A statement in writing on their company letterhead that they will delete the tradeline. Have you demanded validation and made them earn their keep on this? $8800 is a lot of money.
Re: Re: Charge Off to be paid "Well, like they say in Temporal Mechanics class, there's no time like the present!" -Kathryn Janeway
Re: Re: Charge Off to be paid why in the world are you paying this debt? do you realize that your seven years are going to start all over and that you dont actually owe them any money. if you look on your credit report you should see in the balance section "0". B/c they wrote off the debt. So it isnt even showing as money you owe. A charge off is a charge off no matter if you pay it or not. It will show as as a charge off as long as it is on your credit.
Re: Re: Re: Charge Off to be paid I don't think this makes the 7 years start all over, if he pays this debt. Although, it could temporarily drop his score when it becomes a collection with recent activity, even though a paid collection. Perhaps he feels morally obligated to make good on the debt. Nothing wrong with that, it's a personal choice which is going to vary with each individual. If it were me, I would make them validate and then try to settle for a little less, and perhaps use the remainder of that $8800 to set up some form of savings or investment, to get in position to avoid having similar debt problems in the future. However, if he feels confident in what he's doing, he should at least ensure that they're agreeing to remove the item from the credit report.
Re: Re: Re: Charge Off to be paid I don't think this makes the 7 years start all over, if he pays this debt. *7 YEARS FROM THE DATE OF LAST ACT. LAST ACT.= PAYMENT Although, it could temporarily drop his score when it becomes a collection with recent activity, even though a paid collection. *WHY WOULD IT CHANGE FROM A CH/OFF TO A COLL. Perhaps he feels morally obligated to make good on the debt. Nothing wrong with that, it's a personal choice which is going to vary with each individual. *THATS SO NICE-BUT WHAT IS THE COMP GOING TO DO FOR HIM ONCE THEY GET HIS $ "MARK IT A PD CHG. OFF" SO MUCH FOR MAKING GOOD ON SOMETHING. If it were me, I would make them validate and then try to settle for a little less, and perhaps use the remainder of that $8800 to set up some form of savings or investment, to get in position to avoid having similar debt problems in the future. *GOOD LUCK MAKING THEM VALIDATE AND IF THEY DO VALIDATE WHAT MAKES YOU THINK THAT THEY WILL TAKE MUCH LESS THAN WHAT THEY VALIDATED AS THE AMT DUE. SO MUCH FOR SAVINGS AND INVESTMENT. However, if he feels confident in what he's doing, he should at least ensure that they're agreeing to remove the item from the credit report. *OBVIOUSLY HE ISNT CONFIDENT OR HE WOULD NOT BE PAYING A DEBT THAT HE HAS ALREADY WRITTEN OFF. THEY ARE NOT AGREEING TO DELETE THE ITEM, I CAN ALMOST GUARANTEE IT.
Re: Re: Re: Re: Charge Off to be paid Are we talking about SOL or the CRA reporting? I don't believe it re-ages because he pays it....I'm pretty sure it's from the first date of delinquent activity. That's why I'm advocating getting it in writing, that they will remove it entirely. In that situation, if it's about to exceed the SOL as well as dropping off the credit, I would use this to my advantage. If I choose, I can pay $0 of this and you can't legally collect it. I'm saying that maybe he feels that making good on this debt is the right thing to do.
Re: Re: Re: Re: Charge Off to be paid Why is it too old to validate? Of course, if you believe the amount in collection is correct and matches your records, you may not have reason to dispute if you intend to pay.
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Re: Re: Re: Re: Charge Off to be paid Just b/c you pay it doesnt mean they will delete and chances are greater they wont. I never tell people not to pay their bills, I just tell them what is going to happen if they do once it goes to a negative status. I have been working on my credit a long time and helped many friends and family and believe me they dont want to do the right thing by you. Work the system - dont let it work you. It will stay on your credit from the date of last act. please read the laws if you dont think so. Forget about trying to settle this nicely you started a war by not paying in the first place now you are going to have to fight fire with fire. Here is some real advice and help with your credit situation. Not some mushy feel better scenerio. Order all of your credit reports on: https://www.annualcreditreport.com/cra/index.jsp Then dispute your little heart out on these sites: Experian http://www.experian.com/ Trans Union http://www.transunion.com/content/p...riateOnlineDisputeMethod.xml&investigate=null Equifax https://www.ai.equifax.com/CreditInvestigation/jsp/investigation_request.jsp Remember the burden of proof is on THEM not YOU!
Re: Re: Re: Re: Charge Off to be paid I simply don't understand ANYONE who would pay an unvalidated debt... it's one thing to feel morally obligated to pay your debts (I did too)... but atleast MAKE them validate the debt....how do you know that's the correct amount, they owned the debt....geesh.... paying on a debt, for all that don't know, does NOT reset SOL..... the only way you can reset SOL is by bringing the account current and actively use the account....
