Being Charged off worse then filing Chapter 7/13????

A genuine drawback of debt settlement is that it puts the monthly amount in a separate trust account and doesn't pay the debtor for quite sometime until and unless enough amount is deposited in the trust account for settling the debt. It thus adversely affects your credit score significantly.

A charged off account remains in your credit report for 7 years. But I don't agree with the fact stated by the lady that charge off is worse than Chapter 7 or Chapter 13 bankruptcy. I always prefer to avoid bankruptcy.

At this juncture I think you should talk to your debt settlement company in details and also air your concern and apprehension to them.

You can also call our Toll Free number 800-601-1579 to talk to one of our financial coach for assistance in your present problem.