Yes, Capital One does accept debt settlements, either directly or through a collection agency. You can refer to the most recent notice you've received and reach out to that party to begin the negotiation process for an amended payment agreement.
If your account has not charged-off, Capital One offers a few options to improve your financial situation. Charge-off occurs when your creditor writes your debt off as a loss (generally after a few months of missed payments) and passes it on to a debt collector. If you are interested in their debt management plan, Capital One will waive late fees and reduce your monthly payment and interest. You can pursue this option by calling customer service at 1-800-227-4825 or by chatting online.
If this option does not interest you, you may ask for a debt settlement. Prepare your answers for questions related to income, expenses, and your inability to make minimum payments. Settlement is more likely if you can prove financial hardship.
If your Capital One debt has been sold, you will need to reach a settlement with the collection agency in charge of your debt. Before reaching out, research the settlement process with that particular agency so you'll have an idea of what to expect. Settlements will vary based on the age of the debt, your available cash, and any financial hardship, among other factors, but you can probably expect to settle for about 30% - 50% of the original balance.
Once your debt has been settled, your work toward a bright financial future has just begun. In order to avoid unmanageable debt in the future, try to incorporate good financial habits into your spending and savings goals. Create a budget that allows you to live within your means and pay your monthly bills on time. With good habits in place, you can expect to see your credit recover in 1 – 2 years.