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Charge Offs?

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Valued Member

Charge Offs?

Sorry for the multiple posts but I do have another question. I understand that a CO occurs when an account is closed due to non-payment. Is it possible to arrange a PFD with the original creditor if the charge off has not been sent to collections? I know that it's pretty much stuck if it's already been sent to a CA. I have a Barlcyas account that is closed and charged off but not yet sent to collections. It's been reporting as charged off since November 2015 😬 and steadily reporting each month

Message 1 of 7
6 REPLIES 6
Senior Contributor

Re: Charge Offs?

You can make payment arraingements. You could negociate a deal since its kinda old. But Barclays isnt really a PFD type of company. Paying them and then attempting a GW later is usually the best option.





My posts are JMHO. My siggy is not to brag at all. Just sharing my experiences from rebuild to recovery after BK DC. And to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
Message 2 of 7
Valued Member

Re: Charge Offs?

Thank you! Do you think 6 months is an appropriate length of time to start sending GW after it's been paid?

Message 3 of 7
Senior Contributor

Re: Charge Offs?

All kinds of help here in the thread you'll need:

https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/The-Saturation-Technique-Best-GW-adjustment-...





My posts are JMHO. My siggy is not to brag at all. Just sharing my experiences from rebuild to recovery after BK DC. And to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
Message 4 of 7
Contributor

Re: Charge Offs?

What is the SOL where you are located? Barclays has rarely done GW for lates on on current accounts such as AFs but a CO is tough.
Im at the 5 year mark with a Barclays CO, on full Disability with a spinal cord injury and im lucky they aren't updating so im letting sleeping dogs lay.
The problem I see us you pay them and start a GW campain and are in the same boat.
You can try to start campaigning after the SOL so you don't see yourself in collections. Or you can try to dispute after the SOL as you have nothing to loose if there is anything reporting that isn't correct.
Just my 02cents
Message 5 of 7
Senior Contributor

Re: Charge Offs?


@Hanshi wrote:
What is the SOL where you are located? Barclays has rarely done GW for lates on on current accounts such as AFs but a CO is tough.
Im at the 5 year mark with a Barclays CO, on full Disability with a spinal cord injury and im lucky they aren't updating so im letting sleeping dogs lay.
The problem I see us you pay them and start a GW campain and are in the same boat.
You can try to start campaigning after the SOL so you don't see yourself in collections. Or you can try to dispute after the SOL as you have nothing to loose if there is anything reporting that isn't correct.
Just my 02cents

Never dispute accurate info. The creditor can look at the account and find things that wasn't reporting before and can come back and bite you in the rear end. The OP hasnt had the account sent to collections. And hopefully it wont. Dont poke the bear and wake up to a mess that wasn't there before. Not great advise to dispute.

 

If the time limit to sue on the old debt expired under your state's statute of limitations, that does not mean that a creditor or bill collector must stop contacting you about it. They can ask you to pay the debt. They just can't sue you or threaten to sue you for it.





My posts are JMHO. My siggy is not to brag at all. Just sharing my experiences from rebuild to recovery after BK DC. And to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
Message 6 of 7
Contributor

Re: Charge Offs?

I never advised to dispute correct info. I did write a book however lol and wrote about disputing after the SOL IF there is anything reporting that isn't correct.
The CO may be valid how they are reporting it may not be.
Message 7 of 7
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