Discover Account just charged off and I need advice

Charged off accounts remain in your credit report for 7 years and thus affect your score significantly. When an account is charged off then many creditors give this account to collection agencies. But it is not wise to negotiate with the CAs. So, you can call your original creditor, ie. Discover, and tell your current position. Please also tell them that you????????re eager to pay them in full once you get the job. I think it may work for you. You can also do the following as said by one of our Moderator, Cajunbulldog, in the thread

Thanx for the info

Have you tried debt consolidation program? It helps in reducing the interest rate and waiving off your late payment charges. This program will have positive effect on your credit score and will actually increase as you payoff the debt.

Debt settlement, on the other hand, will help to decrease your debt by 40 to 60% but will significantly downgrade your credit score.

They haven't tried debt consolidation yet.

The best way to stall action is to maintain contact with the collection company or attorney handling the debt.

Keep your conversation limited but truthful and let them know that if they give you time until you get back to work you intend to make an offer.

Stay in touch once every couple 2-3 weeks and then seek a reputable debt settlement company to negotiate the best deal.

Cyrus Robinson
Former Collections Manager 10+ yrs experience
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