| Author |
Message |
|
Options 
Bookmark online
|
tryingtostayafloat
Joined: 25 Mar 2009
tryingtostayafloat's page
Posts: 5
211 Magic Points
|
|
Subject: Paying off a CC
|
|
|
Wed Mar 25, 2009 1:58 pm
|
|
|
| Ok long story short. I got summons to court for a Credit card ( Capital one) sad fact card was for only $1,00.00. anyway I agreed to pay $75.00 a month on the card. So after I pay it, court cost & Lawyer fee's off. Will it come off my credit report? Also although it is too late now, if I would have went back to mediate the card would they have added extra court costs to it? I did not go back and mediate it because I was afraid ( after I was told was court cost & lawyer fee's were) that it would make me end up paying more. I know I did charge the card and yes I am paying it off so I am trying to do the right thing but want to make sure that it will show I did the right thing on my credit report that I am TRYING to rebuild. |
|
|
Shaquil
Joined: 19 Feb 2009
Shaquil's page
Posts: 13
482 Magic Points
|
|
Subject: Paying off a CC
|
|
|
Wed Mar 25, 2009 2:53 pm
|
|
|
| Well what capital one did was sold your account to a collection agency. So capital one has charged off the debt. Once you pay the collection agency it will be paid in full, or settled which ever you agreed to. However a charge off can stay on your credit report for 7 years. It will improve you credit score just a tad but not to much. Did you send them a validation letter? and make sure you get everthing in writing that they argree to. I hope this helps. |
|
|
tryingtostayafloat
Joined: 25 Mar 2009
tryingtostayafloat's page
Posts: 5
211 Magic Points
|
|
|
|
|
Wed Mar 25, 2009 4:04 pm
|
|
|
| No, on the letter. I got the court papers and the letters from the lawyers that took me to court for capital one. Every month when I pay the amout owed I send it to the lawyer and have to put Capital one on the Money order ( I use this way to pay for my records) I got everything that was agreed upon during the court hearing in writting from the lawyer that capital one used. I had to sign the forms and return them. |
|
|
tryingtostayafloat
Joined: 25 Mar 2009
tryingtostayafloat's page
Posts: 5
211 Magic Points
|
|
|
|
|
Wed Mar 25, 2009 4:10 pm
|
|
|
| Also word to the wise if a lawyer sends you papers don;t ignore it. I did since they were not sent registered or anything like that. So on a $1,000 debit I now owe $391.00 in court costs and $400.00 in attorney's fee's. ( attorney's did their part by phone too) I plan on paying this off ASAP just waiting on my income tax refund to make it here. I guess lesson learned here was I should have called the law firm who sent the letters but I did not fully understand it since they did not seem like real letters I just assumed it was capital one using a scare tactic on me. |
|
|
ANa
Guest
|
|
Subject: My husband just got that letter
|
|
|
Tue May 05, 2009 3:00 pm
|
|
|
Thanks for your advise, my husband just got that letter, he used to have a girlfriend before he married me and this girl put a lot of money in his credit cards and left... now WE owe all this money that we never saw... I don't know if that's an argument.
So, you think we should contact the firm before we go to court? at least to avoid the attorney and court fees? |
|
|
Justin
Joined: 17 Jul 2006
Justin's page
Posts: 1240
28942 Magic Points
|
|
|
|
|
Wed May 06, 2009 9:02 am
|
|
|
Yes, I think that you should try to settle the debt for less with the credit card company. Mostly the creditors agree to settle it for 50 to 60% of the outstanding amount. Once the creditor agrees to settle the debt, get the settlement agreement in writing and pay it off to avoid judgment which the creditor may bring to recover the debt. However, before settling the debt, you should check whether the Statute of limitation on the debt has expired or not.
_________________
All the Best 
Justin |
|
|
rachael
Joined: 11 May 2009
rachael's page
Posts: 234
6581 Magic Points
|
|
|
|
|
Tue May 12, 2009 9:51 am
|
|
|
Hi tryingtostayafloat ,
It is good to know that you have learnt a lesson from your previous mistakes and trying to rebuild your credit records. It is true as Shaquil says that the charge off can stay in your credit report for 7 years. But once you have paid off the settled debt amount you can request the collection agency to report it to the credit bureaus and list the debt as "paid as settled".
_________________
Looking forward to a debt-free life. |
|
|
