CHARGE OFF NEXT WEEK...PLEASE HELP!!!
Date: Tue, 04/22/2008 - 06:30
I've read many good things about this forum, and would like to say thanks for all you do to help people out. Here is my current situation...
I have two accounts originally with MBNA, now with Bank of America (aka FIA Card Services). I had come to a verbal agreement with them at a 20% settlement over 90 days. Well I thought about it too long so they sent my account to a CA, namely Creditors Interchange. My understanding is that they are only handling the account for FIA Card Services; they did not buy the bad debt (yet).
My experience with Creditors Interchange has been awful. I was dealing with one person who claimed to be an attorney, after doing my research I found out that he wasn't. He also threatened to sue for breach of contract if I didn't pay 70% by April 9, of course another lie. Once they made initial contact and knew my home address and phone number, the company continued to call and harass my family. My family and I continued to receive harassing calls from others at Creditors Interchange, one using the name "Susan." Needless to say they have committed several fdcpa violations, so I have kept good records of everything that has transpired. Due to the issues I sent two DV letters (one for each account) via USPS CM and RRR.
Eventually my account was transferred to the "retention" department (whatever that means) of Creditors Interchange, and actually talked to someone who treated me like a human being. The person didn't know much so I asked if I could talk to his manager. Now I'm dealing with someone else who also is treating me like a human being and seems to be very knowledgeable, I certainly trust her more than anybody else I have talked to there. She stated that my account will be 180 delinquent at the end of April at which point the account will be charged-off. I don't know the consequences of this happening. I explained my hardship situation and told her about the verbal agreement originally made with BofA as stated above; she was going to submit the original offer of 20% to BofA for approval, it turns out this was denied with no counter-offer.
She said that if I paid $202 by the end of the month it would bring my account current another 30 days to get more time for negotiation if needed rather than charging-off. Is this true? I have read not to give them anything until validated, but I don't want a charge off on my credit report either? Is there a way to pay them the $202 without it meaning I confirm the debt is mine?
Does anyone have any experience with Creditors Interchange, how should I deal with this? What do they usually settle for? Do they really have to go back to BofA for approval?
My two accounts with them are as follows:
BofA Account 1: $22,000 just under 180 days late
BofA Account 2: $13,000 approx 90 days late
TOTAL of $35,000 with BofA (FIA Card Services, originally with MBNA).
Ideally I would like to settle both accounts for the 20% (over 90 days) that the OC originally offered. Anything above 25-30% would likely have to be paid over a longer period of time. Creditors Interchange doesn't seem to be as flexible as BofA was. My family and I have been living paycheck to paycheck, so I don't have much to pay every month, but I can settle, just not at their current 60% offer, perhaps I could afford to settle at 30% over 90 days.
In addition, I have an AT&T Universal card (CITICARDS) that has a balance of approx $20,000 and is 30 days past due.
PLEASE HELP, this situation is not only creating trouble for me but it is tearing my family apart as well.
I have two accounts originally with MBNA, now with Bank of America (aka FIA Card Services). I had come to a verbal agreement with them at a 20% settlement over 90 days. Well I thought about it too long so they sent my account to a CA, namely Creditors Interchange. My understanding is that they are only handling the account for FIA Card Services; they did not buy the bad debt (yet).
My experience with Creditors Interchange has been awful. I was dealing with one person who claimed to be an attorney, after doing my research I found out that he wasn't. He also threatened to sue for breach of contract if I didn't pay 70% by April 9, of course another lie. Once they made initial contact and knew my home address and phone number, the company continued to call and harass my family. My family and I continued to receive harassing calls from others at Creditors Interchange, one using the name "Susan." Needless to say they have committed several fdcpa violations, so I have kept good records of everything that has transpired. Due to the issues I sent two DV letters (one for each account) via USPS CM and RRR.
Eventually my account was transferred to the "retention" department (whatever that means) of Creditors Interchange, and actually talked to someone who treated me like a human being. The person didn't know much so I asked if I could talk to his manager. Now I'm dealing with someone else who also is treating me like a human being and seems to be very knowledgeable, I certainly trust her more than anybody else I have talked to there. She stated that my account will be 180 delinquent at the end of April at which point the account will be charged-off. I don't know the consequences of this happening. I explained my hardship situation and told her about the verbal agreement originally made with BofA as stated above; she was going to submit the original offer of 20% to BofA for approval, it turns out this was denied with no counter-offer.
She said that if I paid $202 by the end of the month it would bring my account current another 30 days to get more time for negotiation if needed rather than charging-off. Is this true? I have read not to give them anything until validated, but I don't want a charge off on my credit report either? Is there a way to pay them the $202 without it meaning I confirm the debt is mine?
Does anyone have any experience with Creditors Interchange, how should I deal with this? What do they usually settle for? Do they really have to go back to BofA for approval?
My two accounts with them are as follows:
BofA Account 1: $22,000 just under 180 days late
BofA Account 2: $13,000 approx 90 days late
TOTAL of $35,000 with BofA (FIA Card Services, originally with MBNA).
Ideally I would like to settle both accounts for the 20% (over 90 days) that the OC originally offered. Anything above 25-30% would likely have to be paid over a longer period of time. Creditors Interchange doesn't seem to be as flexible as BofA was. My family and I have been living paycheck to paycheck, so I don't have much to pay every month, but I can settle, just not at their current 60% offer, perhaps I could afford to settle at 30% over 90 days.
In addition, I have an AT&T Universal card (CITICARDS) that has a balance of approx $20,000 and is 30 days past due.
PLEASE HELP, this situation is not only creating trouble for me but it is tearing my family apart as well.
I should have mentioned, Creditors Interchange has told me that
I should have mentioned, Creditors Interchange has told me that the acount has already been approved for arbitration should the account be charged off, which will happen in one week.
PLEASE HELP!!!
Topic moved to setttlement forum for better response.
Topic moved to setttlement forum for better response.
MOVED TO: http://www.debtconsolidationcare.com/settlement/abo
MOVED TO:
http://www.debtconsolidationcare.com/settlement/about44936.html
MODERATOR, feel free to delete this duplpicate thread.
Hi mgmilewski, your post can earn the best visibility on this fo
Hi mgmilewski, your post can earn the best visibility on this forum as it is dedicated to deal with the problems with the collection agencies. Hence, we have deleted the other thread that you'd started in the settlement forum.
Regards,
Jason
