thebigjdoe

Charged off account STILL with OC 2 years after CO, how to approach

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I have a Chase account that was charged off early 2011.  Just got off the phone with Chase, and the account is still with them (Not with a CA).

 

My question is:

 

When dealing with the OC, do you still follow all the same rules as dealing with a CA?

 

Will the OC put everything in writing?  Can I negotiate the removal of the line reported to the CRAs (which I have found impossible with CAs)

 

Should I send a cashiers check opposed to an electronic check for them as well?

 

Anything else I need to consider when dealing with the OC, as I have only dealt with CAs collecting on behalf of the OC.

 

Thanks!!

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No, things are different.  Collection agencies typically have poor records, which is one thing you can use against them.  

 

OCs typically won't negotiate the account status on your credit report to "paid as agreed".  They might update to "Settled for less than owed" with a zero balance.  Are they willing to deal at all?  

 

You also might want to read this article:

 

http://www.creditinfocenter.com/debt/originalcreditor_debtsettlement.shtml 

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No, things are different.  Collection agencies typically have poor records, which is one thing you can use against them.  

 

OCs typically won't negotiate the account status on your credit report to "paid as agreed".  They might update to "Settled for less than owed" with a zero balance.  Are they willing to deal at all?  

 

You also might want to read this article:

 

http://www.creditinfocenter.com/debt/originalcreditor_debtsettlement.shtml 

I called chase, was automatically redirected to Chase Recovery Services when i input my account number, and they gave me another number to contact to negotiate with chase.

 

I will keep in mind what you said, and they did mention settled for less than full balance, although the other settlements I did, claimed they will change to "Settled in full" with zero balance.  I will print a CR over the next couple of days and go from there.  Thanks admin :)

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How did everything turn out?

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How did everything turn out?

Actually not good... I put it off for a few days, then called back.  They had already handed it to another CA to collect on their behalf...

 

So I asked the agent at Chase for the entire history of the account.  Apparently this is how it works, and THERE IS a way to deal with the OC but it takes time...

 

Since the OC still owns the account, they contract out CA to collect for them.  Their contracts were anywhere between 3-5 months from the accounts histories.  Chase had control over it anywhere between 1-3 weeks in between switching CAs.  One of my accounts is pushing the 5 month mark with a given CA.  That and the fact that they have been calling often makes me think their contract is ending, and it will be back with Chase for a short time.  I will be calling Chase weekly to see if they have it back yet, and then deal with them directly.  I am guessing this is how they all work...

 

So the question so often asked, "how do I deal with the OC after CO?" has a straight answer.  Wait for the OC and current CA contract to end, and contact the OC during the short period of time before they pass it to another CA.

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First, CO has nothing to do with you.  Its just an accounting term.  Its not a magic date.

 

Second, when you call Chase...do not enter your acount number.  Press "0", "#", whayever until you wind up with a live person.  Tell them it is your personal policy NOT deal with CAs, and if they want any money at all they'll deal with you directly, or take you to court.

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Just how do you take an OC to court "willingtocope". thats interesting?

 

Can you make them SUE U?:

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So the question so often asked, "how do I deal with the OC after CO?" has a straight answer.  Wait for the OC and current CA contract to end, and contact the OC during the short period of time before they pass it to another CA.

 

 

i disagree!!!!!!!... if they find a CA and you receive a collection letter DV them first!!!!!!.  Then Dispute it with the CRA's. wait for about 30 days to see if they validate, if not validating its their choice to either respond or go away (meaning find another CA). They always have two or three CA's that they try using once a chargeoff occurs!!!!. Its always within the first year they will attempt to collect thru CA's and c if they can feel how much resistance from account holder is coming!!!!!

I have citibank thru Shell Credit Card/Exxon Mobil Card when they used a local to TX CA for their collection activities. Then, i had DV'd them and matter just went to another collection agency GC Services and they tried calling to collect, i DV'd them and since then no response yet!!!!!!. Both Citbank account went into Chargeoff 's in November 2011.

I also went as far as filing a complaint with CFPB, identifying that a notice of Chargeoff was never mailed to me before the account went into Chargeoff? i did not very much succeed at that for they sent me last 3 months of statements showing on the statements itself a notice of chargeoff was implied to me should that ever occur!!!!!

 

Ever since, i have been wanting to settle the account only if it results in a DELETION.  anything less is just not worth it!!!!!!

 

I am thinking of getting a FAX# to the collections department of EXXONMOBIL/SHELL/ CITIBANK NA and fax in a request for deletion!!!!!!!. does anyone have such a number?

 

I totally disagree with the OP's way of going about fighting the chargeoff!!!!

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@energizer

 

i disagree!!!!!!!... if they find a CA and you receive a collection letter DV them first!!!!!!.  Then Dispute it with the CRA's. wait for about 30 days to see if they validate, if not validating its their choice to either respond or go away (meaning find another CA). They always have two or three CA's that they try using once a chargeoff occurs!!!!. Its always within the first year they will attempt to collect thru CA's and c if they can feel how much resistance from account holder is coming!!!!!

 

You're correct about sending a validation request.  However, not all CAs report to the CRAs.  Sending the DV is enough.

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I totally disagree with the OP's way of going about fighting the chargeoff!!!!

@energizer  It might work.  Sometimes the OC will recall the collection and that collection agency no longer has a reason to report.  

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Just how do you take an OC to court "willingtocope". thats interesting?

 

Can you make them SUE U?:

No, you can't MAKE them sue you.  But they can't make you deal thru a CA either.

 

If you do "negotiate" a settlement for less than the full amount with a CA,  they either have to go back to the OC for approval, or flat out lie to you as to whether or not you have an agreement.  You'll find many posts on the board here where people "settled" with a CA only to find that the OC still wanted the rest of the money.

 

Personally, I'd rather take my chances that they will sue than bet on a CA telling the truth.

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I have tried filing complaints with OCC, CFPB, federal reserve for one and the same account!!!!!. I thought that was one way of the OC bringing a suit and getting the matter resolved once and for all.!!!!

I have to presume, they (The OC) dont really like litigation unless its Capital One, HSBC which will pruse to no end!!!!!

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So the question so often asked, "how do I deal with the OC after CO?" has a straight answer.  Wait for the OC and current CA contract to end, and contact the OC during the short period of time before they pass it to another CA.

 

 

i disagree!!!!!!!... if they find a CA and you receive a collection letter DV them first!!!!!!.  Then Dispute it with the CRA's. wait for about 30 days to see if they validate, if not validating its their choice to either respond or go away (meaning find another CA). They always have two or three CA's that they try using once a chargeoff occurs!!!!. Its always within the first year they will attempt to collect thru CA's and c if they can feel how much resistance from account holder is coming!!!!!

I have citibank thru Shell Credit Card/Exxon Mobil Card when they used a local to TX CA for their collection activities. Then, i had DV'd them and matter just went to another collection agency GC Services and they tried calling to collect, i DV'd them and since then no response yet!!!!!!. Both Citbank account went into Chargeoff 's in November 2011.

I also went as far as filing a complaint with CFPB, identifying that a notice of Chargeoff was never mailed to me before the account went into Chargeoff? i did not very much succeed at that for they sent me last 3 months of statements showing on the statements itself a notice of chargeoff was implied to me should that ever occur!!!!!

 

Ever since, i have been wanting to settle the account only if it results in a DELETION.  anything less is just not worth it!!!!!!

 

I am thinking of getting a FAX# to the collections department of EXXONMOBIL/SHELL/ CITIBANK NA and fax in a request for deletion!!!!!!!. does anyone have such a number?

 

I totally disagree with the OP's way of going about fighting the chargeoff!!!!

 

That is fantastic that you want to wait until they agree on a deletion...

 

Some of us however, don't have the time for this option.  Some of us need to have our balances show zero, and we don't have all the time in the world to wait them out...

 

In my situation I have ZERO CA reporting on my CR...All reporting is still being done by OC.  As far as dealing with a CA, from my experience, negotiating how the item is reported on your CR is not an option.  As far as dealing with the OC, what I said before is still the only way I have found to do it.  Sure you can DV any new CA and it may get sent back to the OC faster...but you still have a very short window to contact them directly before it gets passed to a new CA...

 

I am only speaking from about 6 months of experience in dealing with 5 chargeoffs...over 100 phone calls talking to everyone from the peons to the managers (so they say...)

 

I'm not sure why you start with "I disagree" then begin to spout of something completely unrelated to dealing with the OC and settling your debt in a reasonable amount of time.  Your way is great for someone who has time to play the waiting game... but I am willing to bet they will never agree to deletion when settling for less than full (around 17-20% in most of my cases)

 

Side note for everyone who says that settling will not help, or maybe even hurt your credit score... I went up over 20 points just paying off 4 charge offs (settled for less than full).  I'm guessing it is from the balances going down to $0

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The only way i have known it works is if you get the OC on the phone & keep hammering at him to come up with a settlement EVERY FEW DAYS. it works.

Have a figure in mind you will settle, let him know the T&C(Terms & Conditions), LRE (Limitations, Restrictions & Exclusions) you can live with & be very aggressive in getting it or the appearance of wanting it settled for good!!!!! Its always comes down to how eager you are to settle. I cant speak of everyone being able to do this with fascinating fluency, however, people just do it & be done.

That to me will get you a settlement much much faster than anything mentioned in any of these posts here.

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