Counting Charge Off Date
Date: Sat, 09/12/2009 - 01:36
Quote:Did I just reset the date for charge off? Yes, you did.
Quote:
Did I just reset the date for charge off? |
Yes, you did.
Weehide, If the payment you made was the amount of all missed pa
Weehide,
If the payment you made was the amount of all missed payment to bring the account current, you likely reset the CO date.
If your payment was a 1 month minimum made 90 days into default, it is unlikely you reset the CO date back to day one.
Mileage may vary
The time frame for a creditor to chargeoff depends on their own
The time frame for a creditor to chargeoff depends on their own internal policies (or if they are FDIC insured, then it depends on FDIC regulations). They might charge off anywhere from 120-180 days past-due; or, if you are making steady payments on a delinquent account they might not charge off at all....
Like guest above said, it kind of depends what the "minimum" covered. Credit cards usually keep adding the previous months payment into the new minimum for that month. So if you paid the "minimum due" on your most recent statement, then your account would be considered current now and would have, for lack of better terminology, "reset" the chargeoff date.
If you didn't pay enough to bring the account current, then they will look back to the date of first default to determine when they might charge off.
The amount they asked is way below the minimum payment and the p
The amount they asked is way below the minimum payment and the past due amount. Maybe calling them will help huh?
Thanks for all who answered my question.
Quote:The amount they asked is way below the minimum payment and
Quote:
The amount they asked is way below the minimum payment and the past due amount. |
If it was a collector calling, keep in mind it is their job to get any sort of payment even if just $10. Fo example, you might owe $200 past-due, and you tell the collector "I can't pay that much." And so the collector says "Well can you send $50?" ..... Paying an amount that a collector asks for is obviously more favorable than not paying at all; but if you don't pay enough to bring the account current then it could still possibly be charged off if it gets too far past-due.
Give them a call ... many credit cards are willing to setup a repayment plan where they'll give you a set dollar amount to pay every month, and possibly lower the interest while you are making the payments as agreed.