Re: process of a judgement
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Posted by LadynRed
(199.91.33.254) on January 27, 2003 at 12:29:42:
In Reply to: process of a judgement posted by victory on January 27, 2003 at 12:12:02:
By law, they MUST charge-off at 180 days of insufficient or non-payment. There's nothing to stop them from charging it off sooner, most don't though. Once charged-off, it almost always goes to a CA, but they can and do use CA's long before the charge-off point. If they sue you, and you're summoned to court, you will most likely be offered a settlement before you get in to see the judge. If you don't agree to something, it goes before the judge and could then go against you unless you can make a case to avoid a judgment. You can try to settle before charge-off, but most creditors aren't very flexible until its just about to charge-off, some go as low as 35% (what Chase offered me), but it seems the 'norm' here is more like 70-80% - which isn't much of a deal as far as I'm concerned.
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