Re: Creditors Interchange Follow Up

Posted by Paul (207.44.154.35) on January 19, 2004 at 20:44:44:

In Reply to: Creditors Interchange Follow Up posted by Power Johnson on January 19, 2004 at 19:57:08:

From what you’ve described, Creditors Interchange does NOT own your account. They are acting as a third party collection agency for the OC which still owns the account. Your best bet is to do what Why Chat suggested already. You do not want to be negotiating with CI because they will lie to and cheat you. They will claim to “settle” for 50%, then send the account back to BOA which will assign a different agency to collect the other 50%. The OCs often have multiple collection agencies all working the same account at the same time and you’ll get one that “settles” for less than the full amount without authorization. You need to be negotiating directly with BOA and get a 1099 on any forgiven amount in the settlement or else somebody else will soon be after you for the rest.

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