cancel
Showing results for 
Search instead for 
Did you mean: 

Charge off Merrick Bank

tag
Anonymous
Not applicable

Charge off Merrick Bank

I have a charge off from Merrick Bank back in May 2016 for $2100.00. I have not been contacted by a Collection Agency yet. How do I go about clearing this up? Do I contact Merrick and ask for settlement? I cant pay the full amount right now but would be able to pay 1000. I do not want this to go to collections. I realize this is probably hurting me by a balance reporting.

Also, how would this effect my credit score? This is my last baddie, scores were in the low 500's a year and a half ago, now 697-687-685. 

 

Message 1 of 5
4 REPLIES 4
FireMedic1
Community Leader
Mega Contributor

Re: Charge off Merrick Bank

I'd throw the 1k at them and set up a payment plan before a collection hits your report. Anything paid in full looks better than charge off. You'd go right back to the lower scores if a collections hit your report. Jump on it.


Message 2 of 5
RobertEG
Legendary Contributor

Re: Charge off Merrick Bank

It will depend upon whether the original creditor still owns the debt.

Many creditors will sell bad debt after a CO in order to recover a bit more of their overall expected loss, which then prevents them from receiving any payment on the debt.

Is Merrick still reporting a current balance owed to them, or did their last reporting show $0?

 

If the OC still owns the debt, you can contact them for a PFD offer

Message 3 of 5
Anonymous
Not applicable

Re: Charge off Merrick Bank

Merrick is still showing balance. Thats why I was unsure who to contact. Not sure if its still reporting - shows status and balance update May 2016.

Message 4 of 5
designated_knitter
Established Contributor

Re: Charge off Merrick Bank

I had a charge-off with Merrick Bank... I tried to settle directly with MB but they had very quickly passed off to debt collector.  Even when I tried to call MB directly, they would not talk to me and I had to work directly with the debt collector.  They never contacted me or reported to the CRAs.

 

ultimately, I bit the bullet and set up a payment plan with the debt collector (they refused to do PFD).  I went ahead and accepted a settlement offer since the CO damage was already done and there would be no PFD.  

 

i successully paid paid off the debt and it shows up under Merrick Bank as CO/Settled for less than amount owed... but it does show zero owed.

 

MB was very inflexible once they charged off...  you have to decide how you want to handle it realizing MB will not deal with you any further and they will not agree to PFD.

 

On the plus side, the debt collector never reported to the CRAs.  Soooooo, probably not what you want to read but just my experience.

 

good luck!

Started Over Again after Cap1 Death Penalty:
06/15/2019:
03/02/2021:
04/06/2021:
05/28/2021:
Lesson Learned: DON'T POKE THE BEAR!!! THE BEAR WILL WIN!!!
Message 5 of 5
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.