Help! Charged off account!!!             Click here to Print

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#norwane02 - Says,


I have an account that was charged off a few years ago. I have been making payments on it for the last 2 1/2 years. I was getting statements, so I knew the money I was sending was getting applied to my account. However, they started calling me numerous times a week, even though I was still making payments. I sent letters asking them to stop, but they didn't. So, I contacted the attorney general, then they finally stopped calling. But, they also stopped sending statements, and won't return my calls. Apparently, they have a no contact order for me.

I would like to get this account out of my life! Should I settle it or should I keep making payments, until it is paid off? What is the best way to do that, especially since they won't return my calls?


#erb1953 - Says,

Charged off is charged off and it will never reflect any differently, even when you pay it off, it will say charged off/paid in full, the charged off status will never come off it. You really should pay it, if they offered me a settlement I would pay that and move on with my life, it will stay on your credit for seven years regardless, they won't take the history of the account off of your credit record, and the update will still say charge off but in some type of wording, paid in full will be there or settled what ever you decide to do.
#goodnatured - Says,

I would like to get this account out of my life! Should I settle it or should I keep making payments, until it is paid off? What is the best way to do that, especially since they won't return my calls?

Are you sure that this company still even has the account if it is two and half years old, I would think it has moved on to some type of collection agency. What type of account was it? was it a credit card? a checking account?

You may just be better off leaving it alone, I understand that you want to get rid of it, but no matter what, the original status will stay on your credit report, it will update as erb has indicated but it will not go to a total good standing. It will still show the charge off, you will never get rid of that, it will stay there in an update status as paid, however you get to handle it, but you may just be better off leaving this alone.

If you let me know what type of account it is, I may be able to dig a little deeper and get you more information on how to contact them.

#norwane02 - Says,


Yes, I am sure the company still has the account, they put it into their 'recovery department'. Its a long story, but technically it was a second mortgage. Our house foreclosed, and since the company (Citifinancial- can I say the name?!), didn't get their money, they threatened to come after me and get a judgement against me. My ex's name was not on the loan, so it was only me that would be hung out to dry. I didn't want a judgement in my life, (felt like I had been through enough, and wanted to get my life back on track), so I started sending them monthly payments.

They did offer me a settlement about two years ago, which I could not afford at the time. Since then, they have not offered me any type of settlement.

So, when you say leave it alone, do you mean, keep making payments, until it is paid off, or stop making payments?

Thanks for the help!

#Lunchtime - Says,

Well if you were making the payments and you can now start making the payments again and you want rid of it, go ahead and contact them and see what they would settle for. It seems as if they were willing to work with you in the past right?

I commend you on trying to clean up you past debt, you won't have this looming over you head and pop up years later when you are not expecting it. I hope that things have been better for you in the time since this event.

You have come to a good place, good people here with some of the similar problems, I am sure they will be back to help you in a bit. Hang in there things will get better.

I am not real sure what good and erb are talking about, good has other posts on here kinda of similar to your situation, I am sure they will be back to answer you soon.

#anthony - Says,

Hello Norwane,

What I understand is that they have stopped sending any statements as well. So if you are making the payments you do not have any documents of acceptance from their side. In this case it is risky to make payments. Pay a visit to Citifinancial and speak to them in person. If you really want it off your records then you need to pay right?

A charge-off will stay put on your file for 7 years. So you need to wait for that. However you might try disputing but I doubt whether that would be effective because the account is active and you have not yet paid off.

#music - Says,

very interesting.
i'm adding in RSS Reader

#goodnatured - Says,

Advapinia , what is up with your posts?


seriously I would leave it alone until they contact you, just save up while you wait and maybe by the time they contact you, you may have enough to offer them a descent settlement amount.

Warning: if you dispute it, the credit reporting agency will contact them and that sleeping dog will definately wake up and start collection procedures again.

This is just what I would do, it is totally your decision.

#norwane02 - Says,

Hi all,

Thanks for the advice. I actually never stopped sending payments. I have also tried to talk to someone at the Citifinancial office, but they just refer me back to the 'recovery dept.' I have checked my credit report, and the amount has decreased, so that's how I know they are applying the money I am sending them to my account. I just have a feeling they are waiting for me to stop sending payments, then they will try to nail me with a judgement. I just don't want them to have that excuse!

So, is the consensus that I just keep making payments until it is paid off or can make a settlement? I know that it will still be on my credit report and won't look good no matter what, but would it look better if it was totally paid off or does it matter? What is the best way to talk to them to get them to settle?


#Laura - Says,

Well if you are paying it off anyway then make sure you have the right documentations. They might bounce back to you after few years demanding payment for the same debt. At that time you would require proper documents to stop any collection attempts.
#goodnatured - Says,

Sorry, I did not realize that you were still making the payments, I thought you were going to contact them because there was no contact in a long time.

How long have you worked with citifinancial? reason I ask is the bought out my mortgage company and now service my mortgage, they seem to be ok, what are your thoughts on how they have been with you? Just curious, thanks

#Suprtlchk - Says,

Cap One BK reports the account as Charge Off EACH AND EVERY MONTH. My problem is that I paid a settlement amount 3 years ago that was supposed to have it marked "Paid In Full". I never received documentation for this, of course, and have received numerous collections letters throughout the years that do and don't reflect a payment by me on this debt (which was the settlement, or so I though). THere are several D.C. involved now.. can they report twice (I have an debt of unknown origin on my credit in the approx amount as the CAP ONe debt) which by the way shows NO Receipt of the Payment made 4 years ago.
#Shawpiro - Says,

It doesnt matter if you pay it or not. The only thing that does matter is getting it and any negative taken off your report. You can do this by challenging it at the credit bureau level. Anything can and does get removed everyday.
#Laura - Says,

But i think if he does not have the required proof with him how will he get a deletion done? Even the bureaus will do a research and he does not have the payment papers. The CA can deny getting paid.
#Shawpiro - Says,

The burden of proof isnt with him its with the bureaus. You are challenging their right to report it. Thats where all the people get so confused. You are challenging the bureaus right to report the negative. They have to document it or remove it. Do you really think the bureaus are going to spend the time and money contacting the creditors and the time to get the documentation. No they wont its not in their interest to spend the money and time. Make them take it off or send you the proof of the debt with the documents. Its that simple. Its the law. Read the Fair Credit reporting Act section 611.
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