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Charge off

Discussion in 'Credit Talk' started by worried, Apr 4, 2001.

  1. Apr 4, 2001 #1
    worried

    worried Guest

    I am currently paying on a charge off. It is $8,000.00 hers is my question.. What if I stop paying the charge off? I am currently paying monthly. Will it trash my credit any more than it already is? What if they come and repo the vehicle? Will that look worse? Will the account still go off record in 2005? It was written off in 1998. Someone please help. I need to make some crucial decisions within the next few days.
     
  3. Apr 4, 2001 #2
    kim

    kim Well-Known Member

    I think by starting repayment you have restarted the 7 year clock and if you stop paying now your new date of last activity will be 2001, rather than 1998. I could be wrong.
     
  4. Apr 4, 2001 #3
    Dustin

    Dustin Well-Known Member

    Since it was after December 17th 1997, it is under the new FCRA rules, meaning that it cannot be reaged, it is from the date of charge-off when it becomes obsolete. I found the info from the Bayhouse Forums under the FCRA Questions and Opinions.

    Dustin
     
  5. Apr 4, 2001 #4
    Momof3

    Momof3 Well-Known Member

    If the the first day of deliquency occured in 1998, then it will go by the new FCRA guidelines passed in 97, which means the reporting clock won't restart, however your SOL to legally collect will restart since you have been making payments. I also think a repo is pretty damaging to your credit as well.
     
  6. Apr 4, 2001 #5
    worried

    worried Guest

    okay, so this is what i am thinking... continue to pay the debt off as much as i hat to because they could get really dirty and take me to court.. then I have a judgement on my hands. any other advice?
     
  7. Apr 4, 2001 #6
    Dustin

    Dustin Well-Known Member

    Try to avoid a repo. They really suck.
    Most of the creditors that I have dealt with will help out. Just give them a call and tell them that you are having problems with money right now, and they will probably take less per month for a while. At least they are getting some money... Sometimes it works, sometimes it doesn't.
    BUT DO TRY TO AVOID THE REPO!!!

    Dustin
     
  8. Apr 4, 2001 #7
    lbrown59

    lbrown59 Well-Known Member

    Re: Charge off
    Author: worried (216.229.203.---)
    Date: 04-04-01 11:31

    okay, so this is what i am thinking... continue to pay the debt off as much as I hate to because they could get really dirty and take me to court.. then I have a judgement on my hands. any other advice?
    =================================REPLY ==How can they if you are making payments????????


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