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Hi NYYankees,
I think this post probably should have been in rebuilding section, I was cruising the CC forums and came across your post.
I think the first thing you need to do is find out what is exactly on all of your credit reports. Which CA is reporting on all three reports. If you have not done so already, go to annualcreditreport.com and get your credit reports. You can get them for free once a year with no charge.
What is your DOFD (that is date of first deliquency with HSBC, the first time that you missed your payment and never caught up = that is your DOFD).
Keep in mind that you need to know your SOL - if you are within the SOL, the CC company can sue you.
If you provide this basic information, there are so many good people on this forum, they can advise you of the right steps to take.
Also, one last thing - A CA doesn't tell the OC how to report. So even when you are ready to cut a deal with a CA, HSBC will still report "charge off - sold/transferred". You can however negotiate to have the CA TL removed, if they have listed it, someone probably has reported this on your credit report.
I hope this helps you.
Thanks for the reply, they told they will not budge off of 4600. Here is how it reports on my CR.
@Anonymous wrote:Thanks for the reply, they told they will not budge off of 4600. Here is how it reports on my CR.
Balance:$9,255Date Updated:12/2009High Balance:$7,653Credit Limit:$0Past Due:>$9,255<Pay Status:>Charged Off as Bad Debt<Account Type:Line of Credit AccountResponsibility:Individual AccountDate Opened:02/2007Date Closed:03/2009Loan Type: Line of CreditRemark:>Profit and loss writeoff<
The account is still very young. You missed out on the lowest offer. It will take a couple of more years to get the settlement you offered to that level.
@DI wrote:
How old is the debt? For a balance of $7600, a settlement payout shouldn't be no more than $2500. Also, negotiate that they don't issue a 1099 for the difference as earned income. I did all of that with a car loan I cosigned for when I settled the account.
The account is no longer with the OC. Only the OC can issue a 1099 on a settled debt. CA/JDB cannot do so.