Account sold after 2-3 months of being late??

[momofmany]

I have two credit cards with it was Providian, but then was changed to Washington Mutual a while back. Anyways, after having no lates for the whole time I've had the credit cards, the one in question being about 2-3 years?? I didn't pay June or July's payments, and not paying August's either(can't afford to pay them anymore and we are planning on filing bk, but have to wait until next April). Anyways, so for the one with originally a balance of $1,500 (but now a bit more because of late fees and stuff), I just got a letter yesterday from a collection agency saying they are trying to collect the debt for Washington Mutual. In the same day's mail, I got a normal monthly bill from Washington Mutual for that credit card too.

So is it unusual for them to sell off my debt so fast? And why would they only sell the one credit card or should I expect the other one with a balance of $3,000 + late fees, etc. to get sold pretty soon too?

Providian/Wash. Mutual calls all the time, and we've never talked to them on the phone. We have not sent any letters to ask them not to contact us, so I'm just curious why they would turn it over to the collection agency so quickly. I thought most credit cards waited at least 6 months.

Any idea how long I could expect this collection agency will have my account before they try to get a judgement?

And the collection agency they got is local(in my state). I'm wondering if they did that on purpose to try to get me easier or what.

I have been so nervous about this whole waiting this out until April thing to file bankruptcy as it is, and now this is even scarier.

Thanks in advance! Sara

[CityGirl]

Why are you waiting until April to file????

[momofmany]

Why are you waiting until April to file????

We have a previous bankruptcy.

[CityGirl]

We have a previous bankruptcy.

I wonder how many here are on their 2nd. Wasn't it a hard lesson the first time? I know after this, I never want a credit limit over $500. I'm scared crapless about credit now.

[BKTango]

I wonder how many here are on their 2nd. Wasn't it a hard lesson the first time? I know after this, I never want a credit limit over $500. I'm scared crapless about credit now.

Life happens Citigirl. While I agree that rushing out and obtaining a boatload of new credit that will become new debt shortly after discharge is not the wisest of moves...things happen. Some people have a gambling addiction, some people have a medical condition, some people simply don't learn the lesson and still live outside of their means. Most of all things can just happen that are unexpected. Job loss, medical emergency, family member loss, mortgage fallout. Anything can happen to any one of us any given day. I for one, hope to never have to file again, the first time was lesson enough for me. Most of our debt was medically related, we just paid with CC's since we didn't have insurance. So short of one of lifes unexpected emergencies, I plan on not filing again.

[SinkingFast]

The debt may not have been sold yet. Could be, WaMu just hired a 3rd party Collections Law Firm. And being a "National" company, WaMu probably has contracts with Law Firms all over the country.

The general process for a Big CC is,......... 2-3 months of no payments, Regular Customer Service will contact you to get you to bring your acct current. Then the Creditor moves your acct to Internal Collections for 2-3 months. Then to an outside Collections Agency/Law Firm. Many times, debt isn't sold off until you hit the 1 year mark.

Sounds like WaMu is being a bit more agressive than most Creditors. Moving your acct to a Law Firm in your State is as much to scare you as it is a tactical maneuver on their part.