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Since November last year I have defaulted on my credit card dues that card companies have dropped me from their 'members in good standing' rolls and their lawyers have been sending me collection letters. My action on this is pay a little sum as I can afford. I want to know if they have already written off my debts and collect equivalent sums from insurance.

2006-06-22 18:34:46 · 4 answers · asked by M A 2 in Business & Finance Personal Finance

4 answers

Credit card companies don't collect insurance when they write you off. They basically lose that money. If the credit card company is still calling you, they haven't declared you a chargeoff yet. When they've given up on seeing that money, they stop calling and sell the debt to a collection agency, usually for a lot less than you owe. The collection agency then gets to call you and chase you down till you pay.

Your best bet--- call the credit card company and tell them you don't have the money to pay them. Often they will erase the penalty fees and reduce the interest rate if you close the account and agree to a payment plan that you can afford. Their ideal goal is to get full money and interest from you but if they can't, they'll often agree to accepting just the money without the interest.

2006-06-22 18:49:01 · answer #1 · answered by dcgirl 7 · 0 0

Yes, they usually do.
Otherwise also the intterest they charge is sufficent to take accounts like yours as a write-off. Then they get a refund from Uncle Sam.
They are never loosers.

2006-06-22 19:46:26 · answer #2 · answered by worldsbestca 3 · 0 0

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2016-10-31 08:19:38 · answer #3 · answered by ? 4 · 0 0

No.

2006-06-22 21:01:02 · answer #4 · answered by Anonymous · 0 0

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