Ducks in a Row!! Why Chat, Anyone??
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Posted by V in SATX
(66.139.92.209) on February 02, 2003 at 15:06:01:
My Hubby and I have just recently had several charge offs on our cc debt. We wanted to make sure that we have our ducks in a row so to speak. I am inquiring as to what we need to do so we don't end up making more problems for ourselves. We know we have a battle ahead for us. Question#1 With these charge offs, assuming the OC sells the debt to a CA. What do we do once the CA starts contacting us? Do we send validation letters? If so and they validate the debt and have supporting documentation then should we try to settle for as low as a percentage rate on the debt? Sorry kind of multiple questions. Question #2 Will the OC's now try to sue us, or get a judgement on us now that they are charged off? If so then we can expect that we will be served via mail or in person? Once again if so, do we contact them to see if they will make some kind of settlement; or is it now past settlement time? A couple of our OC's are Cap One and Providian and as we have read they are heavy hitters!! We realize that there are many different scenarios that can occur. We just want to try to prepare ourselves to what possibly could be ahead for us. The future is untold as we all know. Any help in our possibles would be greatly appreciated. Thank you in advance for your time.
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