Depending on where you are in the collection cycle, you will come across different types of collectors. This will be important, especially when it comes to settling debt, so pay attention.
The first debt collector is from an internal department “account turn around” efforts
Next, another department of the bank takes over post-90 days with efforts geared more toward settlements.
When the bank charges off after 6 months, they might retain it or send it off to a debt buyer.
Next, is the most frequent type of debt collector that consumers will experience — a contingency debt collector that only gets paid if they’re successful. Michael Bovis says the contingency debt collector doesn’t have an undetermined amount of time to try and collect. Right after charge off they only have about 90 days, according to Michael Bovis. He says they’re more flexible toward the end of their estimated 90 days.
Next, are debt buyers. Michael Bovis of the Consumer Recovery Network says they risk perfectly good money to invest in bad debt to turn a profit. They are open to payment plans. Portfolio Recovery Associates (PRA) and Midland Credit Management are major debt buyers.
Being in debt can involve a highly emotional response with ups and downs, ranging from fear of total failure to feelings of resolution. The one constant is that you need information about your situation.
Consulting the right debt relief attorney or consumer debt network can be helpful.
Information provided on this page is not an endorsement regarding accuracy or fitness for anyone’s specific situation, but is provided as information only.
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