Questions regarding Chase collections...

[reallynervous]

We received letters regarding two of our Chase accounts this week. The first said that our accounts were nearing being charged off so we needed to respond by paying the full amount ASAP. Two days later we received a letter on the same account (dated after the first letter I mentioned) indicating they had great payment plans available and would like to work with us.

Yesterday we received two letters from a law firm regarding two of our Chase accounts. They indicated they were retained to collect the accounts. The letter says "this law firm is a debt collector attempting to collect this debt for our client". It says if we do not dispute the validity of the debt within 30 days, they will assume it is valid. This law firm is in OH and we are in PA.

Questions...

1. Does this mean that this law firm will be filing a lawsuit against us on behalf of Chase? If so, does the 30 day info mean they would not do so until that 30 day period has passed?

2. These letters came addressed only to my dh, but the accounts are in both our names. They show up on both our credit reports. The other letters from Chase have also come addressed only to dh as well, although back when we were originally trying to work on payment plans with them, they talked with both of us regularly. Anyone know why these things aren't coming addressed to me as well?

We actually are planning to pay our attorney his fee this week to get the bankruptcy started as we finally have the funds together (although our car died yesterday and dh thinks it is the fuel pump - ugh!). We will still be okay on the attorney fees, though.

Any advise or info you can offer would be appreciated.

Thanks,
reallynervous (who is trying not be too flipped out over these letters as we hope to have our BK papers filed in May)

[CindyLou]

the letters mean nothing except they are implementing their collections process. Do not let the letters intimidate you. The only way they can sue you is if they notify you of a lawsuit....then still you would have a period of time to respond before the court date. Give the letters and anything further you receive, to your attorney and forget about them!!!!!

[jal1129]

Exactly...just the run of the mill collections letters. Don't worry.

[DeadManCrawling]

Charge off=Chase is writing your accounts off on their tax records as uncollectible.

Now they will sell access to the accounts to a collection agency (sharks who circle the water to take your last bit of blood, if possible, before leaving you and your family destitute and hungry by the side of the long, empty highway of bankruptcy.)

It means absolutely nothing to you, except that now someone other than Chase will be harassing you.

If you pay, the collections grunts will keep a portion and send the rest to Chase. It wont matter if its a chargeoff or not.

If collection company A is unsuccessful, they might sell the account to someone else. If company B is unsuccessful in getting you to pay, it can go on and on and on. Each successive company pays less for the chance to collect from you, usually pennies on the dollar.

I wouldn't pay any of these snakes a cent.

[reallynervous]

Thank you for your replies. I was hoping that they were just a new collection tactic, so it feels good to know that.

Has anyone else experienced the thing I mentioned with none of the correspondence being addressed to me (only to dh)?

Thanks again,
reallynervous

[jal1129]

He is probably the primary name listed on the account. I would'nt worry about it.