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Here's where I am at...

Date: Thu, 12/17/2009 - 23:30

Submitted by jacqueline
on Thu, 12/17/2009 - 23:30

Posts: 27 Credits: [Donate]

Total Replies: 5


Recap of my numbers:
$45K with Citi ( now about $50 K)
$30 K with Advanta
$11K with Amex
$7500 with Cap One

I'm at about 100 days late on all but the Advanta which I'm at about 130 days on.

Last communication I got from Advanta, they said my account was due to be charged off in 20 days. That was about 2 weeks ago. Have not heard boo from them since. While I understand the basic concept of charge off, sure would love to get more specific details about what that'll mean when/if they do that for me.

Citi- Just got an offer for a 69% settlement. I wont/cant take it. I'm holding out for more. I'll send them a second settlement letter ( Ive already sent one), asking for the same 25% I asked for first time. But at least, the ball is rolling with them for settlement

Cap One- Talked to someone not long ago and she basically told me to wait another month or two and call them back. She said they wont even consider settlement till the account is 90-120 days late and I was at like 82 days then. She was actually very nice. But...it's looking like that account will not affect my personal credit at all since they have mentioned nothing in their letters to me about the 3 main credit reporting firms. They've only mentioned the BUSINESS reporting firms, like Dun and Bradstreet. As my business is now defunct, I'm not sure if I'm even liable for the amount. And I'm wondering if I can kinda just blow it off entirely or what? Any ideas???

Amex turned me over to a collection agency. I sent them a DV letter, which they've now repsonded to. So, I'm kinda just ignoring them and continuing to try to negotiate with Amex. Not sure what else to do, but wait it out.


Wanted to let everyone know what my progress was so far in case it helped anyone else. Would also really love some opinions from the experts...sespecially on the Advanta charge off, the Cap One business credit thing, and then what to do about Amex.

Thanks guys!!!


Okay, one by one.

You need to deal with the collection agency regarding the Amex since they now own the account. It'd be a futile act to negotiate with Amex as they would redirect you to the collector.

For the Capital One account, if it is a business debt then you may ignore it successfully depending on the nature of the business. If you happen to be the guarantor of the loan, you may find yourself very much liable for it.

Charge off is when the lender reports certain account as bad debt to their books. Normally, an account gets charged off after 180 days of delinquency. The creditor after writing off the account can either turn it to the in house collection or can sell it to a third party collector.


lrhall41

Submitted by SC on Fri, 12/18/2009 - 01:38

( Posts: 3937 | Credits: )


Thanks so much for your answers. :)
Quote:


You need to deal with the collection agency regarding the Amex since they now own the account

But, I'm confused because it looks like, from the letters, that the CA doesn't have the entire account, only what I'm overdue on, about $800 of a $11K debt.

How would I find out if I'm the guarantor on the Bizz debt with Cap One?


lrhall41

Submitted by jacqueline on Fri, 12/18/2009 - 07:30

( Posts: 27 | Credits: )


Quote:

Originally Posted by jacqueline
But, I'm confused because it looks like, from the letters, that the CA doesn't have the entire account, only what I'm overdue on, about $800 of a $11K debt.

Amex doesn't give up their accounts easily, especially if it is an old account or high $. My guess is that the CA is just a sub-contractor collecting for Amex, but Amex still owns the debt.
I had an Optima at GC Services and a Gold at URS. When GC/URS would call, they would say they were 'representing' American Express. I could still access the Amex account online. I would also get letters from Amex explaining that GC (or URS) could offer me 0% interest etc. Apparently they authorize them to make deals that Amex itself cannot.
As long as you can deal with Amex, keep talking to them. Quite possibly they will pull that portion back in-house if a deal is in the works.


lrhall41

Submitted by on Sun, 12/20/2009 - 09:52

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