Settlement questions, and working with the original creditor
Peter, Yes you can send letters to the CAs and tell them you wil
Peter,
Yes you can send letters to the CAs and tell them you will only deal with the original creditors and contact the original creditors and try to settle with them! This may work in some cases and may not in others! It depends on several factors such as was the debt sold or just assigned! Is the original creditor willing to work with you and withdraw the charge off if it is not too late! You can challenge entries on your credit reports or directly with the creditors if you think they are in error! This is going to be a big trial and error period with a huge learning curve but you will, through perserverence, get through this with much newly aquired knowledge! Good luck to you!
Greetings [URL="http://www.debtconsolidationcare.com/forums/memb
Greetings [URL="http://www.debtconsolidationcare.com/forums/member.php?u=227665"]Peter Stevens Jr.[/URL] ,
You've got a solid plan.
Please let us your progress.
Regards,
King "Kash" Jabba Labba
what if the acct is with a CA and they say that they were hired
what if the acct is with a CA and they say that they were hired by the CC to collect the money, does this mean it is still with the original CC or is it charged off? Here's the story: my 21yr old son had a credit card with chase that he stopped paying. now he's getting calls from a law office.( i'm not sure how long its been since he paid) i spoke to them yesterday for him and they said that they were hired by chase to collect the debt. they offered $600 all in one payment or $1000 over 6mnths( the bal is ~1400).
Quote:Originally Posted by cookycriswhat if the acct is with a C
Quote:
Originally Posted by cookycris what if the acct is with a CA and they say that they were hired by the CC to collect the money, does this mean it is still with the original CC or is it charged off? Here's the story: my 21yr old son had a credit card with chase that he stopped paying. now he's getting calls from a law office.( i'm not sure how long its been since he paid) i spoke to them yesterday for him and they said that they were hired by chase to collect the debt. they offered $600 all in one payment or $1000 over 6mnths( the bal is ~1400). |
Your son should call Chase an verify that. Also, if this account is in the hands of a collection attorney, did he ever receive a letter of collection via the mail? Collectors are required by the FDCPA to send a letter of collection via the mail within 5 days of their first initial contact with the debtor, that way the opportunity will be there for the debtor to send a debt validation request via certified mail to the collector and make them prove they are legally able to collect on this debt. Otherwise it could be anyone calling, there are far too many scams happening lately to admit to owing a debt or make payment arrangements to a voice on the phone.
A card can be charged off and still be with the original credito
A card can be charged off and still be with the original creditor. Chargeoff is simply an accounting entry that takes it from an asset to a non-asset class. Whether it is still with the oc and sent to oca for handling OR it has been sold is something you always need to determine on a case by case basis.