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Credit Protection and Collections


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Hey gang -- What do you recommend:

I have just one more payment then my collection is paid. But of course, the collection will probably not be removed. This account (1st premier bank) had credit protection -- you know the insurance you pay into just in case something happens (which something did -- I lost my job).

I was under the impression that this insurance was suppose to protect you -- the balance doesn't go away -- but all fees stop and you can pay down what you owe without penalty.

Why, if it's protected, did it go to collection on my CR and how can I get them to remove it once it's paid.

Anyone have dealings with credit protection plans?

Thanks much :roll:

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Did you file a claim through whatever process proscribed by the institution that issued the card and/or the company providing the insurance?

My understanding of most of those programs is that they pay the "payments" (probably the minimum only) for a period of time but I am certain there are hoops the consumer has to jump trough to get it started.

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They immediately placed it in collection -- where it bounced around for a while then settled with the company it's currently with now.

So no -- I never went through a process -- I only told the CA that the account was under seller protection. After I did that the balance I had to pay was the one without collection fees, however it still remained with the CA.

I'm new here and learning so much that I don't even want to send in the final payment until I know that collection will come off.

Right now they tell me that it will be updated as PAID IN FULL -- and from my understanding that doesn't delete the collection on the CR.

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did you contact them to tell them about your claim.

just like unemployment insurance with the government just doesn't start

automatically-- you have to tell them and fill out forms

and it has to be approved by the claims adjuster.

another thing is that it doesn't last forever..

it is meant to last only a few months...

again like unemployment insurance.

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