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Ralph
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Subject: Need help with charged-off accounts
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Thu Jul 02, 2009 5:58 am
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| My credit card debts worth $5000 were charged off. The collection agency keeps calling me and tries to settle for $2500. Want to get it off my report. This is the only negative on my report. But I will not be able to pay a lump sum and the CA does not agree upon a monthly payment. Is it possible to deal with my creditor now? Can I get a loan to pay off this debt? Please help. |
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rachael
Joined: 11 May 2009
rachael's page
Posts: 234
6581 Magic Points
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Thu Jul 02, 2009 6:58 am
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Hi Ralph,
There is no harm in asking your original creditor, if he would accept payments for accounts already charged-off. I don't think taking a loan to pay off a debt would be a good option. Instead, you can ask your creditor (if your creditor agrees to accept payments) to put you to a monthly payment plan that is affordable.
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Looking forward to a debt-free life. |
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scott
Joined: 28 Jun 2006
scott's page
Posts: 446
10878 Magic Points
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Thu Jul 02, 2009 7:06 am
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Hi Ralph,
A charge-off will remain on your report for 7 years and 180 days, from the date you first became delinquent, even if you pay it off. So before making payment, you must come to a written agreement with your creditor to have the charge-off listed as "Paid" or Settled". A paid charge-off will have a better impact on your credit records, than an unpaid one.
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SCOTT
Use your credit account responsibly and enjoy a debt free life. |
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brokesville
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Subject: Question about credit report
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Fri Jul 17, 2009 4:00 pm
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| I received copies of my credit report and on one of the accounts listed it said "as of APR.2007-Aug 2008 paid, closed ....$10517.00 written off. So my question is, What does that mean ? Do I not owe that amount of money anymore ? If it says Paid, Closed can they come after me for the money ? And what do the dates mean ? |
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carol
Joined: 27 Jun 2006
carol's page
Posts: 1307
Location: Los Angeles, California
29555 Magic Points
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Sat Jul 18, 2009 11:23 am
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Hi brokesville
Check out this link given below. I have made a reply to your question in this thread that you had started. If you have more queries do drop in.
http://www.creditmagic.org/repair/about7420.html#30763
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Keep in touch
Carol |
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