Charge Off with HC Processing. Need Advice.

[Anonymous]

I am 25 years old. Somewhere in 2013, i missed quite a few payments on a loan with HC Processing, which in turn became a charge off. I decided to pay the full amount i owed in monthly payments, instead of doing a settlement for less. I now still owe around 1500.

I contacted them and tried to negotiate with them to pay twice as more or even pay it in full in exchange to remove the charge off from my credit report, they said no, then asked them to remove the charge off notice and put paid in full or closed, and they also said no, i also asked for them to delete my collections report or file from their company and my credit reports, they also said no.

My questions are:
-Can they completely say no to the offers I have given them?

-Is there anything else i can do to hopefully get this charge off removed when paid in full?

-Is there someone I can talk to to help me in the process of getting it removed or to a point where it will no longer affect my loan inquiries?

Thank you for your time, patience, and consideration.

[Anonymous]

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@Anonymous wrote:
I am 25 years old. Somewhere in 2013, i missed quite a few payments on a loan with HC Processing, which in turn became a charge off. I decided to pay the full amount i owed in monthly payments, instead of doing a settlement for less. I now still owe around 1500.

I contacted them and tried to negotiate with them to pay twice as more or even pay it in full in exchange to remove the charge off from my credit report, they said no, then asked them to remove the charge off notice and put paid in full or closed, and they also said no, i also asked for them to delete my collections report or file from their company and my credit reports, they also said no.

My questions are:
-Can they completely say no to the offers I have given them? Yes, they can.

-Is there anything else i can do to hopefully get this charge off removed when paid in full? Get it paid off and then beg them for forgiveness and deletion via "goodwill letters"

-Is there someone I can talk to to help me in the process of getting it removed or to a point where it will no longer affect my loan inquiries? It should have less of an effect once you get it paid and it starts to age.

Thank you for your time, patience, and consideration.

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Just make sure you continue to get it paid off, you are doing the right thing for yourself by doing that. It sucks, but welcome to the world of high interest, things will get better for you if you keep working hard to improve your credit, it takes time though.

[RobertEG]

I agree with learningToImprove, and would only add that if you default on your agreed payment plan, you will have a new cause of action for which the SOL would begin.

You thus no longer have expiration of SOL as a shield against obligation to pay the debt.

After payment of the debt, I would request a good will deletion on the basis that a chargeoff is, for all intents and puposes, their reporting that you are not expected to pay the debt.  After payment, you have shown that you do meet your obligations, and thus deletion of the CO would more accurately reflect upon you as a consumer.

[Anonymous]

 I agree with learningToImprove, and would only add that if you default on your agreed payment plan, you will have a new cause of action for which the SOL would begin. What does this actually mean? Sorry i dont know much.

You thus no longer have expiration of SOL as a shield against obligation to pay the debt. So i dont have to pay it off?

After payment of the debt, I would request a good will deletion on the basis that a chargeoff is, for all intents and puposes, their reporting that you are not expected to pay the debt.  After payment, you have shown that you do meet your obligations, and thus deletion of the CO would more accurately reflect upon you as a consumer.

[gdale6]

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@Anonymous wrote:

 I agree with learningToImprove, and would only add that if you default on your agreed payment plan, you will have a new cause of action for which the SOL would begin. What does this actually mean? Sorry i dont know much.

Since you defaulted on this in 2013 the SOL has not run out in any state and you can still be sued for the debt. The clock on SOL starts ticking at the DoFD of the account. What Robert is saying is if you enter into an agreement to pay with them and subsequently default on it the SOL would reset to the first delinquency date of the new default and the SOL clock would start ticking from this new date of default.

You thus no longer have expiration of SOL as a shield against obligation to pay the debt. So i dont have to pay it off?  If its past SOL they cannot get  a successful court judgment if you assert the SOL as your defence to the court. Whether or not you should pay it off is up to you.

After payment of the debt, I would request a good will deletion on the basis that a chargeoff is, for all intents and puposes, their reporting that you are not expected to pay the debt.  After payment, you have shown that you do meet your obligations, and thus deletion of the CO would more accurately reflect upon you as a consumer.

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[Anonymous]

In response to LearningToImprove and to other helpers,

They told me that they cant undo whats already been done. Its already labeled as a Charge Off. But I read somewhere that since a creditor does report credit reports to the credit bureaus they can also change statuses and/or delete things when reported to the credit bureaus. Thats why their are things called PFD and Goodwill letters.

Is it true that HC Processing cant undo or change statuses when a Charge Off has been done? Or they just dont want to do the extra work? And if so what are some actions I can take aside from sending in PFD and GW letters?

Also actions I can take if they dont respond to any of my PFD or GW letters

Ive called the company multiple times to try and speak to a supervisor but they always transfer me to the person who is in charge of my debt. The person in charge of my debt says nothing I can do wheter it be negotiations, PFD, GW letters can change my status as Charge Off Paid In Full.

Is he the only person who can decide my credit report since he is in charge of my debt, or is their someone higher that can override his decisions? Would anybody on here be kind to find a phone number and/or mailing address to the person in a higher position then the person handling my debt?

Once again thank you for your time, help, and consideration