topic Re: How to handle Charge Offs in Rebuilding Your Credit

How to handle Charge Offs

Anonymous — Mon, 16 Jun 2008 13:13:32 GMT

I have two CC that are listed as Charge offs. What exactly are charge off and can I pay them to have them removed? One is with Applied Bank Card and the other is HSBC. Applied is listed on my CR as "included in bankruptcy", I sent a GW to have them delete, but they wrote me back saying that it was charged off. I sent HSBC to PFD letter and I am still waiting for a response. Has anyone had any luck with these companies? What am I to do?

Re: How to handle Charge Offs

Anonymous — Mon, 16 Jun 2008 13:18:06 GMT

I am not sure how to handle these other than trying a PFD.

A CO or Charge off is an accounting term for "Charged to profit or loss". They have for tax purposes written it off as bad debt.

Were these IIB?

Re: How to handle Charge Offs

Anonymous — Mon, 16 Jun 2008 13:53:45 GMT

Only Applied.

Re: How to handle Charge Offs

BungalowMo — Mon, 16 Jun 2008 14:22:56 GMT

Timothy wrote:
I am not sure how to handle these other than trying a PFD.

A CO or Charge off is an accounting term for "Charged to profit or loss". They have for tax purposes written it off as bad debt.

Were these IIB?

Can they legally claim it and note it as a CO when I have paid it off...in full?? (to the OC/CCCo, not CA) Seems that's having the cake & rubbing it in my face too.

Re: How to handle Charge Offs

NMW2008 — Tue, 24 Jun 2008 00:05:45 GMT

gingergirl wrote:
I have two CC that are listed as Charge offs. What exactly are charge off and can I pay them to have them removed? One is with Applied Bank Card and the other is HSBC. Applied is listed on my CR as "included in bankruptcy", I sent a GW to have them delete, but they wrote me back saying that it was charged off. I sent HSBC to PFD letter and I am still waiting for a response. Has anyone had any luck with these companies? What am I to do?

I have been going back and forth with HSBC for 2 years now. I had two 30 day lates on my HSBC cc when I lost my job back in 06 & HSBC canceled my promo ineterest rate of 5%. Now my interest rate is 21%!!! The cc is a retail cc that I got approved for when I purchased my motorcycle so its a revolving acct but it is paid like an installment acct.

Anyway, I have sent numerous GW letters reagarding lowering the interest rates, GW letters in hopes of removing the two 30 day lates, etc. I did enough to where I received a call from HSBC Retail Services Executive Assistant to the President back in April and she said that my account had been reviewed every time I sent them a letter & that they are unwilling to make any changes. I have been sending $100-$200 more w/ my monthly payment and havent been late since Nov 06 & they still refused everything.

I plan on selling my motorcycle because I am a single mom & I want to get a house for my son & I. My motorcycle payment went from $85 to $289 after the interest shot up which has caused my DTI ratio to skyrocket also. So in closing, I am not a big fan of HSBC!!