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The Charge Off Thread

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FicoTron
Established Contributor

The Charge Off Thread

I have an unpaid charge off with HSBC.  This occured when I got a rapid tax refund from H&R Block in 2006.  Within the same month my school loans went into collections and the refund was not reimbursed by the IRS because I was in default of my loans.  By the time HSBC started sending me info on what I owed them, I had moved and NEVER heard anything about it until I started monitoring my reports just recently.  I know HSBC is notorious for not budging, but I have a legit gripe here...any suggestions as far as a PFD or GW before I make any moves in paying them?  Or should I just pay it off in return for them marking it as paid, yet still leaving all of the late payments leading up to it?  Help!

EX-774 (Amex Fico) 8/12
EQ-725 (Fico) 1/12
TU-729 (Fico) 3/12
Message 1 of 7
6 REPLIES 6
pizzadude
Credit Mentor

Re: The Charge Off Thread

 

What is the SOL for this debt ?   It is possible that they might try to sue you......how much do they want you to pay ?

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 2 of 7
mAndrew1980
Established Contributor

Re: The Charge Off Thread

So it was not sold to a CA? They still own the debt?

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My Primary Financial Goal is to put down my utl%.



Message 3 of 7
FicoTron
Established Contributor

Re: The Charge Off Thread

the debt is over 5 years old ($443), but still unpaid, it is still owned by HSBC, they have not sold it.  I don't want to wait out the SOL because I want to apply for an AMEX

EX-774 (Amex Fico) 8/12
EQ-725 (Fico) 1/12
TU-729 (Fico) 3/12
Message 4 of 7
DrJim
Frequent Contributor

Re: The Charge Off Thread

I have a similar story.  DW used it to pay income taxes.  I went to Iraq for 18 months and she moved several times.  When we finally realized what had happened they gave us the payoff number and we paid it.  Turned out it was a settlement figure NOT the payoff.

 

I have offered PFD several times, but no luck.  It will hang around, with a zero balance, until 2013.  Why would they turn down an offer for money?  Outside of SOL, but I would rather have it removed.



Starting Score: TU 672 EQ 654 10/20/09
Current Score: TU 775 EQ 783 EX 799 (PLUS)
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Message 5 of 7
pizzadude
Credit Mentor

Re: The Charge Off Thread

 

If the debt is that old you might be successful in applying with AMEX once it has been paid, and assuming that your report is otherwise squeaky-clean.   Do you have any other deragatory information or lates on your CR ?

 

 

 

 

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 6 of 7
FicoTron
Established Contributor

Re: The Charge Off Thread

one 30 day late from over 6 years ago. 

EX-774 (Amex Fico) 8/12
EQ-725 (Fico) 1/12
TU-729 (Fico) 3/12
Message 7 of 7
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