Recent Charge Off, Really recent!!!

If it's been sold to a ca there is no hope working out anything with the oc. You can call and talk with the ca who has the account and see what they will settle for if anything. Since it's so recent I doubt they will settle but it may be worth a shot. If it has only been assigned to a ca then you may have luck with the oc getting them to remove the lates and show paid as agreed if you can pay the full balance now.

 

Why dont you call the OC? I've never dealt with BoA but I hear they are horrible and unforgiving. I would wait until you have the funds available before calling them. It's unlikely they will write back to you in a reasonable amount of time and answer your questions as specific as you want in a letter.

 

First things first, if you received a letter from the CA, then you MUST write a letter of dispute, or request for validation, within the 30 day alloted time window. Otherwise, you the negative reporting, and continued collection efforts can continue.

Most likely it will be impossible to deal with BoA directly, as far as negotiating a reduced settlement. If BoA has indeed "Charged Off" the account, I know for a fact that they do not transact on the account. If you were to make a direct payment on the account, they will transfer the payment to the CA/purchaser.

However, you first must decide what your objective is here; try to eliminate the tradeline from your credit report, or settle the debt for the least amount of money. There is a difference here.

The CA will most likely NOT report the account if you pay or settle within 30 days of being contacted. There may not be much you can do about the BoA tradeline with this method. But, you probably can prevent another negative from appearing on your credit report.

If you are still getting a statement, and the account still "shows" on on-line banking, you could try paying it that way to show a transaction with BoA. Then you may be able to deal (somehow) directly with BoA. However, it is likely you will have to pay the full amount due, no settlement negoatiation.

Again, what is it exactly you would like to accomplish? A reduced amount to pay for the debt? Removal of CA tradeline? Removal of BoA tradeline? And, what is the priority ranking of your objectives?

But, don't forget to submit a written dispute/validation request to the CA (in writing, sent CMRRR) first!

 

Why would he dispute an account he admits to owing?

 

It sounds like he has some question/doubt over the final amount owed ($1,100.00).

 

Help!!!
Just found from credit monitoring with true credit my chase account charged off (reporting account balance 0 sold to another) I also saw on my report an inquiry by NCA which is a debt buyer . I have not received any correspondence from this agency yet. I made payments to chase before I knew this had happened. They are saying no payments for 150 days but this is not true payments made in sept, oct december and feb. This is for a large amount (mostly penalty interest charge. Card has not been used in 6 years - just like senate hearing story) I am not sure what to do. I would pay 1/2 to settle preferably directly to chase but if they won't settle I don't want to give the agency any additional information or amunition. My goal: settle account for 1/2 preferbably with chase directly to remove charge off from credit report or with ca but I still need to have charge off removed by oc. Help....

 

Did you make continuous monthly payments to Chase prior to September '06 or were there gaps in payment that exceeded 4 months?

Have you been receiving monthly billing statements from Chase regarding this account and this is why you made payments in September '06, October '06, December '06 and February '07?

Do you have copies of the checks or receipts that indicate payment during those months?

If you have made payment, retained the receipts or have copies of the cancelled checks, make 2 copies of each.

Begin by sending a CRRR letter to the Chase Customer Service address on your monthly billing statement and enclose copies of the payment record. Your first sentence of the letter should be, "There is a billing error on my account."

"Enclosed are copies of payment made and accepted by Chase on the following dates or months..."

If, and when, you receive any correspondence from NCA, respond within 30 days with a simple validation letter challenging their claim of your "account".

 

I know NCA, National Credit Adjusters, very well and they are true scum. Make sure you record any calls made to/from them. It will be easy money for you as they violate the law in almost every sentence. I would suggest calling them, blocked number, advise them you are recording the call, unless your state allows 1 party consent, Kansas does, which is where they are located, and if that is the case you are not required to notify them that you are recording. Attempt to get the details on the account, date of last payment, address they have on file, when the first notice went out, how long they have had the account, the interest rate on the account. According to the FDCPA, they must notify you in writing within 5 days of initial contact, pulling your credit report is included in that. Keep very detailed notes and make sure you record all calls. Keep us informed of their blatant violations.

 

my chase account charged off (reporting account balance 0 sold to another)
Card has not been used in 6 years - just like senate hearing story)

The account has been charged off and is sold to a CA, regardless of any checks sent/cashed by Chase for payments on the balance owed, which will be forwarded to the agency who owns the account at the time. Contacting Chase for them to resolve will do no good, you must deal with the CA.

 

The individual needs to have the records from Chase.

 

If the account has been sold it is not the OC's problem to provide those documents, it's the CA. It's a waste of time to contact them and request anything from the OC.

 

Thanks to all who replied to my questions. The agency who pulled my credit was National Credit Acceptance Financial , I believe they are located in California. I realize that this account has been sold to this agency, however, Chase has accepted money from me for this account. I really do not know what the actual amounts owed really are. This account is more than 20 years old but has not been used except to pay on it for over 6 years. I would like to know exactly what my original contract was with this company. Must I simply assume that I contracted with them to pay any fees, late charges interest rates, misplaced payment and final sale to a company which did not exist when I first opened this account. Will Chase have the record of my original agreement with them. Can I request that they provide this along with the sale price of this account to NAC ? Help....I want to pay something reasonable and fair (6500 in fees and interest does not seem fair to me.) I still have received no correspondence from anyone. Should I try to be pre emtive and offer settlement to Chase? Any advise

 

Contact the CA and ask for a settlement on the account, usually somewhere 30-45% and work with that. They do not have to tell you the sale price of the debt, and normally wont tell you, it has nothing to do with the amount owed. You signed the contract for the default interest which they are allowed to charge, if allowed in your state. The OC can sell the account to any agency they choose. Dont bother contacing Chase, they will only give you the number to the agency who has the account currently.

 

You might want to consider contacting an attorney that does debt re-negotiation and the best place to start is www.naca.net. You can find listings of lawyers by state and their interests. If you opt to see any attorney, that individual would want to see your most current credit reports and if you've not requested your free annual credit reports, that's first on the list of things to do.

When did Chase stop sending statements? Gather the most recent statements from Chase you may have filed and your payment history from the last 12 months. It's important to know what's been paid.

If you've never been to an attorney, you can simply telephone those listed at naca.net and tell the assistant answering phones, "I'm a potential client and I'd like to talk to so-and-so about a credit card matter." Many lawyers will return calls, and at no charge.

When they do, be prepared. Know what your goal is for this issue. Explain what happened, that you have your most recent credit reports and you want to resolve this matter in the most advantageous manner for yourself. Tell the attorney if you continue to have no correspondence from either Chase or the CA.

Ask if they might have a better approach to the issue and what they recommend. But be prepared and organize the paperwork.

Debt is negotiated all the time and very generally speaking, *if* there are no violations by the CA, it could be reduced to 10-50 percent of the original debt. You can instruct the attorney, if you opt for debt re-negotiation, that upon payment, you require a written statement that no derogatory reporting ( this means deletion of the collection account) of the account to any Collection Reporting Agency.

Keep copies of everything including letters and envelopes.

If that's the scenario, it's very possible that the CA *could* be marked as "Paid" and not deleted from your reports. You'll need to monitor your paper reports and if there's a failure to delete you send the corporate office a CRRR letter with a copy of the agreement and demand that the account be deleted within 10 business days upon receipt of your letter.

If they fail, they are breaching a contract and can be sued.

 

There is no reason for this one account to retain an attorney and waste that money. Call the CA, get the settlement offer that you both agree to, ask for a fax agreeing to those terms that you have worked out with them, ask for a deletion of the tradeline, if they agree, get that in writing. Follow through with the agreement as outlined and it will be over with.

 

I have not yet been contacted by the agency I am assuming purchased this account (I only know through checking my credit report that they accessed my credit report). My credit report only shows the original creditor (chase) , it notes non payment for between 120 and 180 days( depending upon which cra) and notes account charged off sold to another account balance 0. I ultimately want to remove the OC listing of charge off collection . Since there is no listing with the CA that this account is in collection is there any way to leverage payment to them which can remove orignal charge off listing? If I pay CA do they have the power to delete the entire tradeline as they now supposedly own it. Should I try to get this removed by OC due to incorrect reporting as they have accepted monies which are not reflected in the balance they are showing to be charged off. All opinions appreciated.

Also, I thought it was better to never talk by phone to any CA rather to correspond by certifed mail so that any negotiated agreement and terms would be in writing. I have not spoken to anyone in this agency nor have I received anything by mail from them. If they call should I speak with them or should I wait for something to come by mail and shoud I ask for Validation?

 

If you want anything done in a timely manner call them, get everything in writing either via fax or mail. It all depends how fast you want to get this done and over with. They can remove the tradeline but they more than likely will not especially if they validate it. They can only remove their tradeline only. How do you know the payments were not applied to the balance from the OC? There has been an interest rate applied on the account since you opened it correct? When you stopped paying the interest rate went to a default rate, somewhere likely to be 19-29%. Which is more than likely still in effect as of today.

 

I hope you can get other senior member replies before you make your decision. I have always been told to do EVERYTHING in writing. JAM? ONTRACK? BUTCH? Hopefully one or all of you is reading this and can reply.