Soaplady......Or anyone else with answers.
Date: Mon, 07/05/2010 - 15:02
I also have another question maybe someone could help clear up..I hear people on here saying they were sued by Chase or Cap one etc...how long was it before they sued? I just found out today that Chase sold off my debt to either a CA or a lawyer (who I have yet to hear from). Does that mean Chase no longer owns the debt so to speak and they therefore would not be taking litigation against me? Or does it even matter? Can they still sue me for their money? This is all just so confusing to me.
Thanks for the help:D
It's actually a good question. My guess is the original credito
It's actually a good question. My guess is the original creditor is the most likely to obtain a successful settlement. However, an attorney with a judgment suit can do some pretty serious damage as well.
Quote:Who is more likely to sue to get their money back, a CC co
Quote:
Who is more likely to sue to get their money back, a CC company or a collection agency or a lawyer? |
It is more or less similar with the collection agency too. The only difference is that, collection agencies are much harder to deal with. Otherwise, they too can sue you for non payment of dues, or can hand over the collection power to another collection agency.
Quote:
how long was it before they sued? |
Quote:
I just found out today that Chase sold off my debt to either a CA or a lawyer (who I have yet to hear from). Does that mean Chase no longer owns the debt so to speak and they therefore would not be taking litigation against me? Or does it even matter? Can they still sue me for their money? |
Quote:Originally Posted by SC If the debt has been sold off by
Quote:
Originally Posted by SC If the debt has been sold off by Chase, then Chase won't be able to sue you. You will have to deal with the collection agency listed against this account on your credit report. Thus, it is the collection agency who can sue you for non payment of the dues. |
So if the CA bought the debt, they most likely bought it for pennies on the dollar. So why would it be tougher to deal with a CA. Rational thinking would assume that they would take less money for settlement than the original creditor no? I see many people on this site have settled with the CC companies for 20%-50%, which seems to be the norm. I would like to know how many folks settle with Collection agencies and what is the average percent on the dollar for settling with them? Many of the so cvalled experts in debt collection that I've seen on the net stress that you should wait for your debt to be sold off to Collection agency before making a settlement. They say most CA's will take 5%-10%-15% and even 20% which is far less than the CC's...what has been the experience with the folks here in dealing with collection agencies and lawyers??
CA's by their very nature cannot sue. A collector or collection
CA's by their very nature cannot sue. A collector or collection agency is not capable of doing so since they are not attornies. An attorney locally to you can sue on behalf of the credit card company or the current holder of the debt.
mac, Collection companies whether working for your original cre
mac,
Collection companies whether working for your original creditor or a debt buyer settle debts routinely. They do not typically do so at the rate of 5-10-15 or even 20%.
Yes, you will be able to find posts here at DCC and elsewhere on the web suggesting that settlements this low are done, but it is not done with frequency and will be unlikely to occur on your Chase account at this stage of delinquncy.
Depending on the creditor/buyer or the assignee/attorney collector working your debt, you may be able to settle for less or more than would have been available from your original creditors.
Once you know who the debt has been placed with you will be able to research the average outcome amongst other consumers and set a realistic target.
Mileage may vary
That makes alot of sense Mr Someone else...Thank you for your ti
That makes alot of sense Mr Someone else...Thank you for your time
I agree with someone else.... My 250k in settlements averaged 25
I agree with someone else.... My 250k in settlements averaged 25-30%. None was lower than 25 and none was higher than 35%.