Charge Off

Discussion in 'Credit Talk' started by agsystems, Jun 7, 2001.

  1. agsystems

    agsystems New Member

    A year ago I was unemployeed and way over my head with debt and on the advise of a lawyer I filled for bankcrupcy.

    I accepted a position overseas at about the same time and now a year later find out that the lawyer past away and never filled.

    I am back working in the US and when my new company ran a "customary" credit check found out that all accounts were labeled "Charged off" .

    I wonder what should I do in this case. I would like to cleanup this mess.


    GEORGE Well-Known Member

    TRY...dispute as "DISMISSED IN BK" even if it never took place.

    Offer to pay in full or (less) for deletion, or paid as agreed/never late/account closed by consumer.

  3. mj

    mj Well-Known Member

    Count your blessings (maybe). How much are we talking about here?

    If you can pay it off, negotiate with each creditor as George advised- offer 25% on the dollar for payment in full AND full deletion from the CRAs. Go up from there. Some companies, like Amex, will only settle for 100%.

    You're going to have to deal with it -- you probably can't file BK anymore (new laws passed), the debts are still relatively new (7 year time-frame for falling off your report is a ways off). Your creditors may know this fact and not want to negotiate down the balances, so be prepared to pay 100%.

    Good luck,

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