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Hello All,
I need some advice on my 2 charged off accounts.
I am looking to settle them and hope to go about it the correct way to get the best results.
I have a BOA account for $1135 (this has changed hands a few times but I've received settlements previously, currently with Credit Control)
Discover for $2448 (law office sent a settlement for 60% in April 2016), settlements can be submitted on their website
Both are reporting CO monthly as the current status so my score and utilization are suffering. Both are 3 years old and reporting to all 3 credit bureaus.
If anyone has any experience settling with BOA and Discover, please share! Any help you can offer will be appreciated.
The ultimate is to obtain both discharge of the debt and removal of reported derogs, such as the charge-off.
That is done by offering a pay for deletion to the creditor.
Best chances of acceptance would normally be to offer the full amount of the debt, but you can offer a settlement for less.
If they wont accept a PFD, the next best outcome is to obtain a settlement agreement, thus paying less than the full debt, with their additional agreement not to report any reference to settled/paid for less to the CRA. The payment would then appear the same as if it had been paid in full.
Thank you for your response Robert,
BOA still owns the debt and that is whose reporting on my credit files. They've declined PFD in the past. I now understand how much damage the Charge off is doing to my utilization so I'm now ready to pay it.
Discover is through a law office and they've offered me settlements so I will request that they not add any additional comments other than $0, once paid off.