After settlement will a CA still come after me?
Date: Wed, 04/08/2009 - 14:53
I am currently 90 days or so behind with a multitude of credit card companies. I have made small "good faith" payments when I could. I have never dodged a call from them and luckily I have not had any accounts go to CA's as of yet. I have discussed the possibility of settlement with most of them. Seems liike BofA, Chase, and Citi are most willing. The quotes usually start at 75% of the balance which I cannot afford. I could do 40-50% I hope. I would prefer to settle with some and save face with some others where the balance is small.
Here is my question. If I settle for say 40% or $15K with BofA and the note the account as settle in my credit report will they still sell off the debt anyway to a 3rd party CA?
What companies settle and still sell off or is it over once you settle? My creditors are Amex, BofA, Chase, and Citi.
Here is my question. If I settle for say 40% or $15K with BofA and the note the account as settle in my credit report will they still sell off the debt anyway to a 3rd party CA?
What companies settle and still sell off or is it over once you settle? My creditors are Amex, BofA, Chase, and Citi.
Hi webbs Once you settle the debt for less with the original cr
Hi webbs
Once you settle the debt for less with the original creditor, the OC cannot sell the debt to a collection agency. However, before making any payment, you should get the settlement agreement in writing from the creditor.
i agree with novice, i have heard of many times the double colle
i agree with novice, i have heard of many times the double collecting. Be sure before you pay them a cent its in writing so they dont go back on thier word. this happens alot dont trust anyone. get it in writing and once its settled get that in writing. So that later if in case someone does try to double collect you have proof that it was paid and uncollectable.
