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Lucas
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Subject: repaying charge off account
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Mon Apr 27, 2009 10:02 pm
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Im trying to get my credit back straight. I got a credit card that was charged off a couple years ago, its still several years away from the SOL.
My credit report shows it as being charged off, $2,442 written off and $807 past due, and that it was purchased by another lender. I want to make contact and try to get it straightened out but i dont know who purchased it, or exactly how to go about it. The credit report gave me an address and phone for the original lender. What do i do? Do i call or write a letter? Any other tips or things to look out for? Any suggestions or anything? What about these credit counseling places, good or bad idea?
I appreciate the help. |
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cbass1017
Joined: 01 Feb 2008
cbass1017's page
Posts: 145
Location: PA
1528 Magic Points
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Tue Apr 28, 2009 1:28 am
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Hello there lucas,
Has anyone tried contacting you over the past few years about collecting the debt? That seems very odd that they would have sold the debt to another company and yet the new company hasn't tried contacting you about it.
I would try first contacting them by phone to see if they can tell you if it has in fact been sold already and if so then who do they sell their charged off accounts to. You can just hope that maybe they haven't actually sold the debt off and may make a payment agreement with you for less than the full amount.
You'll have to be cautious as to how you proceed once you find out who the debt was sold to if it was. For whatever reason they haven't yet contacted you and they are not reporting anything on your credit so any communication with them could change that. On one side they may be willing to keep it off of your credit reports if you make and keep some sort of payment arrangement with them. But then again they may not. It just depends on who your dealing with.
Best of luck
_________________
Scott McKay
FreeOnlineCreditGuide.com |
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Justin
Joined: 17 Jul 2006
Justin's page
Posts: 1298
28935 Magic Points
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Tue Apr 28, 2009 5:34 am
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If in your credit report you do not find the name of the collection agency, who has purchased your debt, you need to contact your original creditor, whose name and contact details are mentioned on your credit report, regarding the debt. Now, if the original creditor has already sold the debt to a collection agency, they will inform you about it. I think that you should make all correspondence with the creditors in writing and through certified mail.
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All the Best 
Justin |
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Mary
Joined: 06 Jul 2006
Mary's page
Posts: 730
17417 Magic Points
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Tue Apr 28, 2009 8:36 am
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Hi Lucas
If the creditor provides you with the name of the collection agency to whom the debt has been sold, you can send them a debt validation letter by certified mail and if they validate the debt, you can come to a settlement agreement and pay it off. I think that you should try to settle the debt for less, because even if you pay off the entire debt, you cannot get the charged off listing from your credit report. Now, if you settle the debt and pay it off to the creditor, you can save yourself from the legal suit that the creditor may bring against you for the debt.
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Where there's a will, there's a way !! |
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Lucas
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Wed Apr 29, 2009 12:37 am
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| Im pretty sure the debt was sold off several times, i remember receiving several collection attempts through the mail from several diffrent places but i no longer have the papers, i havent received any in the last year or so though |
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Lucas
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Wed Apr 29, 2009 12:50 am
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| one more thing, even though i cant get the charge off removed from my credit report, can i at least get it to show up as paid off? |
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Mary
Joined: 06 Jul 2006
Mary's page
Posts: 730
17417 Magic Points
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Wed Apr 29, 2009 7:28 am
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Yes, it is true that a charged off account can never be removed from your credit report and it stays there in your report for seven years and 180 days from the date of delinquency. However, if you pay off a charged off account, it will be listed as "paid charged off" but will still remain in your report as negative.
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Where there's a will, there's a way !! |
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Sherry
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Subject: judgement
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Thu Apr 30, 2009 4:30 pm
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| I received a judgement today from discover through their attorney. I know that i have to reply in 20 days but how do i answer.I have no money and New Life Debt Relief is my debt settlement co. We have settle 2 debt and we have 4 summons in line. What to do |
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Sherry
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Subject: judgement
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Thu Apr 30, 2009 4:37 pm
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What are the ways to keep posponing to go to court to get a chance to accumulate money for a settlement. I need time.
I have learn a lot from other self help. Is it wise to terminate my debt settlement co to get more money to settle more debt? |
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scott
Joined: 28 Jun 2006
scott's page
Posts: 462
10934 Magic Points
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Fri May 01, 2009 10:13 am
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As far as I know, you can postpone your court date by filling up the "Request to postpone" form with the clerk's office in the court at least before 10 days of your scheduled hearing. However, you should always be ready for the original hearing date in case the judge does not agree to postpone. You may postpone the court date on valid grounds such as death of your family member, medical emergency and time to find out a lawyer.
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SCOTT
Use your credit account responsibly and enjoy a debt free life. |
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Lucas
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Sat May 02, 2009 12:28 am
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| So, if the original creditor has it marked as charged off and they have sold it to a collection agency and i pay the collection agency, will there be any problems with it showing up as paid? the idea i get from some post is that the collection agency that bought the account will just take your money and never report it |
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rachael
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Sat May 09, 2009 10:48 am
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Hi Lucas,
In order to have an updated credit report which is very important, you have to monitor it yourself. Relying on the collection agencies might leave certain negative remarks on your credit report. Once you have cleared your dues, get a copy of your credit report, check for items that should not remain on it. Send request in writing to the credit bureaus to correct them. You can attach copies of your credit report and circle the items you want to be removed. Retain copies of whatever documents you send either to your creditor, the collection agency or the credit bureaus for future use.
Slow and steady wins the race. |
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carol
Joined: 27 Jun 2006
carol's page
Posts: 1362
Location: Los Angeles, California
29592 Magic Points
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Mon May 11, 2009 8:16 am
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Lucas
Once you pay off the charged off account, it will show up as "paid charge off" in your credit report and stay there for seven years and 180 days from the date of your delinquency. "Paid charge off", although not ideal, is certainly better than "charge off" listing because it will prevent you from any legal suit which the creditor might have brought to recover the debt.
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Keep in touch
Carol |
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salley
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Subject: charge off debit
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Thu Sep 10, 2009 9:10 pm
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| the charge off has been 8 to 10 yrs. old can they add interst on the debit |
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Diane
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Subject: Balance on Charged off account
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Mon Oct 26, 2009 3:52 pm
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| a credit card went to collection...a judgement was awarded..we have been paying each month...my records show (from Suttell and Associates amoritization schedule) that our balance is $16,000..our credit report (dated Sept 10,2009 shows a balance of $1503 by 2 agencies...and the 3rd shows $203. Which one can we believe? My $1300 check for September's payment has not been cashed. Any advice? |
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