Advice on collection!

[datrucking210]

My father got a collection letter from Covergent. It is for an old chase account and the total balance with interest is $2900+. They're willing to settle for just 20%, $500+. My father thinks this is a good deal and was going to pay it. I told him to hold on and I would get back at him with the best plan.

What's the best strategy to attack this collection. Take their offer, pfd or send them a dv. I didn't have to do any of this during my rebuilt so I didn't read much on it but I know people here would know how to handle this.

[Bankrupt2019]

when you say "old Chase account" exactly how old are we talkling about?

[datrucking210]

6+ years

[datrucking210]

A little more info, he first defaulted around 07 and a couple of years later chase marked it off as a charge off. Can covergent still collect? 

[datrucking210]

Father also lives in Texas.

[Anonymous]

6+ years, they're asking for whatever they can get because it's due to fall off VERY soon.  Could even be EE'd by some CRA.  There's option 1.

Option 2, If Daddy-O wants to appease Chase, it should be paid.  Debt Validation via certified mail return receipt to Collection Agency.  Pay for Delete as low as you can go. I'd be ^@*)@^$  and offer 15-20%.  And for the love of Chris Hemsworth playing Thor with his golden flowing locks of love....DON'T TALK TO THEM ON THE PHONE.

[datrucking210]

Ok so I can tell him to sit down and let it ride.

[Anonymous]

Texas Statue of Limitations is 5 years so yeah. Total write them to C&D though.

[Anonymous]

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@datrucking210 wrote:

A little more info, he first defaulted around 07 and a couple of years later chase marked it off as a charge off. Can covergent still collect? 

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My questions -  was it a CC or a checking account or what?

What was the original amount, before they added all the interest and fees?

If he wants to square the debt forever, maybe offer 400 or 350, and also ask for a PFD.  PFD isnt really important because it will fall off very soon regardless.

If he pays Convergent, I doubt that Chase would consider it square.   I dont know how long they hold a grudge.

If it were me and I could affiord it, I would consider settling it just to be done with it forever, but it certainly isnt worth much now.  As said elsewhere, below 20%.

HTH

[datrucking210]

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@Anonymous wrote:

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@datrucking210 wrote:

A little more info, he first defaulted around 07 and a couple of years later chase marked it off as a charge off. Can covergent still collect? 

---

My questions -  was it a CC or a checking account or what?

What was the original amount, before they added all the interest and fees?

If he wants to square the debt forever, maybe offer 400 or 350, and also ask for a PFD.  PFD isnt really important because it will fall off very soon regardless.

If he pays Convergent, I doubt that Chase would consider it square.   I dont know how long they hold a grudge.

If it were me and I could affiord it, I would consider settling it just to be done with it forever, but it certainly isnt worth much now.  As said elsewhere, below 20%.

HTH

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It is for a CC. Original balance was for $2,200. I'll tell him his options and see what he decides.