What are the steps to debt collection?

[desperatelyneedhelp]

I have a failed business and now I owe $60K in credit card debt.  I have sent settlement letters to all the credit card agencies several times and have not had any response.  At first I got calls from Chase and American Express but now Chase has stopped calling.  Should I be concerned?

[Crusader]

[quote author=desperatelyneedhelp link=topic=3531.msg3533#msg3533 date=1243888950]
I have a failed business and now I owe $60K in credit card debt.  I have sent settlement letters to all the credit card agencies several times and have not had any response.  At first I got calls from Chase and American Express but now Chase has stopped calling.  Should I be concerned?
[/quote]

Original creditors usually don't settle at all.  Please contact us so we can assist you, consultations are always free and confidential.  Toll free 866-757-6300. 

[drals]

It could be construed as a reaffirmation of the debt.  The statue of limitations on a debt begins on the date of last activity.  The payment he made is the last activity.

If the law firm has purchased the debt from the original creditor, it is now the creditor and can report to credit bureaus.