BofA Transferred to Penncro?

We are 58 days past due on our Bank of America Credit Card. Yesterday we received a letter in the mail from a company named Penncro Associates stating they have "been authorized by our client to resolve this debt"

To date I have not spoken with BofA regarding my account

1. Should I contact Penncro or BofA to settle our debt?

2. When should I contact them? It seems that it got sent to collections so soon. I thought we should start negotiating sometime after the 90 day mark but before 180 days.

Thanks for your help!

1 Answers

You should contact Penncro and ask them to send you a debt validation letter immediately. Once the debt is validated, try to settle the debt. However, if the debt is not validated, then send them a Cease and Desist letter.

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