Is 60 days to early to mention settlement? How long till collections
Date: Mon, 04/20/2009 - 09:55
I've talked to them a few times and told them my story.
My fear is that it will go to a CA and I will lose my chance to settle with the CCC which is best from what I understand.
At what point will these creditors (predators) sell the debt to a CA? Am I just being anxious? 60 Days does not seem that long.
Thanks,
Mcstiggs
you can still settle with collection agency and there is I think
you can still settle with collection agency and there is I think a difference between your debts being charged off and sold vs CA working on behalf of original creditors I know every story is different but here is mine. AMEX and Discover hired CAs to go after me when I was pass due 30-60 days and I settled with CAs no problem actually I got better deal from CAs then those I deal directly with i.e. 120-150 days on chase and BoA still no CA involved and best I can get is 30% from BoA on 1 card and 35% on 2nd, 35-40% chase where I got 20-25% via CAs on amex and deisocver.
what's your fear about CAs?
Thanks for the reply Joe. Well, if you can call it a "fear", it
Thanks for the reply Joe.
Well, if you can call it a "fear", its just that I've read on this site and other places that it's easier to deal with the original creditor when settling and that CA's are more ruthless. Thats all.
Thanks,
Mcstiggs
It depends on the CA as to the ruthlessness. Probably the worst
It depends on the CA as to the ruthlessness. Probably the worst out there right now is Creditor's Interchange. As far as your calls, if you want to limit it to only 1 call per day, pick up the phone and tell them not to call anymore; they will call, just not that day anymore or at least they shouldn't be. If you let it go to voicemail all the time, they have the right to call 50-100 a day which you are finding.
After 90 days you will start getting offers from Chase, wait up
After 90 days you will start getting offers from Chase, wait up until 150 days to settle with them for about 60 to 70% off, if not the account will be sent to Mann Bracken for collections and you will receive a lower settlement percentage.
Citi will be a bit tougher than Chase, but it won't hurt to ask at about 150 days as well. Chances are the Citi account will land with a CA, depending on which one, you are looking at 30 to 40% savings.