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what to do about charge off?

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Posted by keith ( on September 16, 2002 at 16:06:08:

live in ky. last payment to providian in june 2002.
we have a credit card account with providian. now all of a sudden someone from chase bank is calling. i guess they bought our account because it was put in charge off status. i didn't even know it was put in charge off status until the guy from chase told me. here's my question. we owe about $25,000. is chase a collection agency? they said they bought the account. if i understand correctly they usually buy them for 1-5 % of the total. should i try to get a settlement payment of about 30% to get rid of the account. and do i have to get it in writing that they won't sell the remainder of the account. or, should i just keep paying on this thing for the next 15 years? also, i asked them if interest was still accruing on the account and they said it was. is that correct? lots of questions but i need help! we have a six month old child. we have no assets except for an old honda with 165,000 miles and some furniture. what should we do? please help.

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