Author Topic: Collection Log Updates?  (Read 1164 times)

andrewfrisch1

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Collection Log Updates?
« on: July 12, 2017, 09:16:24 AM »
How often is the collection log on late notes updated? I have a note that is close to 3 months in arrears and the last update on the collection log is from May. This is the only late note I've ever had where there's no recent updates on the collection log. Has this happened to anyone else? Is this note pretty much done?

fliphusker

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Re: Collection Log Updates?
« Reply #1 on: July 12, 2017, 09:56:14 AM »
I assume it either went into bankruptcy or LC got a cease and desist notice. When those happen there are no further communications until it is charged off.
5/9/17 (Tuesday)   Borrower filed for Chapter 7 Bankruptcy
5/8/17 (Monday)   Borrower filed for Chapter 7 Bankruptcy
5/8/17 (Monday)   Borrower filed for bankruptcy (Chapter 7)
4/27/17 (Thursday)   Borrower provided Bankruptcy counsel information
4/27/17 (Thursday)   Payment Solutions specialist contacted borrower and borrower was unable to pay at this time