logo

Debtconsolidationcare.com - the USA consumer forum

charged off accounts

Date: Sat, 07/12/2008 - 12:57

Submitted by anonymous
on Sat, 07/12/2008 - 12:57

Posts: 202330 Credits: [Donate]

Total Replies: 17


I was working with a settlement company, but nothing was accomplished. Now all accounts have been charged off. What percentage do collection agencies usually settle for? Any advise on how to settle with them?


The accounts being charged off is normal in a settlement program. What is the name of the settlement company you are working with? Also , how long have you been in the settlement program ? I have settled debts in the teens and 20 % range but the average settlement is around 40%-55 % unless the account is with a 1 located in the same state as you. Those are what we call in the industry as pre-legal because its close to the point of law suit. Those will usually settle around 60 % - 70%.


lrhall41

Submitted by mobile0311 on Sat, 07/12/2008 - 14:31

( Posts: 1817 | Credits: )


Oh geez , not sifxpert. Well from all the gossip here it appears you want to possibly file a complaint with the BBB , FTC and both your state Attorney General and California State Attorney General . There are links to those places as my signature. Many people here are saying he seems to have disappeared with his clients money. I hope you didn`t give him too much money.


lrhall41

Submitted by mobile0311 on Sat, 07/12/2008 - 17:10

( Posts: 1817 | Credits: )


Looks like you are in the same boat as I am. I started in January and luckily I was able to settle with one Chase account and Citibank before charge off. The other Chase charged off on July 4th and when I spoke with Chase on July 10th they said they couldn't help me with it and I would have to speak with the CA. I only missed it by a couple of days. That hurts. Anyway, the rest of the accounts I will have to try and settle through the CAs which I'm not looking forward to. I must say that it wasn't too bad dealing with Chase and Citi for settlement. Good luck!


lrhall41

Submitted by JRoglitz on Sun, 07/13/2008 - 10:40

( Posts: 19 | Credits: )


Yes, I'm not looking forward to dealing with CAs either. I just hope in the end I can settle for what I would have with the original creditor. As far as my credit rating, I don't care. I never plan on using a credit card again or taking out a loan for that matter.


lrhall41

Submitted by on Sun, 07/13/2008 - 11:54

( Posts: | Credits: )


First step is to call each creditor to find status of who owns accounts. A card company can still retain ownership even while charging off. If it is indeed sold to a ca,then you will have to put up with them. When dealing with a ca,I would always suggest you validate the account and get any settlement in writing stating the account is paid in full.


lrhall41

Submitted by cajunbulldog on Mon, 07/14/2008 - 13:34

( Posts: 4850 | Credits: )