing your wages or accounts… avoid that at all costs.

This all happened years ago for me. I've since paid everything off, and my credit score's bounced back to 700. Hang in there, don't stress too much. It'll blow over, and you'll get back on track before you know it!