Help with collection agency

Date: Sun, 01/09/2011 - 19:32

Submitted by Down withDebt
on Sun, 01/09/2011 - 19:32

Posts: 19 Credits: [Donate]

Total Replies: 8

Hi - I've been posting here for a little while http://www.debtconsolidationcare.com/settlement/ca-capone.html as unregistered. I'm about 102 days late with Barclays (apple credit) and Chase and Citi will hit 120 days next month. I've not received any offers for settlements with any of these. My financial situation was rotten in 2009 but picked up somewhat in 2010 so I've been socking away my money to DYI settlements - it's the only way for me to ever possibly get out of debt. I have a balance of about 22k on all cards total. I've kept contact with all cc's on my situation at least twice a month. All want to put me on hardship programs which I can't afford and don't want to add more links to the endless chain of debt.
On my BOA (working assets) cc I'm only like 60 days late but I received calls and a letter from some collection agency called PENNCRO ASSOCIATES INC asking me for debt validation. Do I have to deal with these people or deal with BOA directly and only them.
Also when should I start mentioning settlement to my creditors. I'm still pitching the hardluck story to them.
Thanks:D

Once assigned to a CA, you will have to work with the CA. Credi

Once assigned to a CA, you will have to work with the CA. Creditors pay a placement fee plus a contract assigning the account to the CA.

lrhall41

Submitted by SOAPLADY on Sun, 01/09/2011 - 19:40

( Posts: 17315 | Credits: )

Thanks for the response. I just don't understand why I'm already

Thanks for the response. I just don't understand why I'm already placed with a CA and nowhere near charge off? PENNCRO wants me to respond to them within 30 days for debt validation so should I respond to this letter or talk to the OC first? I'm worried they are scam artists trying to purge some confidential info from me.
Thanks DWD

lrhall41

Submitted by Down withDebt on Sun, 01/09/2011 - 20:00

( Posts: 19 | Credits: )

You dont have to be charged off to be sent to collections. As s

You dont have to be charged off to be sent to collections. As soon as you are past due, they can assign the account to any agency ....it is pretty common practice.

SImply call the creditor and verbally verify it.

lrhall41

Submitted by SOAPLADY on Sun, 01/09/2011 - 20:03

( Posts: 17315 | Credits: )

OK... Now when should I start asking for settlements with my oth

OK... Now when should I start asking for settlements with my other creditors that are getting close to the 120 day mark?

lrhall41

Submitted by Down withDebt on Sun, 01/09/2011 - 20:20

( Posts: 19 | Credits: )

Thank you for creating this web site! I am so happy to be able t

Thank you for creating this web site! I am so happy to be able to watch the progress of this restoration. I am filled with admiration for what you are doing! Best of luck with your work.

lrhall41

Submitted by on Thu, 01/20/2011 - 07:25

( Posts: | Credits: )