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Need advice.....how to handle 3 transferred/sold Charge Offs?

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FixMyScore0
New Member

Need advice.....how to handle 3 transferred/sold Charge Offs?

Newbie here!

 

Basically, I fell behind on 3 credit card debts that have now become charge offs. Two of them have been "transfered" to collection agencies and one has been "sold" to another agency. Is selling/transfering debt the same thing? 

 

Since I'm brand new at this, my question is simply, what is the best way to go about this? Should I pay the agencies and get it over with? Is there any way to get the card companies to remove the charge offs once I've paid the debt with the agencies?

 

Thanks in advance!

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1 REPLY 1
2NE1
Established Contributor

Re: Need advice.....how to handle 3 transferred/sold Charge Offs?

 

You have TWO options:

 

1. Contact each Original Creditor and ask them if you can do a Pay-For-Delete agreement with them. If they agree, then do it. (In my opinion it's better to deal with the OC than a CA). Once you pay the OC, you're gonna have to send a Debt Validation letter to the CA and wait for their Collection removals (if they're reporting on your CR) since they no longer have the right to collect money from you. If the OC cannot accept the deal because they've sold the debt and can't retrieve it, then you're gonna have to deal with the CA. In order for the OC to remove their Charge-Off off your report, you're gonna have to sent them a Good Will letter. Some OCs may not agree at first, so you gotta keep trying!

 

2. Contact each Collection Agency and send a Debt Validation (DV) letter. Wait for their response. Once they validate that you owe the debt. Send them a PFD letter (it's better to Pay-In-Full as well than settle for less). ALSO, you could just send them a PFD offer in exchange for them to REMOVE their collection off your report without sending them the DV letter. (Especially if you KNOW you owe the debt).

 

NO company is going to delete a charge-off by just receiving a payment. You have to make deals with them in order to get your baddies removed off your report!

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