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 Posted: Wed May 21, 2008 12:53 pm Subject: When is debt sent to a CA? |
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I was reading this article "settling your debts with original creditors."
http://www.creditinfocenter.com/debt/originalcreditor_debtsettlement.s html
and I had a few questions. They were saying that the Original creditor will send the debt to a collection agency from 90-120 days overdue. I feel that a lot of the information I read around here was saying 150-180 days. or just 180 days.
also, is it realistic that a creditor will talk to you about a settlement only 60 days overdue? what has your experience been with that?
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luv2laugh
Joined: 27 Jan 2008
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| Posted: Wed May 21, 2008 1:20 pm Subject: |
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Usually they will not settle until its to the point where it is about to be "charged off ". The earliest is going to be around 120+ days late at least.
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mobile0311
Joined: 05 May 2008
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| Posted: Wed May 21, 2008 6:17 pm Subject: |
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Several factors come into play here. I have seen creditors settle accounts out as early as 30 days past due. BUT the most important issue is the Account History: Length account has been open, balance transfers, cash advances etc...If the account is new and is with someone like American Express then it will be difficult. They take it on a case by case basis. Also the size of the balance will determine wether they will place it with a 3rd party or settle with you directly.
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john
Joined: 21 May 2008
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| Posted: Wed May 21, 2008 8:15 pm Subject: |
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thanks for your responses. the reason for my question is that all my debts are with the original creditor and it seems as if it is less stressful to settle with THEM than with a CA.
I was thinking what you had said mobile, that they would not settle until 120 days, so I wasn't planning on contacting them until about 120 days overdue. However, if most places send it to the collection agency at 90-120 days, I don't think I would want to risk that.
when would you guys recommend first contacting the creditor?
most of our account have been open for 4-5 years. With my wells fargo accounts there have been a lot of cash advances. on all our other accounts there have been none. our balances range from 800-3,000.
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luv2laugh
Joined: 27 Jan 2008
Posts: 64
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