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Real quick Charge off ?

Discussion in 'Credit Talk' started by shroud, Jan 20, 2004.

  1. Jan 20, 2004 #1
    shroud

    shroud Member

    All,

    First, I want to thank everyone for this fantastic resource... I only wish I knew about it years ago.

    I'm going through all of the newbie threads as quickly as possible, but can't seem to find an exact answer to my question (probably just me).

    I've got a small CO (>$2000) from a BestBuy account. I'd say that it probably charged off about 3 yrs ago.

    Last March, before I found CN, I was contacted by a CA about paying on the account, and set up a monthly withdrawal from my checking. (stupid).

    After I found out about CN, and realized how stupid I had been, I informed the CA that I wanted to stop the payments, and closed the account that they were withdrawing from, thinking that it would get me some leverage.

    <ACTUAL QUESTION HERE>

    As it is now, I'd like this account to just go away. I've got the money to pay the remaining balance in full, but am unsure how to proceed.

    1.> Should I attempt to negotiate with the OC or the CA.
    2.> At this point, what, if anything, can I hope to negotiate for on my CR? Is Paid Charge Off as good as I can do?

    Thanks,

    Mike
     
  3. Jan 20, 2004 #2
    DanS

    DanS Well-Known Member

    You want to get the account deleted. I'm not sure about how you go about getting the OC to change the TL or delete it, but you should not pay any $$ unless you get in writing first that they will delete.

    You may get some resistance. Ask for their supervisor. Keep going up until someone *will* make a decision. I only negotiated one of these, but this was the line I kept repeating - "do you really want me to tell your boss you turned down an offer to pay?"
     
  4. Jan 21, 2004 #3
    lbrown59

    lbrown59 Well-Known Member

     
  5. Jan 21, 2004 #4
    Flyingifr

    Flyingifr Well-Known Member



    As long a sthe money is in your pocket, you can negotiate. Unfortunately, by making all those payments the SOL clock has just started.

    I suggest you read my post "Making Yourself Judgement proof" to get some ideas on making yourself look like a case where it's "take it now or get it never". That's the only way the CA will settle.
     
  6. Jan 21, 2004 #5
    shroud

    shroud Member

    Well, that thought had occurred to me, too. I just figured it would be easier to pay them off, and have them go away, and at least not have to put up with the calls and threats. Although, I'm sure that's exactly the attitude they want.

    I've figured out, though, that I don't currently have the mindset I need (ie, litigious SOB) to get my credit all cleaned up where I would like... sigh...
     

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