Handling a charge off

[trc1962]

Went through a very bad time and trying to clean things up now. I have 3 charge offs and I am unsure what I can do with them. I have some money to offer on them, but they have added so much to the balances. Any ideas would be welcome. I can't pay the balances they have listed and when things went down the balances were much, much lower. Once I get my credit up again, I will always hold it tight. It is really a job to clean it up.

Accounts 

                       Date of last activity                   Balance                    Largest past due balance

JC Penney       August 2012                             $741                             $261

US Bank          March 2012                               $1204                           $938

HSBC              June 2010                                 $1,950                          $1250

[RobertEG]

There is little you can do other than request good will deletion of the charge-off, or offer payment in exchnage for the deletion of that reporting.

A charge-off is an internal accounting measure they chose to took, and does not affect the consumer's continued obligation for the entire debt.

Reporting of a CO records the fact that they had previously determined that you were not going to pay the debt.

Susequent payment does not alter that prior reporting.  You pay the delinquent debt, you dont pay the charge-off.

You can offer a payment for less along with your PFD,

It is also common for a creditor to sell a debt after determining that it wont be paid, so there remains the chance that you may also get the additional reporting of a collection by a new owner.  It might be wise to at least set up a payment plan with them, which could act to prevent further damage in the form of a new owner/collection.