Internet's first get-out-of-debt community - 123,000 members

Posted: Fri May 16, 2008 10:47 pm Subject: Charge-offs

Can I still do a settlement program even after the company has 'charged off? (whatever that means)
One company offered me a 35% settlement to keep the account from being charged off, but the monthly payment they wanted was more that I can afford. They said if I couldn't pay them that, there was nothing else they could do but let it go. We're so far behind now, I don't know what to do. This is the second company in a month to threaten to sue... At least these guys were nice about it! Confused

Posted: Sat May 17, 2008 4:08 pm Subject:

That doesn`t surpise me. Bills collectors will treaten to sue to scare you into paying. Yes , you can still do debt settlement. Basically a charge off means the creditor wrote the account off as a loss for tax reasons. They wil usually sell the debt off to a collection agency for around 10 cents on the dollar to attempt to collect on the debt. I would strongly consider you shop around for good settlement company. A good settlement company will be able to settle you debt for uasually around 40% and sometimes 60%. Sounds like your credit has already been impacted about as bad as it can get so why not save some money and get out of debt fast so that you will be in a prime position to reastablish your credit when you are done. I hope this will help answer some of your questions. It seems overwhelming when you have these nasty collectors harassing you but its not the end of the world . You can turn these lemons into lemonaid.Have a great weekend. Very Happy

Posted: Sat May 17, 2008 4:40 pm Subject:

Good advice mobile0311 Laughing

. I agree shop around for a debt settlement company and make sure you check the BBB to see if they have a good rating with them before hiring them.

Posted: Sat May 17, 2008 11:01 pm Subject:

The debt settlement damages the scores in credit report. A credit report is used by creditors to judge past credit performance to see if the applicant meet their criteria for lending. Insurance companies uses a person's credit report to determine premiums and prospective employers review the credit report to establish the character of a job candidate.So,,think abt it and decide..

*Name:
*Email:
*Phone:
*Zip:
Debt

	* denotes required field

Internet's first get-out-of-debt community - 123,000 members

Charge-offs

Members Area

Free Debt Counseling

Ask the community

Featured Discussions

Featured Articles

Question of the Month

Useful Links

Recent Forum Discussions

Recent Blog Post