It appears they still own the debt and hired the lawyers to collect and do all their legal dirty work. If they had sold it they would no longer be reporting a balance or updating the lates every month. Since they have you on a repayment plan, the SOL probably reset so they can sue you if you stop paying. They're not going to sell it off and stop updating at this point. You could try talking to them directly about settling for less, maybe offering a lump sum payment if you have the funds. But truth is they're probably happy just taking your check every month and keeping the pressure on with their constant updating until you finish paying it off. At that point the updating will stop, and the account will drop off your report seven years after the date you were first 30 days late without bringing the account back up-to-date since.
@C_DUBYA a charge off will continue report each month until the balance hits $0 - so unfortunately until you pay this off itll continue to update each month and surpress your scores. Good luck on paying it off !
Unfortunately yes, that's allowed and accurate. It's still past due and charged off. Until it's fully paid off, the updates will continue.
Nope. You did the right thing. It will reflect settled paid for less and most important part is the $0 balance. Whats the DoFD for fall off. The first 30 day late that led to the CO status?
@C_DUBYA wrote:Hello all I have an update and follow up question.
So my balance is showing to be $10k as reported to the bureaus. But of course the law firm with interest and fees is saying my balance is around 12 to 13k. I have offered a settlement of 9k and they have accepted.
In response they will update my bureaus to "settled for less than" and of course halt all negative activity and mark it to $0.
This is worth it for me due to all the things they are doing including reporting monthly. This should update to $0 owed and settled.
Is this my best option though? I cannot possibly pay more I am tapping into all I have to clear this. I asked for them to mark paid in full, but they said they couldnt.
Anything else I should do besides this settlement?
That's the best you can do at this point, I'm afraid.