Very interesting information I found.
Date: Fri, 05/19/2006 - 08:09
I just did the online credit report and found interesting information. First of all, it don't look that bad and I have been in the settlement program for almost a year.
Second of all: What the heck does this mean?
Acct charged off; past due 180 days; written off 1044.00; 1044.00 past due?
Does it mean they wrote it off, but still trying to collect?
LONG time ago, I had a medical bill go to CA. They served me lien papers and I buckled and made quick payment arrangements. I never received a summons to court as far as I can recall...but yet they were able to put a lien on my house for 1011.00 I found out the collection agency was out of Tulsa, OK (my home state) and they were Creditors Recovery Corp.
My question is: IF they put a lien on the house for 1011.00 what makes me think the credit card companys won't do the same? Only difference is: I am enrolled in a debt settlement company and TRYING to settle these with help.
I will be patiently waiting with an open mind.... :D
Quote:Second of all: What the heck does this mean? Acct charg
Quote:
Second of all: What the heck does this mean? Acct charged off; past due 180 days; written off 1044.00; 1044.00 past due? Does it mean they wrote it off, but still trying to collect? |
It means that the account was charged off when it was 180 past due, and at that time there was a balance of $1044.00. They may or may not be trying to collect. It is important to know what date that charge off occured, as that will be the date that determines your liabily for SOL and also reporting to CRA's under the FCRA. your SOL varies by state. If you have t ability to pay off the account and want to contact the origianl creditor and see if they will accept payment and if you can make an arrangement (paymen t in full in exchange for reporting the debt as a "paid" or "paid in full". Most will try to report it as a "paid charge off" which is slightly better than an open charge off, but it still hurts your score.
As for the lien, Contact the CA and ask them to release the lien. If they refuse and you have proof the payment was made and cleared, then contact the court where the lien was filed ans ask them how to proceed in having the lien removed.
Clay, The lien was removed when I paid off the acct. My qu
Clay,
The lien was removed when I paid off the acct.
My question was: IF they put the lien on for a 1000+ medical bill....why do I think that they wont for a 4000.00 credit card bill?
I am enrolled in a debt settlement program, so I only am working with them and not the credit cards.
I have about 8 cards 5 being max 4000+ and 3 being 1000+
well, first off, they can get a judgment (you would need to cons
well, first off, they can get a judgment (you would need to consult a legal professional for the difference between a lien and a judgment if there is any). Credit Cards are Un secured loans, the issuers knew the risk when they lent you the money. However, since you are working with a consolidation program (and I am assuming you creditors have accepted the consolidators' proposals) they are unlikely to go to the time expense of obtaining a judgment unless they don't receive they payments as agreed from the consolidator.
Usually if your are cooperating with them in good faith , creditor won't go the route of judgements, etc as it increases thier loss, often it can cost them more to get the judgment than what they are trying to collect in the first place.
Virgina Legal may be able help with this one.
also I believe a lien can simply be filed with the county clerks
also I believe a lien can simply be filed with the county clerks office, it doesn't have to go before a court to be placed, where a judgment does. That might be the difference. Credit cards , cannot place liens, but they can seek judgments since the debt was unsecured in the first place.
I have 5 cards that did not say anything when I told them I was
I have 5 cards that did not say anything when I told them I was in the program. the other 3 raised major stink over it. They "say" they do not work with my company, but my company says they do and will.
the cards that are raising the major stink are the lowest one too, I wonder why they are raising more stink over the settlement company as my higher balanced cards.
thats weird.
work with your settlement company and them. They probably are ma
work with your settlement company and them. They probably are making a stink because they don't want to wait. But it will probably cost them more to pursue other avenues, and since you are trying to deal with the issue those probably won't be too effective.
You do not have to own a home to consolidate. Feel free to regi
You do not have to own a home to consolidate. Feel free to register with this site. Once you register, a counselor will contact you and discuss your finances and give you advise on what the best way would be. You can consolidate all unsecured debt into one monthly payment.