Reply
Contributor
tirado126
Posts: 85
Registered: ‎02-06-2013
0

Do OC ever settle for less the charge off amount?

I am in the process of getting preapproved, but need to settle an old charge off of over $3,000. I really don't want to pay in full, but if I have to I will. I already called and the representative said it has to be paid in full to take care of it. Then I asked if I can speak to a supervisor who might be able to work with me on a settlement and she transferred to me a voicemai.

 

Should I just pay in full or do you think I might have a chance with the OC settling? I'm surprised they still own the debt and never sent it to an OC.

--------------------------------------------------------------------------------
Starting Score: EQ 542, TU 503, EX 580 (all lender pulled 06/07/11)
Current Score: EQ 649, TU 722, EX 654 (pulled Dec 2013)
Goal Score: 700 club for all 3 agencies!

CapOne$750/FP$400/Matrix$300/VS$500/Walmart$500/BestBuy$1K/KayJeweler$2K (last app 12/16/13)
Valued Contributor
Jutz
Posts: 1,216
Registered: ‎05-10-2012
0

Re: Do OC ever settle for less the charge off amount?

What's the company?

  • Current: EQ FICO 694, TU FICO 695, EX FICO 698 | Starting Score: 525 (05/2012)
  • Starting total revolving credit: $1100 | Current total revolving credit: $29,500
  • Inquiries (12 Months): EQ 6 TU 3 EX 6 | Most Recent: 1/21/2014
Chase Freedom $5000
DCU Visa $10000
Capital One QS $2000
AMEX BCE $1000
Lowe's CC $8500
WalMart CC $2400
BOA Platinum $600
AMEX Gold NPSL
Contributor
tirado126
Posts: 85
Registered: ‎02-06-2013
0

Re: Do OC ever settle for less the charge off amount?

globe acceptance - car financing

--------------------------------------------------------------------------------
Starting Score: EQ 542, TU 503, EX 580 (all lender pulled 06/07/11)
Current Score: EQ 649, TU 722, EX 654 (pulled Dec 2013)
Goal Score: 700 club for all 3 agencies!

CapOne$750/FP$400/Matrix$300/VS$500/Walmart$500/BestBuy$1K/KayJeweler$2K (last app 12/16/13)
Valued Contributor
Jutz
Posts: 1,216
Registered: ‎05-10-2012
0

Re: Do OC ever settle for less the charge off amount?

A quick search shows GACC as a collections company.  I would assume they own the debt that remained from what I can only assume was a repo.  Is this correct?  How old is this debt?  What other tradelines exist related to this car loan...OC Loan, etc.

  • Current: EQ FICO 694, TU FICO 695, EX FICO 698 | Starting Score: 525 (05/2012)
  • Starting total revolving credit: $1100 | Current total revolving credit: $29,500
  • Inquiries (12 Months): EQ 6 TU 3 EX 6 | Most Recent: 1/21/2014
Chase Freedom $5000
DCU Visa $10000
Capital One QS $2000
AMEX BCE $1000
Lowe's CC $8500
WalMart CC $2400
BOA Platinum $600
AMEX Gold NPSL
Contributor
tirado126
Posts: 85
Registered: ‎02-06-2013
0

Re: Do OC ever settle for less the charge off amount?

Sorry, I meant Globe Acceptance (not global). It's my original creditor for the car loan, which was repo'd.

--------------------------------------------------------------------------------
Starting Score: EQ 542, TU 503, EX 580 (all lender pulled 06/07/11)
Current Score: EQ 649, TU 722, EX 654 (pulled Dec 2013)
Goal Score: 700 club for all 3 agencies!

CapOne$750/FP$400/Matrix$300/VS$500/Walmart$500/BestBuy$1K/KayJeweler$2K (last app 12/16/13)
Moderator
guiness56
Posts: 22,408
Registered: ‎01-17-2008
0

Re: Do OC ever settle for less the charge off amount?

How old is the account?

 

Yes, OCs will settle but if you are looking to have it deleted they may require the full payment.

Mega Contributor
RobertEG
Posts: 17,456
Registered: ‎03-19-2007
0

Re: Do OC ever settle for less the charge off amount?

[ Edited ]

There is a chance, but it will require a bit of accounting nuisance on their part that they may wish to avoid unless payment is substantail.

 

When they did the CO, they wrote the uncollectivle bad debt off from their assets.  When paid, they must move it back to a paid asset, which is then taxable.

It essentially undoes the tax writeoff they have already obtained, so anything up to their tax rate wont be viewed as money in pocket.

Thus, a very low ball offer to settle probably wont have them chomping at the bit.......

Contributor
tirado126
Posts: 85
Registered: ‎02-06-2013
0

Re: Do OC ever settle for less the charge off amount?

i'm not even looking to delete it, the lender just wants it settled. So I'm even offering 50% but the representative said "no." That's when I asked to speak to someone with authority and she transferred me to a voicemail where I left a msg.

--------------------------------------------------------------------------------
Starting Score: EQ 542, TU 503, EX 580 (all lender pulled 06/07/11)
Current Score: EQ 649, TU 722, EX 654 (pulled Dec 2013)
Goal Score: 700 club for all 3 agencies!

CapOne$750/FP$400/Matrix$300/VS$500/Walmart$500/BestBuy$1K/KayJeweler$2K (last app 12/16/13)
Moderator
guiness56
Posts: 22,408
Registered: ‎01-17-2008
0

Re: Do OC ever settle for less the charge off amount?

Valued Contributor
nicholasyud
Posts: 1,734
Registered: ‎08-13-2012
0

Re: Do OC ever settle for less the charge off amount?

most of the time if you wanna to get them delete then you have to paid them in full and get them in writing before make any payment.


Starting Score: 560
Current Score: 748 Wishlist: CSP, Simply Cash, SPG, BOLD, INK, United MP,
Goal Score: 800


Walmart: 10k |Usaa: 8k|BCE: 9k| Amex: NSPL|Dis: 3.4k|Cap: 3.5k|CAP: 2k|CSP: 5k| Pen:4.5k


myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+