question about paying OC vs CA

[furkidz3]

I have a cc acct with HSBC household bank that is closed by credit grantor.

The balance is $1095 (original credit limit was $700) I am still accruing finance charges!!!

I called the OC and asked if the acct had been sold (it has NOT) but it had been placed with the agency IC Systems.

I asked if I could make payments to them (HSBC) and the rep said yes, but that I would continue to get phone calls, etc from the collection agency.  I looked up my acct online and I can make payments on their website.

Date opened -- May 2005

DOLA -- July 07

DOFD-- Dec 06

I am showing 1- 30day late and 5- 60 day lates on my credit report (last one Jan 08)

My questions are:

Should I only pay the OC (HSBC) and forget and ignore anything from the collection agency?

Pay that up to date (saving myself more finance charges at 29.49%!!!!) and then GW for all the lates?

My current payment, including all over limit amts and past dues is $433.22.  I can swing that today.

The payment due date is April 2nd.

Thanks in advance.

[Anonymous]

Is this account still open?

[Anonymous]

As long as you get receipts & CYA for a paper trail of all payments you make, the CA doesn't really matter. Since it's an internal collection, anyway... just refer them back to the CSR you spoke to & give them your confirmation number for any recent payments you don't have docs for yet.

[Anonymous]

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furkidz3 wrote:

I have a cc acct with HSBC household bank that is closed by credit grantor.

The balance is $1095 (original credit limit was $700) I am still accruing finance charges!!!

I called the OC and asked if the acct had been sold (it has NOT) but it had been placed with the agency IC Systems.

I asked if I could make payments to them (HSBC) and the rep said yes, but that I would continue to get phone calls, etc from the collection agency.  I looked up my acct online and I can make payments on their website.

Date opened -- May 2005

DOLA -- July 07

DOFD-- Dec 06

I am showing 1- 30day late and 5- 60 day lates on my credit report (last one Jan 08)

My questions are:

Should I only pay the OC (HSBC) and forget and ignore anything from the collection agency?

Pay that up to date (saving myself more finance charges at 29.49%!!!!) and then GW for all the lates?

My current payment, including all over limit amts and past dues is $433.22.  I can swing that today.

The payment due date is April 2nd.

Thanks in advance.

---

Because you are within SOL  I would forget the CA for now and make payments to HSBC on their website!!  When or if you can pay it off (in 1 payment) I would try a PFD to HSBC (   all they can say is NO.

Hold off with the CA until it is paid (if you can)

Even if you catch up on payments with the OC   It will not reset CRTP!  But it might reset SOL.....But if you are paying it off SOL  doesn't matter.    I would pay ASAP.   

[furkidz3]

Thanks everyone.

To answer sidewinder, according to the OC rep, the account is "temporarily closed" with the option to be reassessed later (?) and on my credit report it is listed as "closed by credit grantor".

Happy Days,  pardon me, but what is CRTP?

And if I PFD, then don't I lose almost 3 yrs of credit history with this TL?

I was hoping to go the GW route after I paid it off, but would it be better to PFD?

I definitely don't want to reset anything!!!

[furkidz3]

BUMP

just awaiting answers to questions

[Anonymous]

CRTP= Credit Reporting Time Period

If it is temporarily closed, you might be able to catch up and get them to re-open and remove your lates since you are showing them are you trying.

I'd definetely get it caught up to stop the late payments(is that what the amount you listed in the first post will do?)

Even if the lates don't get removed...........they'll stop hurting eventually and a collection will be much worse.

Yes, PFD will remove any good along with the bad.



Message Edited by sidewinder on 04-01-2008 01:48 PM