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I had 7 credit cards last year but I failed to pay off all my debts. Very recently I recovered from financial difficulties and feel I will be able to pay them off. But surprisingly I learnt from my debtors that 4 of the accopunts have been sent to CA. I pulled my credit report from TU and found that these are showinf as charge offs. But who knows may be in the next update I will find them as collection accounts instead.
My question: What to do?? :cry:
Have you tried to contact the collection agency and asked for settlement?
Hi,
Welcome to the forums. It’s good to see your eagerness to pay off your debts. But since the debtors have passed them to the collection agencies you need to contact them and show your intent too. Else the collection agencies will feel that you are trying to run away. So try contacting the collection agencies. You may also try to settle your debts for a smaller amount.
Let us know if you have any queries.
Polly
Shall I call them up or send a certified mail?
It's always advisable to contact them by mail(CMRRR). Also try to get a written assurance that once you pay the outstandings they will update the status to a positive status (settled or paid in full).
Polly