Need help with charged-off accounts

Submitted by Anonymous (not verified) on Thu, 07/02/2009 - 05:58

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.

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.

Thu, 07/02/2009 - 06:58 Permalink

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.

Thu, 07/02/2009 - 07:06 Permalink
brokesville (not verified)

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 ?

Fri, 07/17/2009 - 16:00 Permalink