3 days till charge off....HELP

If it's not in writing, it didn't happen so beware waht they tell you. If you happened to record that then it's golden. CO is really a non-event for all intents and purposes. It's an accounting term that means charged against income. Cap1 will still own th eaccount and chances are, it's already in collections with a 3rd party. If you can get them to fax that to you in writing and you have the cash to bring the acct current, I suggest you do so. If you can't at this time and the debt is significant, they will file suit.

Thanks Nascardevil~ thanks for yor response. what are the ramifications if I let this get charged off? Am I buying more time to negotiate a settlement? I have alittle bit of money now- but it seems if I apply that to get me ot of collections- I am right back where I started- in over my head with monthly payments. Thanks so much

The ramifications are harrassment by 3rd party debt collectors and the very real possibilty of a lawsuit in the future. What state do you live in? Cap1 is notorious for allowing CO'd accts to accrue interest and then file just before the SOL expires.

yuck- that would be no good....I live in NJ where I believe the statue of limitations is 6 years. I can't thank you enough for yor advice. From what I resad- avoiding charge offs is the way to go if you can help it

You always want to handle things before it gets to that point but I know that's not always possible. If you run into this in the future, contact the creditor at the first sign of trouble and keep them in the loop. BTW: Once an account has been charged off, there is no way to bring it back to a current status.

Nascardevil- you are a "port in the storm"- anyone who thinks cyberspace is a cold, dark place- hasn't come on this board. I really needed good sound advice in a hurry today- and you were there. Thank to you, I called Cap1 and made payment arrangements to work out my account. A settlement would have been cheaper...:), but that was not in the cards. At least I avoided a charge off on my credit report- and will be able to sleep easier knowing that this creditor has been taken care of. Thanks for reaching back, I hope to "pay it forward" with someone else on this board!