Quote:
Originally Posted by aznlangjai
i called my bank, and they said they no longer handle my card and has transfered it to a third party collection agency. is there a way to get them to take it back?
and with collection agency, what are the downside or difference between owing them and the bank? do they still charge interest based on the credit card you applied for?
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Nope, it is off their hands, so you won't be able to get them to take it back.
The biggest difference is, their job is to COLLECT - they'll be bugging you, calling you , letters - nice sounding professional threats basically.
No they can't, i don't believe so. They are there to collect that amount of what you owe.
What happens with a lot of these agencies, they buy bad debt from banks like you for like 25cents to the dollars(example). So A) banks get some money back. B) They make money and a lot of it, if you pay it off back in full, therefore. I suggest you tell them you're poor, got no money, willing to pay back, say 50% or smething of the total over X amount of time. If you're lucky and don't have an Asshole thats smooth and knows his shit, dealing with your debt. You're looking good to pay partial.
That all being said, you have to get a written reciept/letter and shit AFTERWARDS that you paid off your debt so it gets removed off your Credit Report which (by now is fucked over anyways) but you can start rebuilding it.