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Settle after charge-off?

Posts: 2
Credits: 144.25
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I have a couple cards that won't offer less than 80% and will charge-odd in another month or so. Do you think I can get a better deal after they charge-off?




paulmergel


Posts: 15508
Credits: 135775.35056893

Sub: #1 reply
Fri, 10/24/2008 - 05:31

well i don't know, it depends on if the OC will still try to collect after charging it off.if they sell the debt then you can negotiate with whomever buys the debt.then you can settle for far less than 80%.

giving hope to the hopeless,help to the helpless,and hap to the hapless.




debrag_25
Posts: 220
Credits: 3323.95

Sub: #2 Personally I would do what I could to keep the debt with the OC.
Fri, 10/24/2008 - 05:39

Personally I would do what I could to keep the debt with the OC. Once it is sold to outside collections, the fees and additional interest they tack on won't be worth any settlement deal they try to give you.




Unregistered

Sub: #3 I've heard CA's will not negotiate...at least within the first 6
Fri, 10/24/2008 - 05:47

I've heard CA's will not negotiate...at least within the first 6 mos or so. Maybe I should just try to get a payment plan for the 80% with O.C.




paulmergel


Posts: 15508
Credits: 135775.35056893

Sub: #4 reply
Fri, 10/24/2008 - 06:12

some CA'S won't some will negotiate.especially a charge off.that means they bought the debt for pennies on the dollar and can collect an amount that's profitable to them.some credit cards won't charge off.CHASE is an example of that.defaulted in july 07.they were still calling in december telling me that they will keep adding fees.i finally paid that off,but it depends on the cc company how they work there deliquent payments.

giving hope to the hopeless,help to the helpless,and hap to the hapless.




Unregistered

Sub: #5 Keep trying, to negotiate every 1-2 weeks. Many of them change
Fri, 10/24/2008 - 07:41

Keep trying, to negotiate every 1-2 weeks. Many of them change their offers as it gets closer to charge off. Be patient and stay calm time is on your side. If you know your charge off dates don't let it go by without at least making a call a week before to see what their willing to offer then.




Unregistered

Sub: #6 getting out of a debt settlement company
Sat, 10/25/2008 - 10:38

can i get out of a debt settlemtnt company? they havent started withdrawing funds yet.




Unregistered

Sub: #7 Will credit card companies tell me the charge-off date? I've as
Sat, 10/25/2008 - 14:24

Will credit card companies tell me the charge-off date? I've asked how late I am and they tell me 4 months. I never tried to ask for a charge-off date. Wouldn't that hurt my negotiation?




Pauli'sGirl
Debt Samaritan
Posts: 344
Credits: 4805.6

Sub: #8 I've found that many CA will settle for less than what they are
Sat, 10/25/2008 - 17:05

I've found that many CA will settle for less than what they are demanding, however they have never told me that they were charging off my account, they probably are still making a profit then! I have done a charge off a few years ago, and they sent me a 1099 so watch out it may effect your tax reporting if they do that. I suppose they claim it a income/goods you earned/received since you didn't pay off in full. Or perhaps that situation depends on the amount of the charge off. I don't know.




Unregistered

Sub: #9 I only ask what the charge off date is when they use it as a sca
Mon, 10/27/2008 - 08:24

I only ask what the charge off date is when they use it as a scare tactic. "your account is ready to be charged off" "you need to give us a payment to prevent this" this opens the door to ask the question. Then I write it down in my notes




NASCAR_Devil


Posts: 4668
Credits: 30821.994972777

Sub: #10 Charge Off date will generally be @ 180 days past due. Start co
Mon, 10/27/2008 - 09:20

Charge Off date will generally be @ 180 days past due. Start counting from the day you missed your first payment.




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