Hi, I have a $40K Heloc that was 120 when it was charged off. I did not know it was charged off and called them to pay the past 4 months off and bring it current. The took payment and have not sent me a new statement for the month of Sept. I called them back and they said it was charge off in July. My question is, since my credit already to a hit with late payments and charge off, would it be wise to settle with them or continue making payments directly to them since they will no longer issue statements?
From a layman's point of view, since it's a charge-off, might as well offer a settled amount rather than pay them the entire amount if it'll just end up the same on your credit either way. However I'd ask if you could make the payments as scheduled from now on if they change it from a charge-off back to a current account, and report all future payments as they are made... since that would likely be best for your credit.
Mortgages (FHA, VA, USDA, Fannie, Freddie, Non-Prime) since 2002, based in Irvine, CA and lending in all 50 states