There were three questions called into me. I will answer them in this podcast.
The first question is about Palisades Collection LLC. I wasn’t sure of their address during the podcast. Here is is if you would like to send them a Christmas card:
Palisades Collection LLC
P.O. Box 1244
Englewood Cliffs, NJ 07632-0244
The second question relates to Chase. If you wait 180 days after your last payment, Chase will charge off your account and assign or sell it to a third part debt collector. This does not mean that Chase no longer has you on their books. This is a common misconception. A charge off is just an accounting function that banks must use when you are 180 days late. Don’t think an account going to a charge off is an end game. It is of benefit as your debt rolls on to a third party. The third party is vulnerable to FDCPA violations. The original credit or is generally not included in FDCPA issues.
The last question is related to foreclosure. We do not deal with foreclosure on this website. There are many websites that do; just not this one.
Thank you for your questions. Hopefully i answered the question and others learned from your question.
Fight the Good Fight, Boiler
Thanks for that little insight on Chase I had no idea that they charge off your account and or sell it to a third party. It’s incredible how that industry is run I can’t say I agree with everything they do, but they are obviously good at.
Taylor,
By law they have to charge off debt after 180 day. This isn’t specific to Chase… all credit card issuers have the same procedures.
Sometimes they will try to trick you by selling to a similar sounding subsidiary that is a collection agency and a third party. Discover is one company that has several subsidiaries or sister companies that all sound like Discover.
These companies are slick and good at what they do, but are vulnerable to complaints based on the FDCPA.
Thanks, Boiler
Boiler,
Besides Chase and Discover are there any other major credit card companies which play the same game? (I’m sure they all do but I wanted to make sure). My wife and I are working on paying off all our credit cards and focusing on just using one or two.
Grant,
They all play the same game. Once you learn simple techniques to fight one, you can sucessfully fight them all.
Let me know if I can help.
Boiler.
This is priceless information that your giving to all and I just love it. It seems to often that we see collections as bullies and tend not to fight back, now with what your telling me I think I can stand up and really stick it to those collections agencies and credit card companies. Thanks.
Evan,
You can stand up and fight. Let me know what I can do to help. That is why I am here.
Boiler!
I received a letter from Palisades Collection telling me I owe 7,140.49 I went through a Debt company back in 2007 and I paid my debt and now I receive a letter that I owe this money for Chase. Is there anyway I can fight this? I don’t trust these people.
Sue,
I replied here
Let me know what I can do to help.
Fight the good fight, Boiler