Default Question, what happens after you default?

worried_jim

Patricia_Crete wrote: »

Once you default the bank will more than likely pass on your debt to a Debt Collection Agency. If you can find a way to pay off your debt direct with the bank it would probably be easier as these agencies are unscrupulous with their methods. DO NOT disclose any of your information down the phone to any of them. Ask for everything in writing. I have read that RMA take commission on their payments but as I asked them about this myself they then passed the debt to AIC. Search on internet re these companies and you will see for yourself their tactics. Like I say, try to deal with your own bank and come to a payment agreement.

I disagree. If you have defaulted already and the debt has been passed onto a DCA then in all likelihood you won't have to pay the full amount owed as a DCA are more likely to accept a reduced amount, even 50% of the actual balance after a period of time. It is very unlikely that your bank will give much a discount on the balance owed as they can recoup a lot of costs by selling the debt on.
Good luck.