Why would Chase hang on to an account for 10 months instead of charging off?

[optimistic1]

I can't help but think Chase is up to something, I made a post yesterday about how I DV'ed the CA they hired to harass me into paying. The CA sent it back to them, which I assume that meant they owned the whole time.

It begs the question, why have some of my creditors (apparently*) charged it off, and Chase has not. Is it because I told them I am filing a Ch.13, or because they want to contest it? Or is it just some standard procedure they use.





* I say that because I really dont know if any of my creditors have "sold" the debt.

[treehugger1]

Have you checked your credit reports? I'm just curious. It does seem odd that they (Chase) would not be showing charge-off on the credit line.

[catleg]

Charge off just means they value it as zero on their books (and they can't keep booking the interest at 30% as "income"). Has nothing to do with ownership of the debt or its collectibility.

[albacore44]

I get automated e-mails from my credit monitoring service almost daily as the changes post, so i logged in today and noticed my first 2 citi accounts just charged off. Wow 6 months goes fast. So i'm bracing for whats next. Strangely Citi has made less calls than any of the others, and i have more of their cards.

[optimistic1]

Have you checked your credit reports? I'm just curious. It does seem odd that they (Chase) would not be showing charge-off on the credit line.

Honestly I havent, my guess is they just moved it to a law firm / cA to harrass me and see what happened. Hopefully they just send it out to another one, so I can DV them again.

Either way, I am ready to file in October, so I suppose I need not worry, but contemplating even filing until I am sued.

I am stressing on just how much lower the state median income will drop, if it is 3-5%, I should still be safe to get a 36 month plan.

[BigJohn]

Honestly I havent, my guess is they just moved it to a law firm / cA to harrass me and see what happened. Hopefully they just send it out to another one, so I can DV them again.

Either way, I am ready to file in October, so I suppose I need not worry, but contemplating even filing until I am sued.

I am stressing on just how much lower the state median income will drop, if it is 3-5%, I should still be safe to get a 36 month plan.

Maybe they think you are special and are in the process or have already re-aged the debt.


Right now, creditors can do whatever they want.

[optimistic1]

Yay, I am special.

[backtoschool]

Honestly I havent, my guess is they just moved it to a law firm / cA to harrass me and see what happened. Hopefully they just send it out to another one, so I can DV them again.

Either way, I am ready to file in October, so I suppose I need not worry, but contemplating even filing until I am sued.

I am stressing on just how much lower the state median income will drop, if it is 3-5%, I should still be safe to get a 36 month plan.

Often original creditors will rotate the lawyers/CA's on an account. My chase card had three different lawyers/CA's over the course of a year. None of them sued.

[albacore44]

Often original creditors will rotate the lawyers/CA's on an account. My chase card had three different lawyers/CA's over the course of a year. None of them sued.

thats what I'm hopeing for. 4 months until filing (january)

[backtoschool]

thats what I'm hopeing for. 4 months until filing (january)

None of the big banks sued me and my credit lines were all over 10k and all were maxed out. Citi didn't even sue me and my credit line with them was 25k.

I only got sued (twice) once Asset Acceptance bought my Crate and Barrel card debt and my Henri Bendel credit card debt (both are WFNNB cards). They sued right away after buying the debt.

I also got sued by a new york sewer lawyer working in conjuction with Arrow that sued on my Washington Mutual card.

These three cards were my three smallest credit limit cards which is what is so strange.

[catleg]

Yes, BB is correct. In fact, Advanta recently moved up their charge-off date to 120 days from 180 days since they're in a wind-down mode and passing the losses off to their securitization trust a.k.a. bag holders.

[clo]

Optimisitc1 can you tell me if Chase offered you a settlement as the 6 month date came up? If so what was the percentage they offered to settle at?

Bigboy2u If an account is sold as you mention what can one expect to work out to settle the debt for less than is owed? What is a ball park that would be accepted?

[optimistic1]

No settlement, although the line of communication was always stopped, because when I talked to them, I told them I was filing a BK and here is my attorney's phone.

At that point, they dont even bother settling, but they will if you ask them.

Thanks for the answers to my question, I wanted to know the reason why they dont charge it off and rid themselves of it past the 6 month mark, I did not need what the definitions of everything is.

[I_Suck]

Also and lastly your CR will (or should) show the debt as being transfered/sold and should list the name of the new owner. But this can take 60-90+ days to show up.

Great post. The only comment I would make is that the above is true as long as the debt is not a small business debt. Mine is a small business debt and I have yet to see it anywhere on my credit report, which makes it a little hard to verify account ownership.