What typically happens if you let an unsecured loan with Truist charge off past the 120-day mark? What do they typically do? Can you get a better settlement deal waiting for the charge-off to happen?
I see decent settlements with Truist before and after charge off. You are at some risk of being sued after charging off, and collection agency placement is common.
Thanks for responding. I am less than a week away from charge off and when I called them it seems I'm just being sent to a customer service rep. I did not specifically ask for a settlement but did repeatedly ask for all of my available options and all I was told was I could "make a payment". The rep I spoke with said my account would not go to the recovery department until after the charge-off. Do you have any insight you could provide me based on these details on what I should do next?
@@journeyofanentrepreneur3892 I would suggest scheduling a phone call with me to talk through a bit of strategy. You can schedule the call here: calendly.com/debtbytes/15min
Hi Michael, got a unsecured loan with Truist that's almost 30 days past due. How many days late do I have to be to approach them about settlement? Looking to settle for 40% of balance.
I just received a letter from Truist that my debt is now being handled by their “Recovery Department”. You know their threshold for sending the case to a law firm? Do you know how long it takes from this letter until they send it to a law firm? I know it might also go to a collection but do you know their criteria for sending the case to a law firm or collector? My last payment to them was almost 6 months ago. Thank You!
There are things that make each of us look like a better collection target. Having a mortgage, car payment, and other unsecured debts being kept current are some of those. Are you able to settle the debt to avoid the account being sent to a law firm for collection?
@@MichaelBovee thanks for your response. Yes I can do it but not the whole amount. I can do half of it in 6 or 8 months. Is it something they do? Meaning settle for half and pay in 6 months. If they send it to third party collection that’s good but if they send it to a law firm it would be harder to predict. I’ve settled at %68 with a bank law firm (First Citizens) and Truist collection (at %30 of original value) but I don’t know if Truist will send this one to collection or a law firm. Your advice would be appreciated.
@@MichaelBovee thanks again, and the letter says that my account is sent to “Truist Bank Recovery Department” does it mean it is sent to a law office or Third party collection?
