Question about charge off letters
Date: Mon, 03/28/2011 - 12:32
Submitted by had_it_with_credit
on
Mon, 03/28/2011 - 12:32
Total Replies: 3
I have a question that I have not been able to find a an answer to by searching the forums here. Do all credit card companies send out a letter just before your account is up for charge off? Within my situation, BOA was my first settlement. Within a few days off my accepting a settlement with them, I received a fedex package, signature required stating that the account is due to charge off. It further stated that if I wanted to reach an agreement with them before this happened, to please respond by xx date. I called and BOA said to disregard the mailing as I was already entered into an settlement agreement.
Chase never sent me a charge off letter and said they stopped mailing copies of my statements because my account was in litigation already. It was still within chase as they had an in house council staff and was set to be 180+++ at the end of this month but I took their offer to settle the account at 50% to stop any further action by them.
I still have Discover and State Farm Bank left to settle with and I wondering if it is common to receive a charge off letter or will it just wind up in collections? Any help would be appreciated!
As far as I know, it is not mandatory for the credit card compan
As far as I know, it is not mandatory for the credit card companies or any other lenders to send charge off letters to the borrower. It will depend upon the company policies whether or not a creditor/lender will send such a letter to the borrower. May be Chase does not have a policy to send such letters to the borrowers. Thus, you never received a charge off letter from them.
In my experiences with BofA, Citibank, HSBC, Chase, Discover and
In my experiences with BofA, Citibank, HSBC, Chase, Discover and Capital One I never received a charge off letter. I DID receive phone calls advising me when the account was nearing chargeoff. At that time I negotiated settlement with all of them.
Thanks Anna and Aubrey for your replies. I have 3 days left and
Thanks Anna and Aubrey for your replies. I have 3 days left and havent received a letter but you are correct in that each call advises me of the charge off status of the account. I am hopeing to get the account settled before charge off. Every call is another opportunity. We will see.....Thanks again!