Credit Card company

[DYLAN150]

Will most credit card companies just let the debt be" charged off" then sell the debt to a collection agency? Or it is different in each and every case? I noticed some people get sued in 6 months and some never get sued.

[GoingDown]

Yes, it is different in each and every case.

The vast majority of my charged off debts were sold to junk buyers very quickly after charge off. So far, none of these have sued me, and now all of them are beyond the statute of limitations for suing me in Arizona. So far, none of the junk debt buyers have sent me a 1099-C.

But some original creditors, Discover, CrapOne, RBS, and HSBC, kept the debts and never sold them to anyone. Of them, only CrapOne sued me. Some of the other original creditors sent me a 1099-C, because they had not even tried to collect the debts for over 3 years.

As of this date, my credit report has absolutely no hard pulls or soft pulls from any of them for 2 years. It seems like they have given up trying to collect from me.

None of them even try to call me or any of my relatives on the phone anymore.

[ryan]

I'd agree, its unpredictable. I have ones that are being 'worked' by others, but I don't know if the debt was actually 'sold'.
I believe Discover still owns it for sure. ...but others, can;t say.

NOTE: Dylan I finally answered your pm, sorry.

[shark66]

What I can tell you from our experience...

We had two WaMu cards, both got sold to JDB and were sued on both. The amounts were roughly $4K and $11K.

My wife has a $35K CC with BoA which is about to go over SOL in April. They were silent for the last two years at least. No clue on whether the debt was sold or not.

She had another one with Chase for $3K or so which was charged off and sold to JDB, also about to go over SOL next month. Crickets there as well.

I used to have HSBC and they were a PITA at the time, that got settled long before my BK. Never got a 1099 from them, though.

AMEX were likely the most aggressive ones, settled, got a 1099.

There's more, but I would have to really think about them, and I'm way too tired right now to do so. If anything important crawls out of my little gray cells, there will be a follow-up post.

On another note, my wife is collection-proof. I am not entirely, but am under BK protection right now. The judgment against me for $4K got sold three times since I filed last April, BTW...

Good luck.