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Unique Charge-off Situation....What to do? (long)

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Anonymous
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Unique Charge-off Situation....What to do? (long)

I opened a JB Robinson CC in November of 2002 for an engagement ring.  My dad co-signed the credit card for me.  My wife and I almost had the ring paid off in May of 2004 when we stopped receiving monthly bills.  We were young and irresponsible and just assumed the balance had been lower then we had thought.  Wrong!  Years later we pulled my credit report (this year) and this account is shown to be a charge off in early 2005.  Come to find out, my dad filed bankruptcy in 2004 and therefore JB Robinson could no longer ask for payment.  We called them to fix this yesterday and they said they couldn't ask for payment in a bankruptcy situation (??).  Furthermore, they will not remove the CO from my credit report.  I have nothing else negative on my report and we will be applying for a construction loan in spring of 2009.  We are so confused and not sure what to do with this!  Any advice would be appreciated.
Message 1 of 6
5 REPLIES 5
Anonymous
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Re: Unique Charge-off Situation....What to do? (long)

Is it reporting as IIB?
 
Is it reporting a balance?


Message Edited by sidewinder on 08-21-2008 10:22 PM
Message 2 of 6
Anonymous
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Re: Unique Charge-off Situation....What to do? (long)

I could be entirely wrong, but it sounds like one of those situations that you can't really change when you are talking about co-signing stuff.  Hopefull I am wrong.  It does seem odd that they would not still try to collect from you. 
 
Offer them a PFD seeing how they are the ones who stopped billing you.  Tell them you are not going to pay it unless it is in writing that they will remove the account entirely.
Message 3 of 6
Anonymous
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Re: Unique Charge-off Situation....What to do? (long)

It does not say anything about the bankrupcy on my credit reports.  It does report as a balance of around $1500.  This is so frustrating!  I think the part that confused JB Robinson is that my dad and I have the same name except for a middle initial.
Message 4 of 6
Anonymous
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Re: Unique Charge-off Situation....What to do? (long)

If this account is from 2002, removing it may cause more harm than good.
 
Do you have other accounts this old? You have to look at how your average age of accounts would be affected without this account. If it would cause a major change, I would just PIF.
 
If you can PIF, you might even be able to negotiate the OC removing the CO notation and re-opening the account.
 
I would certaintly speak to someone with authority at the OC and explain the circumstances.
Message 5 of 6
Anonymous
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Re: Unique Charge-off Situation....What to do? (long)

I do have other accounts that old.  I will just have to call them again and try to explain the situation a little better.  I think I was too frustrated/surprised during my first phone call.  Thanks for your input.
Message 6 of 6
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