I had some credit problems in the past and had some payments that were 60 & 90 days past due. This was around 3 1/2 years ago. The account was delinquent for about 6 months, the grantor closed the account, but I brought it to current and have been paying regularly ever since I brough it to current. On my credit report, the account shows as "closed by grantor" but "makes payments as agreed."
My question is - can a debt be sold to a collections agency in this situation? That is, "closed" but being paid "as agreed"? The debt is about 4K.
Thanks in advance.
2007-07-12 01:52:49 · 4 answers · asked by hindsight 3 in Business & Finance ➔ Credit
The account is only closed, not charged-off, which is a good thing for you. As long as you continue to make your payments to them, that should be fine. The moment you start failling behind again, the account could be subject to being sent to a collections agency.
2007-07-12 02:05:39 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You might check with the grantor, but my guess is that "closed by grantor' means that the account is still active, but is restricted from any further charges by you.
I highly doubt that it would be sold to a collection agency as long as you pay as agreed, since the sale of your account to such an agency would bring the grantor far less than a dollar for dollar sale value.
2007-07-12 08:58:14 · answer #2 · answered by acermill 7 · 0⤊ 0⤋
It is possible that they can sell it, but unlikely as long as you stay in touch with them and continue to make payments as agreed.
I'm proud of you for taking the initiative and paying your bill. So many people would be on here asking how to get out of paying it.
2007-07-12 09:11:55 · answer #3 · answered by Stephanie J 5 · 0⤊ 0⤋
You got your answers but I have a suggestion that might help your credit score. If you have 2000.00 in a savings, take out a personal loan for 24 months and pay it back in 12.
2007-07-12 10:33:38 · answer #4 · answered by Anonymous · 0⤊ 0⤋