BOA sold my debt to NCB with only 90 days late
Date: Wed, 10/10/2012 - 19:28
BOA sold my debt to NCB with only 90 days late
Since NCB is a collection agency, I assume I need to settle with them. What is my first step? Have them validate the debt? If so, how do I do that? After I do that, do I call them and tell them I do not have that amount of money and see what they can offer? I owe about $6,500 but only have about $1,000 to settle with. Would that be enough?
Thanks to all.
It more than likely was not sold but simply assigned to a CA.
It more than likely was not sold but simply assigned to a CA.
$1000 for at $6500 debt? 15(ish)%?? Aint going to happen.
The first thing you need to do is send a debt validation letter
The first thing you need to do is send a debt validation letter to the CA. You can do this by sending a debt validation letter to the CA. Once the debt is validated, you can negotiate with them to settle the debt. Have a look at the following page to know DIY debt settlement tips:
http://www.debtconsolidationcare.com/steps.html
$1000 is not enough to settle the debt.
BOA sent my wifes card to firstsource after 90 days as well, how
BOA sent my wifes card to firstsource after 90 days as well, however, I was able to negotiate with BOA directly, I just ignored FirstSource.
BOA was the only one who allowed that, all our other referred us back to the CA.
Best I could get Boa to was 25% immediately before CO.
Also I am reading contradictory information on whether I need to
Also I am reading contradictory information on whether I need to ask to validate the debt. I know I owe it. Some people say by asking to validate the debt, I increase my risk to getting sued by the CA.
Please advise. Thanks.
It is true that DVing can cause a creditor to sue you faster....
It is true that DVing can cause a creditor to sue you faster....DVing although a legal right, can be seen as a stall method or that you are going to be a difficult debtor. In a case like yours, where the debt is assigned to a third party, you can call BOFA to verify placement. However when a debt is sold, you always do a DV.
BOA accounts are not difficult...
I would call 866-833-6398 they settled my BOA debt for less than 20 cents on the dollar.