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Are you being threatened of Charge-off ?

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Subject: Are you being threatened of Charge-off ?
Posted on Fri Jun 22, 2007 6:37 am  


I am facing real trouble. My creditor is threatening me of a charge-off. I don’t know to what extent it can hamper my credit. I really don’t want my credit to go haywire. I am in bad position, lost my old job, joining a new one in a week but till then I cannot stop him.

How do I deal with this? Should I talk to my creditor? He doesn’t listen. I can start paying next month. I don’t want a default on my account. Please help!


Joined: 21 Jun 2007
Laura's page
Posts: 1327

37081 Magic Points

Subject: Threatening calls for Charge-off?
Posted on Fri Jun 22, 2007 7:05 am  


The first word that goes for you is relax! You have to keep your cool when the situation demands so. Let me tell you that being intimidated due to such debt collection tactics is like giving up all hopes of a good life. Stop and think.
• Call your creditor. Figure out how much payment has to be done and for that how much you need to shell out per month. Try to keep the account going forward, but do not promise if you know you cannot pay back.
• Try and negotiate a lump sum at 50% or even less if you can, or work out a monthly plan to pay back. Again do not commit if you cannot.
• If you cannot work out with this creditor, wait till it actually goes to another hand and then see if you can work things out.

A charge-off is not the end of the world. Do not be scared at all. Face it. Tell him that you have a problem and ask him to cooperate.

CHEER UP!! Smile

Subject: Is removing a charge off very difficult?
Posted on Fri Jul 06, 2007 5:21 am  


there has been a charge-off reported on my credit file. This is a valid debt of $2K. Will it be very difficult to remove it? Should I go for a dispute or PFD?

Thanks Smile


Joined: 21 Jun 2007
Laura's page
Posts: 1327

37081 Magic Points

Posted on Fri Jul 06, 2007 6:12 am  

It wont be difficult to get it off your report. What you can do is if the debt is still with the OC negotiate with them or with the CA in case it has gone to their hands. Sometime they are more than eager to come to a settlement. The best way to improve your credit is to pay off any debt that is overdue.

The credit bureaus keep accurate information therefore once you pay off the debt it will reflect as a positive note on your file.

Dont go for a dispute or a PFD.


Joined: 27 Jun 2006
carol's page
Posts: 1299
Location: Los Angeles, California

30071 Magic Points

Posted on Fri Jul 06, 2007 6:16 am  

Hi Betty,

If you are saying that its a valid debt why are you thinking of a debt validation again? Well as Laura has mentioned negotiate with the OC or whoever the debt is with. This would help you improve your score once the charged off amount is paid off. Smile

Hope things work out for you.
Keep in touch

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