Unpaid Charge-Off Dilemma

Discussion in 'Credit Talk' started by MaxedOut, Sep 1, 2003.

  1. MaxedOut

    MaxedOut Active Member

    I have 7 unpaid CC charge-offs with 4 lenders with amounts ranging from $171 to $3,307 (probably 50%+ is interest and fees tacked on after the CO).

    All are within SOL in my state (Ca) by more than 1 year.

    Only one CA is currently bugging me, I am not sure if they have given up or simply cannot find me because I moved.

    From reading around, I think that any amount >$1,000 is potentially sue-able.

    I am thinking about simulataneously disputing with the CRAs as "not mine" and sending a validation request to the CAs for all my balances that are <$1,000.

    If they validate, I would then attempt to settle with TL deletion. (I could probably afford to do this).

    As for the others, should I wait until the SOL expires? What do I do if they sue me?

    Also, I have on account which is really not mine - the problem is that it is with a lender (Crap1) that also has my COs.

    Would disputing that one with the CRA "tip" Crap1 off to my other COs and "awaken the sleeping giant?

    I have more questions, but I'll save them for another time.


  2. MaxedOut

    MaxedOut Active Member


  3. SoParkDiva

    SoParkDiva Well-Known Member

    I was in the same boat as you. I had maxed out cards while I was in college as well as defaulted student loans and a car repo. Unlike you, I did nothing and after 6+ years they went away. I was never sued as far as I know. I also moved and changed my phone number.

    My point is that no matter how bad your present situation is, it will get better. You will rise above it all and your credit will be excellent one day. I am not giving advice but I would not wake the sleeping giants. I would only attempt to dispute as 'not mine' if the accounts are due to fall off my credit reports within 6 months. I would not apply for new credit until my reports are clean.

    I would get a PO box and request the CRA's delete my current address. When I applied for new credit I would use the PO box as my current address. If a credit application won't accept my PO box then would apply to one that does. I even have my PO box on my GA driver's license.

    I know AMEX, Bank One, Capital One and a couple others accepts PO boxes.

    Good luck
  4. Flyingifr

    Flyingifr Well-Known Member

    If I were you I would lay low and out of their cross-hairs until the SOL is expired, THEN start disputing them. Why invite a lawsuit?
  5. lbrown59

    lbrown59 Well-Known Member

    Bumping for Unpaid Charge-Off Dilemma

    THE END ** *** ** LB 59
  6. bigmon

    bigmon Well-Known Member

    By disputing you will awaken a sleeping giant.

    I had several accounts over 10k and never got sued and they were well within the SOL. Don't be too quick to think you'll get sued for a 3 year old charge off.

    Lay low if you have the time.

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