I am with a debt management program that consolidated my debt. One of my debts is a credit card with Bank of America. This account has been through two different collectors, NCO Financial, and National Enterprise Systems.
When I attempted to make payment through my program to these collectors they both denied the payment and returned it to me.
I was recently informed by the debt management company that NES had closed the account. I called NES to ask what happened and they told me they had returned the account to the original creditor.
It's been a few months and I have not received any official notices or documents from BOA notifying me of their possession and terms for my account/debt. The debt has appeared on my online bank statement, but not on my paper mailed statements.
I have read it is illegal for collectors to not properly notify you about your debt and their terms for collection. BOA has not. Do I contact them or wait for them to properly contact me?
2007-01-11 17:18:12 · 4 answers · asked by jetkitty83 2 in Business & Finance ➔ Credit
I've got good news, bad news, and good news again. The good news, I work for bank of america, the bad news, if the collection agencie has told you they have returned the debt to us then that means that we are officailly chargeing that baby off. it will now st on the books for seven years as a bad debt. and no we don't have to contact you when we do that because it means that we are no longer attempting to collect the debt. The other possibility is semi good news. because you have gone throgh a debt management program the collection agencie may have bailed on the collection because they can't earn a commision if you go through that kind of plan. the better news. call the card services department at BOA and talk to an account manager. you may still be eligible to use a repayment plan like that to clear the debt instead of being charged off. the phone number to call is 1-800-732-9194. It never hurts to try and it will only help restore your credit faster. once it is paid you will be given status of "debt satsfied" on your credit report, and since we will be reporting that payments are being made you will be able to appy for credit almost imediately after you finish your program if you want. Good luck and hope things work out well for you.
2007-01-11 17:53:40 · answer #1 · answered by nyxcat1999 3 · 1⤊ 0⤋
I would go ahead and contact them because they may, in the meantime, send it to an Attorney. Even if an account has been closed doesn't mean it has been forwarded somewhere else. It just means that it has been charged off at that location and usually sent to another agency.
If you are unaware of the debt, you have a right to receive notice, usually within 5 days of when an agency will begin reaching you to collect. From that time, you should write them and request a statement verifying the debt. Meanwhile they have to freeze the account, usually up to 30 days.
Take meticulous notes! When speaking to someone, get their names and phone numbers, and times/dates of contact. If you want payment arrangements, put the request in writing, Don't depend on verbal or oral agreements.
From your position now, call them. They'll update your file--current address, contact phone, place of employment (tell them no calls at work!). Follow the paper trail. Where is it? Request a written statement once finding the agency,make a payment plan and put everything in writing. Another thing is pay only ONE agency. Obviously one of them will have to close the account. Both agencies will vie for your money. Don't fall for it.
2007-01-12 03:09:43 · answer #2 · answered by gone 6 · 0⤊ 0⤋
contact them,,,,,,sigh, they unfortuantely hold all the power to mess up your life and most minor illegal infractions on thier part will only get them a slap on the wrist at best......they would have to something more severe than what you described to get any lawyer interested in your case and the longer you wait the more difficult it will be for you......contact them to help yourself, not as a benefit to them....bets of luck
2007-01-12 01:29:02 · answer #3 · answered by devon . 2 · 1⤊ 0⤋
Yes , show your good intentions, you would not want it to hurt your credit, trust on this one
" a poor person best friend is Good credit"
2007-01-12 01:46:52 · answer #4 · answered by Anonymous · 0⤊ 0⤋