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Questions about collection agencies


happygolucky
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If a credit card account has already been charged off and turned over to a collection agency, and the original debt is almost at the statute of limitations, should i bother with the collection agency? Why would the collection agency's amount due be over $12k more than the original amount?

If no contact has been made with the collection agency, can they report it also, in addition to the original? I think the answer to this question may be yes because another bad debt account on my credit report is $7324 while there is also an acount i have never heard of with an amount due being $7325

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Even though a credit card company charges off a debt, this term is just an accounting term. Many credit card companies utilize more than one collection agency to obtain the debt. When the debt is "sold" usually the original creditor will read as "0" with the company owning the debt with the amount posted. The SOL is determined from the DOFD, "date of first delinquency". If you make any inquiries on your credit such as applying for something, this triggers the collection agencies. If they are not bothering you, leave well enough alone! :wink: I'm not sure how the amount came to be $12K more! :confused:

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I havent applied for anything, so what could have triggered? Only thing I can think of is I recently married and was added to my husbands bank accounts. Could they try & come after those?

Yeah, i've just been ignoring it since it was just occasional letters via regular mail. IDK either why the amount would have jumped so drastically!

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I also noticed on the letter from the collection agency, it's addressed to a business i previously owned with my name being under that...:confused: I still dont know why they would increase the amount due to the outrageous figure they've come up with. So should i call them and ask?

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I wouldn't call and speak to anyone if I were you! You said the debt is close to being out of SOL, therefore leave it alone! If the amount of the debt currently seems too high, it's probably because of all the interest they tacked on.

Bottom line: leave this debt alone. If you get sued for this debt AFTER the SOL expires, then you wont ever have to repay it as long as you use the SOL as your affirmative defense.

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