I have about $6500 in collections. Mostly charg-offs. These are only about a year old so I want to take care of them. They are legitimate debts that I owe and not have the funds available to pay them off. I want to do it in the smartest way possible that gives me the option to try to repair my credit and score. I'm trying to get started quickly. I was left partial ownership in a home and would like to buy it from the other 2 family members but I can't qualify yet because of my score and these debts. I'm going to spend some time reading through the forum but would appreciate any advice to get me started. I'm not sure who to pay. The OCs or the CAs. Here's what I have: I have 4 chargeoffs with Captial one. Total is around $4000. The agencies handling these are CBE, ARS, and Northland. I wish I could just pay Cap One directly. Credit First (Firestone) Chargeoff Gettington (Webbank) Chargeoff Jefferson Capital System (Collecting for the same Gettington Account) Kay Jewelers Chargeoff National Credit Adjusters (Collecting for the same Kay account) Target - 120+ days past due but it does not appear to have charged off. I C Systems Collections (Collecting for Banfield Pet Hospital - Wellness plan)
There are a whole lot of questions, and even more answers. The strategy that you want to follow depends on you, and what works best for you. Some prefer to rank based on both age and/or size. Some prefer to pay the highest, some the lowest. Some prefer to pay the OC, some prefer to try to get the OC to recall the account, some prefer to get rid of the CA, and try to see if the OC would want to just try to get done with it, when they get it back from the OC, some prefer to pay the CA, and try to get rid of the OC. Which strategy will work best for you, is one that you need to decide.
I agree with Jam certainly a few a few options . If possible a PFD to OC. I have gotten PFD verification over the phone. When letter arrives in mail with it in writing and not before!!!!! Then action on your part Updated things can even paid can still do much damage. Simply paying them off won't make them disappear. To be effective you need them deleted. IF they say NO PFD speak to supervisor, Supervisor's supervisor, supervisor if needed. Alot want to be paid and you want it gone from your report! However if your withing the SOL time frame they can always come after you for a judgement.
And if trying to work up from the supervisor up, has no results. You can try calling and asking for the phone number of the executive offices, often times they can bump you down to the highest supervisor. While paying won't change your score, it will be noticed when they manually review your file.
When settling with CA ALWAYS get the settlement amount request with the removal off your report or paid as agreed in writing. Certified mail return receipt. Don't pay until they sign and agree to settlement. If paying in full. Request only for deletion off report With cap one. Better to call them. ANY payment plans can reset the SOL Any admittance to the debt can also reset SOL With target deal with them now before it goes to charge off. Good luck
