After no payments for 6 months, my HELOC charged-off the account. (after they refused to release the lien in a SS attempt, for approx 20% of the balance). I received a letter today from a collection agency, DCS, wanting the full amount (LOL, yeah, I'll get right on that and send you a check).
I've read the "strategy on settling 2nds", and I'm following it.
My question- In the letter, it says the "claim of" and "original lender" is some insurance company. I assume this means that the HELOC bank received payoff from this insurance company, and now the insurance company is coming after me? (via collection agency). Just curious if this means that I won't be able to negotiate with the original creditor in the future? (no plans to negotiate or settle anything, until I see what happens with the 1st).
Not concerned, just curious. I think it would be funny to send the letter back to them, with some monopoly money, just because. I'll try to contain my antics for now......