![]() 10 cents on the dollar for the entire amount) and get covered for the other 90%?Ģ) Part A: I noticed that on my report there are charge-offs and open collections. Part C: Since a Charge-Off is a Write-Off (and in this question - BofA), usually doesn't the bank, BofA write the ENTIRE amount off their books as uncollectable debt and get covered by FDIC for the entire amount, and if so - how then can they sell the debt to a collection company if they already got paid.or do they only sell 10% of it for (i.e. Part B: After this account was Charged-Off, did BofA sell the debt or did it assign the debt, and how would I know? Bank of America.and it is 3 months past-due, am I correct that at that point, it sits in the internal collections department of BofA? (I had this happen to me, but not sure if this is correct). Therefore, if you don't mind, I will ask several questions:ġ) Part A: When a consumer (such as myself) stopped paying a credit card account.i.e. I want to take the necessary steps to clean up my credit, but there are serious issues that I am having because there was about $35,000 of credit card debt that I let go, spread over different credit cards and I don't want to make mistakes tackling this issue. I do have some knowledge of credit repair/collections/debts, etc, but I have some specific questions that I don't have answers to and there is a disconnect that happens in my mind when I begin trying to figure out where they truth actually is with respect to collections/charge off procedures, etc. ![]()
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