Rebuilding Your Credit

[takethat]

I have a charge-off account with Chase I am desperately wanting to be rid of. I have been making monthly payments (arrangement) for several years now. (Original balance $10,000).

The arrangement included about $2,000 worth of fees (Ouch!), making the total balance owed about $12,000.

My CR shows that my current balance is about $200 only!! (about 1 payment).

I had called Chase Legal dept back in Nov and the very unpleasant man told me I owed the interest that was not showing on my CR. So now apparently I still owe $2,000.

-Do I really owe this interest if it is not showing on my CR?

-Can I dispute these fees if it is not showing on my CR?
-Does this make a case for me in any way? Can I get this account removed from my report somehow due to incorrect reporting or any other reason.

Please help!!

[llecs]

Sounds like they were misreporting the balance in your favor, but that wouldn't be grounds to get the debt removed. Since you aren't using a PFD, I'd suggest settling with them. Offer one last payment of $200, for example, in exchange of full settlement of the account. Be sure to get it in writing of course.

[sarabear11]

I was able to negotiate a summons yesterday with chase with 0% interest and no fees. I had an almost $4800 balance. $100 a month for 4 years. I talked to a woman in their legal department. They are sending me a payment contract to sign with them.

[takethat]

Hi Sarabear,

I am already on a payment arrangement with Chase and have been for several years.

As for offering to settle for the $200, I am afraid my CR notations might say "Settled" and I have also heard settled accounts stay on your CR for 7 years. I have been faithfully paying off this debt for several years and this account is scheduled to fall off my CR in the next year or two and I don't want to restart the clock by making a settlement this late in the game.

Do you think I could write a PFD and use the lower CR balance as leverage?

[mauve]

You won't reset the clock on credit reporting by settling.

[takethat]

UPDATE:

My Chase CR status now reads "paid charge off" but apparently I still owe $2,000+ in fees, but that amount is not being reported to the CRAs

Anyone else had experience with this? Any help is much appreciated.