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Unpaid Charge offs?

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Schoolbuskid
Valued Contributor

Unpaid Charge offs?

How should unpaid charge offs be handled?  With PFD? 

Rebuilding and Reducing Debt, is my game plan.
Message 1 of 5
4 REPLIES 4
RobertEG
Legendary Contributor

Re: Unpaid Charge offs?

No one size fits all.

Sme relevant factors include whether the debt is still within SOL, whether the creditor still owns the debt, whether a debt collector is reporting, whethter you consider the debt legitimate......

More info on the specifics is needed.

Message 2 of 5
Schoolbuskid
Valued Contributor

Re: Unpaid Charge offs?

Well here is the deal...

 

Acct 1 - Cap 1 - Currently on a payment plan with CA, collect on behalf of OC - DOFD 11/2011

 

Acct 2 - Cap 1 - No payment plan, CA collecting on behalf of OC - DOFD 2/2013

 

Acct 3 - Chase BP - No payment plan, CA collecting on behalf of OC - DOFD 9/2011

 

Acct 4 - Credit One Bank - OC report $0 balance, i assume its sold to CA,  current payment plan with CA - DOFD 8/2012

 

Acct 5 - Macy's - No payment plan, CA collecting on behalf of OC - DOFD 7/2012

 

Acct 6 - Walmart - Paid Charge off, i will GW this account - DOFD 6/2012

 

Acct 7 - Local Bank -  DOFD 2/2013

Rebuilding and Reducing Debt, is my game plan.
Message 3 of 5
Anonymous
Not applicable

Re: Unpaid Charge offs?

Pfd has worked for me regarding a charge off account, however I always offer to pay the full amount. Like robert said, it really just depends on how they react. (How old the debt is, if its out of sol, how much you offer, etc..) Some I have actually dealt with would only give me a verbal committment to delete, however although I don't recommend this, it worked out in my situation.

 

Now, since you set up a payment plan with the other CA's, you may have a hard time getting those removed anytime soon.

Message 4 of 5
RobertEG
Legendary Contributor

Re: Unpaid Charge offs?

I would suggest givng immediate priority to account no. 7.

Many creditors will either refer the bad debt to a debt collector for collection assisitance, or sell the debt to recoup a few more pennies on the dollar.

In either event, you could well have a new collection added to your report.

 

If you can pay that debt prior to collection referral or sale, you may avoid further damage.

Message 5 of 5
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