Settling Credit Card Accounts with a Collection Agency After Charge Off
Credit card accounts have not been paid for a while and now collection companies are calling. I settled one late bill with my bank and I am now tapped out. Can I settle with collectors after charge off?
How to deal with a debt collector after accounts charge off?
—Pay collections
Short answer
Yes. Settling a credit card debt after charge off, once a collection agency is contacting you, is always an option. Sending the account to a collection agency is the most common thing a creditor does with a newly charged off balance, and that agency can negotiate within the limits your original creditor sets.
Key points on this page
- Charge off comes after the first stage of collection calls from your original creditor, which can last six months.
- Creditors have 3 options when they charge off a defaulted account. Placing it with a collection agency is the most popular one.
- Most of this work is done on contingency, so the agency only gets paid if you pay. Your account may sit with one agency for a limited window.
- The agency can only agree to what your original creditor allows, or to what it can go back and get approved.
- You cannot re-age a charged off account. The credit reporting damage was done by your bank, and the collector has no control over it, whatever they suggest on the phone.
- You will have to pick up the telephone to learn your real options. A debt validation request at this stage is often counterproductive to a settlement goal.
Yes, settling a credit card debt after it has been charged off and a debt collection agency is contacting you for payment is always an option. Below is an edited version of an article we published that explains “Charge Off” and what typically happens with your unpaid accounts after they are considered seriously delinquent and the unpaid balance is assigned to an outside debt collector. Settling the debt may be just the opportunity you need to move on with your finances and restore your credit.
For your unpaid credit card to reach charge off, you will have already been through many collection calls from your original creditor. The first stage of collection calls can last six months.
Creditors have 3 options available when they charge off defaulted credit card debt. The most popular option with newly charged off accounts is to send the debt to a collection agency.
Credit Card Debt Sent to Collection Agencies are Mostly Done on Contingency
The amount of time your account remains with an assignee debt collection agency will vary. Let’s assume that the agency that has your unpaid credit card bill will only have the ability to collect from you for 90 days.
The typical debt collector working for your creditor has two ways they attempt to get you to pay; your phone and your mailbox. There are other ways to collect, such as:
- Collection calls to your job,
- Debt collector calls to family members and friends (this does happen – it sucks and is embarrassing).
Lets focus on the most general efforts used by the debt collector who is collecting on your account just after charge off. When a debt collector gets assigned your account, you will often start getting collection calls (at a high volume). You should also get a collection notice in the mail within a week of the agency having contacted you by phone.
You do not have to pick up the collection calls if you are not ready to negotiate a settlement with the agency. My suggestions for speaking to a third party debt collector are not the same as picking up, or making calls out, to your original credit card lender. And you do not necessarily need to send a debt validation request in response to the collection notices you receive in the mail. That is often counter productive to your settlement goals.
Settling an Account with a Collection Agency
Some important details to consider:
- You will have to pick up the telephone in order to learn about your options with the account. I typically recommend that you not limit yourself to written communications with collection agencies.
- You will be speaking to someone who has been trained to push your buttons using the most effective and proven methods for collecting unpaid debt.
- The agency can only work out arrangements for payments that your original creditor allows them to, or where the debt collector can go back to your creditor and get approval.
- You will not be able to re-age the account when settling charged off accounts with debt collectors (the credit report damage is done by your credit card bank, the debt collector will have no control over that).
- Avoid some of the nut job advice on the internet about handling this stage of collection.
- In some ways, you have more payment term options you can negotiate with a collection agency than you would be able to with your bank.
- The collection agency only gets paid if they can get you to pay them (that may not always be the case, but contingency debt collection is the most common model currently).
Charged Off Debt Get Reported to the Credit Reporting Agencies
When this derogatory credit reporting happens the damage to your credit is done. You do not get to re-age charged off accounts. The credit damage from not paying a charge off account can then only get worse if you are sued, followed by getting a judgment against you. The judgment then shows up in the public record section of your credit report. Also, another debt collection trade line may later show up on your credit reports, and this would be considered additional damage.
A debt collector may comment how you should be concerned with your credit report and credit score after the account they are collecting on gets charged off, but this is just a collection tactic. Collection agencies will have no ability to change how the original credit card issuer reports to Equifax, TransUnion or Experian that your account was charged off.
There are tactics and timing I share on this site, and when you want to work with me one on one, that will better prepare you for dealing with outside debt collectors. You can optimize your results by knowing:
- How to negotiate a settlement deal that is timed with internal goals the collection agency has, and even that an individual debt collector may have.
- When to pass on an offer to settle that is too high without being concerned your particular debt collection agency will sue.
- What your bank will allow the collector to do (how low a settlement can get and what payment terms are common).
- The tricks and tactics that will be used to get you to pay more than you may have needed to.
- Collection abuse tactics.
If you are struggling with several credit card debts that are past the charge off stage, you should learn about your options and identify resources for handling the accounts before they end up in more advanced stages of collection which can include being sued.
It is important that your next step to deal with your now charged off debt be the step you take to put the debt to rest before the situation can deteriorate further. If you are serious about resolving unpaid debts and want to develop a workable plan, getting started is easy. Just post more about your situation in the comments below, and lets go from there.
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About Michael BoveeMichael started CRN in 2004 with a mission to provide people in need with detailed debt and credit help and education. Michael has participated as an expert panelist in federal consumer protection rule making, collaborated on state law changes governing debt consolidation, has worked as an expert witness in court matters related to the debt relief industry. He is available to speak with you about your financial struggle and helps people resolve their debt problems daily.
Hi Michael,
I have a Chevron card that has gone to collection. The Collection agency is, Genpact Services LLC, and I was offered a settlement thats a 1/3rd of the original debt. Im a little skeptical dealing with them on the phone, as I get transfered back and forth, until they can find a ” specialist”. Also, the agency sounds like they might be in India, is this commen? Is it a good idea to take this settlement?
Thanks,
Gary
When did you last make a payment on your card?
What state are you in?
Dealing with legitimate debt collectors that work out of India is quite common. And settling an unpaid collection account for less than half is pretty common too. I would not give up a penny without getting the deal in writing first, which GenPac is used to providing, so be sure and get that from them first if you do settle.
Will a collection agency sue for 250.00 dollars
I do not doubt that some will, but most do not.
Signed with National Debt Relif 3/16 to settle on credit card of $24,504. Have received a settlement proposal (email with verbal commitment) for $6973 with payment schedule from NDR. Chase sent debt to MRS Solutions. There is no written documentation from MRS for it is a recorded phone negotiation with NDR. After 3 payments of $25 a month to MRS, NDR will take their fee of $5635.92 from my Global Solutions account. MRS will continue to be paid monthly till $6973 is fully paid out of the monthly deposits to Global Solutions. GS sends a check each month to MRS.
With no written confirmation from MRS Solutions and NDR taking their fee with 3 payments accepted by MRS of a total of $75.00. Is this a good/safe way to settle the debt? Was told documentation would follow after final payment. Should I still go with NDR and is this verbal negotiating binding & standard?
Is this the only account you have to negotiate? If not, let me know the other ones. I would not settle with Chase ahead of other, more aggressive creditors.
I you proceed with this settlement you will typically be okay with the verbal through NDR unless a payment is not made on time.
Hi there. I have a wells fargo credit card for 2500$ that has been closed and charged off and they are offering me a settlement offer of 1500. I am unable to pay this.
I also have 5 other accounts that have gone to different collection agencies. 844$ from Midland funding LLC and 669$, 2,261$, 1072$, and 587$ all from Porfolio Recovery Associates,
The accounts in collections have been opened since June 2014 and various dates in 2015.
Do you think Wells Fargo would accept 750$ settlement offer? I may be able to borrow money from a family member.
I gotten numerous letters from these companies and such.
Wells Fargo also offered to let me make 6 payments of 250. But I read online that this could allow them to sue me if i make payments?
I cannot afford to pay off any of this debt. All my credit cards were stolen by a family member in 2012 but when i contacted the credit card companies back then .. they advised that i would have to take legal action in order to settle it.
the family member that was involved doesnt even have a job and i wouldnt have gotten anywhere if i sued her.
Please help! Any advice would be much appreciated. Thanks.
It is unlikely to get Wells Fargo that low. But if you take them up on the 250 payments for 6 months, they are not going to sue you too. Be sure that you get the settlement and payment arrangement in writing from them before you pay a penny.
Debt collectors like Portfolio Recovery Associates, and Midland Funding will sue to collect on small balances like yours. The longer they have had your accounts the more likely they are to pursue more aggressive collections.
What is your situation for saving up to handle more than just the Wells Fargo account?
How would I get that in writing from them? Im not very good with this stuff over the phone. Is there a way to do all this via email?
PRA and Midland have had my accounts for years now. Is there a certain point where they just drop my case?
I thought about contacting PRA via chat online, What are the types of things that I should say to get the lowest payment options?
Right now I do have a job, but my boyfriend lost his job so i am supporting the both of us. We have a car in both our names and i make that payment as well. I dont have any extra money after bills are paid.
If he got a new job that could all change though.
Thank you so much for your advice!
Is there any company or person that I can pay to take on my case and do all the settlements for them? I heard about that from a family member and they said they would help me pay to get that help
You ask them to put the deal in writing and fax or mail that to you before you send them any money. Wells Fargo is used to sending this kind of documentation, and it is a normal request. Hit them up for it when you talk to them on the phone. Be sure to have the first paid by date a couple weeks out to give mail time to reach you.
There are not many debt settlement companies that would take your file with the debt so low. And there is not much to do until you have the funds.
Fill in the talk to Michael form in the right column. I will email you after I get that to set up a time to talk on the phone so I can coach you up on what to do.
Hi Michael, we spoke on the phone earlier today. I was able to pull up my credit reports on annualcreditreport.com.
It looks like quite a few of my debts will fall within the 4 year mark come 2017.
Wells Fargo 2,510$ – last payment made was 11/13/2013
Target – 314$ – last payment made was 1/20/2013
TJ Maxx – 791$ – Last payment was 8/20/2013
Walmart – 1846$ – last payment made was 8/21/2013
There are quite a few more that will be coming up on 4 years. Its really hard to tell which loans are which though and with which collection agency because their names change to synchrony bank or GE capital bank. I have no idea what those are.
Do you think i should wait and lay low for the year?
Wells Fargo hasnt gone into collections yet.
I will let you know as soon as I get that $$ amount btw!
Thanks again for your call today,
Based on what we discussed on the phone, you will want to settle PRA and Midland soon. They tend to file collection lawsuits in the 6 or so months prior to your state SOL expiring.
Laying low on those is not a good plan.
Keep me posted.
Hi michael. Ive been doing some research and the amount owed on some of the collections just dont add up… I dont think that some of the items in collections are mine or accurate.
Should I ask for proof? Or dispute the items? Could this reset my SOL?
Asking for proof of a debt does not reset the sate SOL to file a legitimate lawsuit. Asking for proof will not reset the time it can appear on your creidt reports either.
You can get to the bottom of any collections quickly by calling the original creditors. You can ask who they sent or sold the account to, and what the balance is/was at the time.
Check out this post about debt validation when your goal is settling.
I got a offer of 50% off. To settle $4000 credit card debt. Its been charged off what should i offer?
Who is the original creditor?
Who is the collection agency you got the offer from?
Do you have more than just this account showing as negative on your credit reports? If you have more collections, how many?
Hi, im wondering if 20,000$ in debt is a good enough reason to Bankrupt. I am a single mother, and for unforseen circumstances I let some of my credit cards charge off. Its been roughly a year that I let some of these cards go, the other issue is my car payment since I got the car out of necesity at a 26.3% apr and was never able to re-finance to a lower rate. I have defaulted recently on my car its so difficult because it is an upside down loan now. I reside in CA. I am now employed with a company which I can afford to get back on track. My concern is that I have fallen to behind. Any advice? Please I am desperate. Thanks and blessings
I would at least consult with an experienced bankruptcy attorney and weigh what you learn next to settling your debts. Chapter 7 will certainly be less expensive than settling 20k worth of debts with collection agencies.
Who do you owe, and how much on each account? If you know which collection agency has your account currently, include that information too.
I have received a letter from Law offices of Howard Lee Schift pc telling me that I owe just over $4,000 to bank of America. I know this is correct but I can’t afford to pay more than $30 a month and dont have access to a lump sum ofor money. Do law offices ever allow payment plans? Or is it more likely that I’m going to be sued? I would really like to just settle this and get it behind me.
There are situations where you can set up monthly payment plans with a collection law firm before they sue. It is not common to set up one as long as you are needing based on that small a payment.
I have several charge cards in collection now and it’s getting worse. I’m so frightened they’ll sue. My debt is 5000 or less. Should I file for bankruptcy. Is it common for creditor ti sue? My goal is to get therapy and stop spending what I don’t have.
I rarely suggest filing bankruptcy over 5k worth of bills.
List who you owe and how much, and also include how late you are on each account. I can offer some options to consider from there.
I had a Citibank CC with a $7100 balance that I let go due to medical and childcare expenses. This was transferred to Global Credit and they sent me an offer in Dec 2015 to settle for $2077 (25% of balance) in 12 installments for $173. When I called Global to accept, they said it was too late as I only had a 10 day window to reply (of course, this date was after I received letter.) So I did nothing. It is now with Cavalry and I’m trying to get them to accept the 25% but they won’t budge. Any tips on how to deal with Cavalry?
I have a page up about negotiating with Cavalry. Depending on the situation, you may not be able to get under 40% with them.
Hi Michael,
I have approximately 26k in BOA credit card debt. The card was charged off about a year ago. Long story short, we were unable to pay and had to let it be charged off. WE are now able to start making payments to the card. We got a letter in the mail yesterday from an attorney wanting to represent us saying that the next step is that we could be sued. What is the best way to approach calling the agency and negotiating a lower balance, a payment plan and to get it all off my history? The agency is ” Client Services INC” Please help!
Fill in the talk to Michael form in the right column. I will email you once I get that and coordinate a time to talk about how to resolve the debt with Client Services.
I would look to settle this for a much lower amount, and skip any payment plan. Settling will not only save you money, but get you on track with credit reporting quicker too.
My husband died in 2010 and my mother died in 2014. After his death, I spent more time out of state visiting my mother than i spent at home and racked up alot of debt on my credit card which is with Bank of America. The balance is approximately $26,000. I am on soc. sec. since last year and stopped making payments to BofA 7 months ago. My portion of my mother’s estate should be enough to settle 50% (hopefully less) of my cc balance; but everytime I try to talk to them about a settlement, they start using their scripted words and expect me to answer yes when I don’t even know what they said. I just want them to give me a settlement amount. They said they are getting ready to charge it off. I’m not doing very well emotionally. It’s hard to fight back when you’re always sad. I don’t want to talk to robots who don’t care. I just want them to give me a settlement figure. I would appreciate any advice you could give.
Fill in the talk to Michael form in the right column of this page Barb. I will send you an email when I get that in order to schedule a time to talk over your goals and next steps.
Hello your info I chose from a Google search. Please help. I am willing but not able to repay from lonely games played because my outside apartment neighbors looked and sounded so happy so often and I was miserably lacking in up to date living supplies so I activated the credit cards in the mail that came to me and shopped online and locally thinking the people who were happy with me through thin would be happy with me through thick. I currently have all charged off with one that is closed but still is accruing interest called credit one bank amount owed -$770, last payment $227, like august 2016 minimum due, capital one bank $595 charged off, interest rate was about 17%, last payment was about $30 august year 2015, blaze master card owed $444, interest rate was about 16%. ,SunTrust bank, owing $1425 an over draft debit card last payment approximately $35 in august 2013. Then first premier bank master card owing $1021. Last payment like September 2014, interest rate was around 21%. Please note all the cards here are charged off except credit one bank which I asked to be closed with regular balance of $400 yet with closure the account balance is $765~. Also there are 2 clothing companies cards midnight velvet and seventh both with balances of $434 and $740 in collections. No known interest rate. Last payment approximately June 2015.Then, ge capital, (synchrony furniture) balance $1027 in collections with interest rate around 19%. Also M&T bank over draft, amount $767 in collections interest rate was about 12%. My income is social security. What have I done? Plus student loan of $ 1600.
What is your goal to resolve the debt?
Hi i had a Walmart card that i stopped paying in 2009. Just today out of all those years i received a call saying that i owe 1000 something with interest. I tried to negotiate but the man was just yelling at me. He said he is just taking me to court what can i do. I mean they never sent me any mail or tried to contact me and he has all my information but they did contact my brother. Its been 7 years.
The collection ageny is GE
What state are you in?
When you look at your credit reports do you still see the account on there?
Im in Texas i really dont know but i was able to cosign for my brothers auto loan in 2014.
Be sure to read more about scam debt collectors. It sounds like that may be what you are dealing with.
Ok he told me not to call his Office no more that he was just going to send it to Harris county courthouse.
How can i know if its a scam for sure. He told me not to call his Office again, he was just going to send it to Harris county courthouse. Funny thing that in the call he accidently pressed something and it started recording the call. He thought it was me recording got más and hung up.
My husband paid of his target credit card. About $400 in cash two years ago at the store. When we went to buy our home it came up on his credit report. Long story short it is now in collections for $705. Most of that being late charges when he never received a notice and paid cash for his bill so no way to look it up. When he went to the store they couldn’t find anything. Go figure. What should we do with this collections bill for $705?
How much time do you have before closing?
We already closed. We did it all under me. Just trying to figure out how to deal with this collection the best way to get rid of it.
If you already have the home and are not under that type of pressure, I would work through the CFPB complaint portal by filing a debt collection complaint against Target.
I am not sure how effective it will be. You have a he said/she said situation without any documentation to back you up. But that does not mean you should pay a bill twice either.
My husband and I allowed a capital one card to get charged off about a year and a half ago when we were in a bad place financially. We were in the middle of losing a home I owned on my own to foreclosure and in hind sight should have worked harder to keep that card from charging off but what’s done is now done. Flash forward, we are hoping to be able to make a new home purchase in the spring under my husbands name. We checked the credit report and the charged off account is there, but its not showing as a collections account at this time. We got a call from a CA called Hayt Hayt and Landau and while discussing a potential payment scenario with them, I asked the woman how the payments we were arranging would report on my husbands credit report, and she told me she could not answer that. I have reached out directly to Capital One executive services and hope to hear back from someone but what I wonder is if you have any advise in terms of the account.
The balance is $6587 so it isn’t a small chunk.
She tried to offer me a pay off of like $5200 if I paid in full. I don’t have that much to pay out at once. She basically insinuated that if I don’t pay in one payment then the only options is to arrange to pay off the full balance. I have seen payoff scenarios from other debt collectors that are far more favorable such as paying off 40% for a one time payment and 50% over time.
I am looking for any advice or council on how to move forward. It there nothing I can do to get payments I make to the CA to report as being paid on the account???
If you show monthly payments on a collection account this size, you can often still qualify for FHA underwriting. Many conventional lenders are going to want to see this as resolved before approving a loan.
Hayt, Hayt and Landau are debt collection attorneys. If there is still time for them to sue in your state, you have to be concerned about that. It is better to offer a lump sum settlement in your situation, and 50% is likely as good a settlement as you can get. And that is often not a gimme.
Are you going to be on the new home loan too? It is hard to get financing within 3 years of a foreclosure or short sale.
Hey Micheal, I am turning 20 this week and got my first credit card a year ago and quickly maxed it out, at the time I had just lost my job and assumed I would be able to find a new one soon. Eventually months went by and I still could not find a job or a way to pay my increasing debt. I have just recently found a job and had started to be able to make payments when I got a letter in the mail saying my debt of around $1100 had been sold to Commercial Crédit Adjusters (I live in Alberta, Canada by the way) and that I had 7 days to pay them in full. I called and spoke with the man in charge or my account I guess and he said he would give me till the 17th to give him an answer on whether I could pay in full (which I really don’t think I will be able to but he suggested I talk to my bank for a loan and said this was the only way to keep my credit from going down more was paying it in full but I doubt I could get a loan) and if I can’t I will have 90 days to work it out with them or something like that they called so early this morning. I was just wondering what my best options would be here because I really don’t know what to do and it’s really starting to scare me!! Thanks in advance.
How long would it take you to raise half the amount owed?
I’d say about a month to a month and a half though I may be able to work more than usual.
I would call them back and negotiate a settlement. You may be able to get better than 50% off, so aim lower, but be prepared. I do have a page up dedicated to settling cards in Canada. Read through the article and comments. Post questions and updates there as you make progress.
Hello,
A while back, I co-signed a loan for my nephew and the account is currently being handled through a debt collection agency (NES) due to nearly a year of not being paid. After a number of back-and-forth deliberations, they are currently offering a settlement amount that is roughly 60% of the amount owed. They are claiming that is the bottom line. I am wondering is that likely true and any efforts to negotiate further will be fruitless or even detrimental to the current offer? Or is it possible that they may yet present a lower settlement offer and is it safe to push for that? Thank you for any clarity you can provide!
It was good to speak with you on the phone Jim. Let me know how things go with trying to get them to go lower. As I mentioned, it is a bit different to negotiate on unpaid car loans when you still have, and are going to keep the vehicle.
After attempting to get them to go lower that one last time, they actually countered at a higher price, (from 1890 to 2300) which is what I was afraid of. I assume it was a power play, basically to get me to beg for the lower price of 1890 that I was trying to get lowered. All in all, i recountered the 1890 and they agreed. This has been such a stressful and unnerving ordeal and your willingness to advise and inform me was tremendously helpful. Thank you so much!
I had an American Express CC through Costco. I ended up moving to New Zealand from the US and took a 200 dollar cash advance on the CC when living in NZ. When it came time to pay I called American Express and told them it was a US card but I lived in New Zealand and needed to pay my bill. They told me to call the New Zealand American Express in Auckland. When I called them they told me there was nothing they could do for me since it was a US card. I called the US American Express again and they told me I had to mail a check to their P.O. box. Well I come to find out that not one single bank in NZ issues checks. So then they tell me I need to wire money to them but it has to be a US bank account. I closed my US bank account before I left for NZ and had no way of paying for the 200 dollar cash advance. It ended up going to collections and now a year later I am back in the US and wondering what I need to do to settle this debt and get it taken off my credit report. Thank you for taking the time to read this and I hope to hear from you soon.
Call AMEX directly and see if they can accept payment.
Hello my name is Dorothy Halliburton
I had a Credit One Credit Cards for years – even paid for increase.
Well in Jan 2016 my mom took ill with no real help. So I begin paying for her helper and other household bills. I tried on numerous occasions to get Credit One to mail me copies of bills. The help is unreal (no clue of what person is asking them).
I will take not fault anyone for me not making my payments. My mother was my concern. Period.
Yes i make errors with this card, Monthly charges unreal now that I look at it. I now know what subprime credit cards are.
I do see some payments maybe 3.
Well they mailed me a letter stating they sold to Midland September 16.
I would like to see if they violated any of their policy.
The charge off right at 2,000.
Any help is appreciated.
Mother passed n September.
Your best resource to go through and find out if Credit One did anything wrong would be an experienced debt collection defense attorney. I can email you a list of experienced ones in your state if you like? Where do you live?
I looked at my Credit Report one day and the collection agency called JH Portfolio Debt Equities, LLC showed up on my Credit report. I called them to inquire what was owed and today 10/10/2016, I received a letter from JH Portfolio saying they are collecting a credit card debt that was owed to Bank of America way back in 11/21/2011 that was charged off. They want to make a payment arrangement. I don’t have the money to settle with them. What do I do from here?
What state do you live in?
Do you have any major financing goals between now and 2018?
I still have my residency in Idaho but I work in Utah, I come home on weekends and holidays. I was behind my debt when I lost my job in Idaho during job market crash in 2008. I slowly climbed out of it now. I am current in all my debt (I thought I was) except for this charge off and until the JH Portfolio showed up on my Credit Report which I forgot all about. I was told to be careful dealing with this charge off because it could start the statute of limitation. I want to work with them on payment plan. I don’t have the whole amount of $2,960.22 (this was the original balance from Bank of America). I also need to know how to deal with the negative impact of JH Portfolio on my credit report. Thanks
I would only be looking to settle with the debt collector if you can swing it financially, or if you had credit and financing goals that this would hold you back from (like a home loan).
If you are serious about settling, how long would it take you to pull together a third of it?
I won’t be able to settle with them and pull together a third of the amount until April 2017 when I get my tax refund. I have been dedicating my tax refund to climb out of my debt which I have been able to do. Would it be a good idea to contact JH Portfolio and let them know that I can settle this debt in April or let it be until April? What is the statute of limitation from the original creditor (Bank of America) In the state of Idaho?
5 years. When did you last pay anybody on this account?
I have not paid anyone except the original creditor, Bank of America, last payment was October 2011. I don’t know if any collection agency bought this account besides JH Portfolio, This is why I forgot this account even exist until it showed up on my Credit Report from JH Portfolio. This is why I called JH Portfolio to find out what I owe them and requested a verification because I don’t even know this company. Then they sent me a letter with an attach statement from Bank of America saying what I owe, payment due date of 11/11/2011, etc.
So back to my previous question “Would it be a good idea to contact JH Portfolio and let them know that I can settle this debt in April or let it be until April, then call them?
So, this account is pass the statue of limitation and they can’t take me to court?
From reading some review online, JH portfolio seems like an aggressive collector and they would do anything to collect, even taking people to court.
I don’t get what right does JH portfolio to report/submit what I owe Bank of America to my credit report.
Based on the 11/2011 date it looks like you would still be within the SOL.
If you cannot offer any money until April, there is usually not much to talk to them about. And once you pass the SOL, which appears to be really close, you are often in a better position to negotiate a lower pay off.
If it were me, I would wait until I had the money.
Debt buyers purchase the legal rights to your unpaid debts. That affords them the ability to report a collection trade line.
Thank you so much. I appreciate your knowledge, input, and help on this issues!!!
Thanks again…