Removing HSBC Charge off / Calvary Portfolio - Advice Needed

[leti]

Hello - 

I would like to buy a house in the next year or two and decided that I need to start working on the two negatives I have on my CR.  I had an HSBC card a few years ago.  Had some financial issues and the account ended up getting charged off.  Calvary appears to have had it for the past 2 years. Below are all the details I found on one of my CRs.  

HSBC NV

9/2011 - last reported

account staItus - closed

paymnet status - Charge-off

comments - transferred to another lender or claim purchased

Calvary Portfolio Serv

past due $537

Date opened 8/1/2011

account status - open

Payment Status - Seriously past due date/ assigned to attorney, collection agency, or credit grantor's internal collection department

Ideally I would like to get both of the items removed from my CRs.  Is this even possible?  If so, what is the best way to go about doing this?  If not, what is the best case scenario for my situation?

Any advice is greatly appreciate - thanks!

[guiness56]

You would need to work with the CA since they own the debt.

You can try a PFD and if they accept it will be deleted.  Then you would need to send a GW to the OC.

If they don't accept a PFD, you can PIF and then send GW letters to both the CA and OC.

[RobertEG]

Since they charged-off the debt and have sold it, usually at a steep discount on its total amount, they almost certainly took a net loss on the debt.

That usually does not create a feeling of good-will on the part of a creditor, even if late paid to the new owner. 

It might be a tough sell......

Best case will probably be getting the collection removed via a PFD offer.

[goosedog]

CAP1 owns the HSBC cards now. You wont get it removed, trust me I have tried every angle with CAP1. You can try a PFD for the CA but sending a GW letter to the OC wont do any good. Ask me how I know this.

[leti]

Thank you everyone for your replys.

For the PFD, would I need to offer paying 100% of the debt ?  Generally, what is the timeline for something like this?  I guess my concern is that I want to hurry and get the ball rolling on this but don't have the $500+ to pay them just yet.  I will in about a month or so.  So should I just wait until I have the funds before I send the letter or go ahead and send now b/c the process takes time?

goosedog - 

I had heard that CAP1 owns HSBC now and was happy to hear that I should send the GW letter to them.  I thought I would have more of a chance with them since  I have a good relationship - banks accounts, credit card (that i payoff every month) etc.  Now after what you said - I'm not so sure

[guiness56]

Is the debt outside your suing SOL?    If it isn't I wouldn't send them anything unless you can PIF. 

As for Cap1, don't let others who have had no luck keep you from trying.  95% of them get a no but there have been others that Cap1 deleted for.