180 day charge off
I have tried to settle with Key Bank (unsecured line). I was nice and cooperated, but could not get them to settle for under 90% (I don't have it). One nicer collector told me they charge off at 180 days, and someone else said just wait and settle with the collection agency. I'm around 170 days now past due. Can someone tell me what the common percent is for a collection agency to buy debt that is 180 days past due? I heard it's 40% of balance is typical for 90 days past due, and that is what I paid on a different settlement. I'm guessing it's less for 180 days. I'd like to offer Key 20% now, but they will likely refuse. What's reasonable % to start with the collection agency?
Dont assume the debt will be
Dont assume the debt will be sold...it will more than likely be assigned to a CA. Found one post ...and it is from this summer. http://www.debtconsolidationcare.com/settlement/letter-demanding.html
You probably should have researched this before you stopped paying.
whats ca
The person at the bank told me they kept the debt 180 days. I plan to send another settlement offer. I don't know what a CA is. I don't understand your answer. The link does not apply to me.
Thanks.
The link most definately DOES
The link most definately DOES apply to you. Key is NOT settling which is a good indication that you may well be sued after they assign you to a collection agency.
Yes, more than likely THEY
Yes, more than likely THEY keep the debt 180 days, and then it gets moved to a different department, but still within the same company. Once a debt reaches the level at which a charge-off can happen, it will not stay in the same category as other accounts that are not as delinquent. A charged-off account is closed, done, over with....won't be reopened for your use even if you pay the balance off completely.
A CA is a collection agency. These companies often farm their charged-off debts to a CA before they take further action. Some will try to collect, and then sell them. Others, apparently like the one you are dealing with, will file lawsuits to collect on the balances. You would be wise to heed the advice that soaplady has given--she knows her stuff. And yes, the link she provided DOES apply to you, because depending on the balance of your account, they WILL sue you too.
A word to the wise--if you come to a debt collection issues forum, like this one, and you ask for help or advice, then please--TAKE THE ADVICE YOU ARE GIVEN. I dont know what it is lately, but people do not seem to understand--you came here asking because you do not know the answers....and you are ignoring the very people that you asked to help you--people who DO know those answers.
It took her 6 days to return.
It took her 6 days to return....obviously she is in denial of how serious her situation is. Her brain is focused on settling...which obviously Key is not going to do.