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Hey guys.
Would it be better to pay monthly on a larger charge off ,rather than pay it in a lump sum ? i only ask, because some of my charge off's are a bit more than i just have laying around ( and i have about 12 ) . I would like to start getting them either paid up, or removed all together.
My worry is , does it have any affect whatsoever on bringing my score down, if i re enter into a payment plan with some of these companies.
thanks
Bump
@yillb wrote:Hey guys.
Would it be better to pay monthly on a larger charge off ,rather than pay it in a lump sum ? i only ask, because some of my charge off's are a bit more than i just have laying around ( and i have about 12 ) . I would like to start getting them either paid up, or removed all together.
My worry is , does it have any affect whatsoever on bringing my score down, if i re enter into a payment plan with some of these companies.
thanks
Do the charge offs show balances or 0 dollar balances?? Have they been sold to another lender?
-scott
some are 0 yes.. i always wondered why that was...
but i also have some oldddd accounts that still show paid as agree'd, so i just left those alone.
the ones listed below are a few, but their are many others. Very few actually show zero though.
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I actually got my report with myfico, and over half of my accounts are labeled charged off / bad debt balance $0
Hope that answers your question.
When the OC sells the debt, they must report $0 balance. They cannot therafter take any payment on a debt they do not own.
The debt still lives, and if reported by a debt collector, would then signify both their collection and ownership of the debt. The debt collector cannot agree in any PFD to delete any reporting made by the OC.
So I wonder in my case, having two CO's with Wells Fargo both showing a balance but one of the account is being handled by Primary Financial and the other internally. Is this the reason why on my CR its shower a delinquent amount?