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Settle after charge-off?

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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?




Total Replies: 11

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%.

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

paulmergel paulmergel
Moderators Cum Industry Expert
(Posts: 15500 | Credits: 135596.15272958)

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.

Sub: #2 posted on Fri, 10/24/2008 - 05:39

debrag_25 debrag_25

(Posts: 220 | Credits: 3323.95)

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.

Sub: #3 posted on Fri, 10/24/2008 - 05:47

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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.

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

paulmergel paulmergel
Moderators Cum Industry Expert
(Posts: 15500 | Credits: 135596.15272958)

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.

Sub: #5 posted on Fri, 10/24/2008 - 07:41

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

Sub: #6 posted on Sat, 10/25/2008 - 10:38

Unregistered


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?

Sub: #7 posted on Sat, 10/25/2008 - 14:24

Unregistered


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.

Sub: #8 posted on Sat, 10/25/2008 - 17:05

Pauli'sGirl Pauli'sGirl

(Posts: 344 | Credits: 4805.6)

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

Sub: #9 posted on Mon, 10/27/2008 - 08:24

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

Sub: #10 posted on Mon, 10/27/2008 - 09:20

NASCAR_Devil NASCAR_Devil
Moderators Cum Industry Expert
(Posts: 4666 | Credits: 30821.994972777)

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