charged off accounts

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%.

Sixfpert........ I have 3 Chase accounts, and 3 Citi accounts that have charged off. Not sure on the AMEX. 50-60% is a little steep for me now. Don't these collection agencies buy these chargeoffs for pennies on the dollar?

Been with the settlement company since December. Looks like accounts charged off the beginning of July.

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.

If the accounts were just charged off, is there any hope that the original creditor would entertain a settlement?

You can settle with a creditor , collections agency or even a 1. It doesn't matter who owns the account it can be settled.

What is really frustrating, is that settlements were reached on the 2 Chase accounts, less then 40%, but the payments were never made. So now they are charged off. Im going to call tomorrow to see if it is possible to re-instate those offers. Wish me luck.

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!

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.

So, how long after an account is with a CA do I start making contact and offering settlements?

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.

That is what I did today was got the CA information from the original creditor. Should I try and call to negotiate settlements, or put together a letter offering a settlment? I know these CA's can be quite intimidating.

That is what I did today was got the CA information from the original creditor. Should I try and call to negotiate settlements, or put together a letter offering a settlment? I know these CA's can be quite intimidating.

How old are these accounts the ca has and I still see no mention of whether it has been sold to a ca or oc still owns it?

I guess I didn't realize there was a difference. I called the original creditor today and asked if they had the account or not. These accounts were just written off in the last 1-2 months.

does the interest stop when charged off?

My American Express charge off 2 months ago and interest stopped.