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Charge Off Questions

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Anonymous
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Charge Off Questions

I'm trying to rebuild my credit but I have some recent unpaid charge offs. The charge offs are for $10k and $4 and both are from 3-6 months ago.
I had cancer in 2008 and again in 2010. Getting back on my feet financially but don't have the $$$ to pay off these debts in full.

Should I offer to settle for less then try to send GW letters? Should I save money and try to pay them off in full with PFD? Any info would be greatly appreciated!
Message 1 of 4
3 REPLIES 3
Anonymous
Not applicable

Re: Charge Off Questions

What was the date of first delinquency on the charge-offs? Who are the collection agencies? What types of debts are they?

 

If the DOFD is during your diagnosis and treatment periods (I pray you are in remission), you should have a justifiable reason that can be supported when you reach out to collection agencies or the original creditors seeking a goodwill adjustment to your credit reports (make sure you contact the upper echelon management by looking for contacts via linkedin and google). If you have funds to settle, do so as this will assist in your request for goodwill.

 

Furthermore, I would send a statement to the credit reports detailing your reasons for falling behind. I know these are not read often but at least you are putting it on record for the more important credit decisions you may face in the future.

 

Good luck to you in all facets of life. 

Message 2 of 4
RobertEG
Legendary Contributor

Re: Charge Off Questions

While a pay for deletion offer has better chance of acceptance if the consumer offers to pay the full amount, you can still make a PFD offer for less than the full amount of the debt.

Message 3 of 4
Anonymous
Not applicable

Re: Charge Off Questions

Thank you for the well wishes! Both Charge Offs are credit cards (Chase and Wells Fargo). They first became delinquent in June 2014.
My treatments ended in 2010 but medical bills are still incredible after treatment has finished.
I will certainly take the advice of both of you. Much thanks!
Message 4 of 4
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