Charge off question

[Anonymous]

I'm sure this has been discussed. Please bear with me. I am just a few points away from my fico being where it needs to be for my loan officer. She is helping me but I have this charge off, it was a Dell account that shows up as Cit/DFS and I am being contacted by Oxford about it. The balance is $1800+ and I was told by Oxford that I could settle for 1/2, made in 4 payments. I tried to get them to send me something in writing but they won't. I have not recieved anything in writing, even a bill for this since before I was late with the payments. I had given them my debit card number and then thought better of this arrangement with no paperwork and cancelled my debit card before they made the withdrawl.

The last payment on this account was 6/07. Any suggestions would be greatly appreciated.

Thanks for your time.

[Ned505]

Do not send them any money until you have established a paper trail with the CA.  I completed three 50% settlements in 2007 and with each I got the terms of the settlement in writing first!

First DV them CMRRR. 

Don't let the OC or the CA know that you have a time sensitive need to settle. 

The CA will be more difficult than CITI.  And I would recommend that you not speak with the CA.  Communicate with them only in writing. 

If CITI is the OC you may be able to negotiate a settlement directly with them directly if they will pull the account back from the CA or have reserved a right to collect as the OC.   

But be prepared to PIF (or some  %) 50% seems pretty common, and doable.  And be able to make the payments over 120 days.  That is my experience.

And again, alway get it in writing. 

And review the threads here on Pay For Delete.

Message Edited by Ned505 on 12-11-2008 06:39 PM

[Anonymous]

Thanks for the super quick reply!

The Oxford Management is the collection agency, not CITI. When this woman finds out I closed my debit card, well she is going to be mad. How do I go around her? She has called for months, I've told her it is my work phone and she shouldn't call but she doesn't care.

I don't care about getting them off my credit for the mortgage, I've already paid down some of my credit cards for more points to my fico. I would like to know however if this charge off can do more damage? I don't mean I don't want to pay them, I just mean that I am wondering if I have to be in a hurry, they show me late every month. Can they damage my score more than they already have?

Thanks

[Ned505]

First, spend some time reading the threads on this forum.  Most of your questions have been asked and the answers are here.  Pay special attention to the moderators "read me first" threads at the top of this forum.

Has the CA sent you a demand letter for the account?  DV them CMRRR and that should stem the tide of calls for a while. 

Remember this is a process of correspondance and not of conversation.  Communicate only in writing with the CA. 

Review the Fair Debt Collection Practices Act.  Google it.  Its not very long and sections 805 and 806 dictate the conduct of the CA. You can dictate that they "Cease Communication" 

The charge off will continue on your reports for seven years from the DOLA.  Others here will chime in and give you a more precise answer, but my exxperience is that any old acct. will affect your score until it is resolved, and is allowed to get old and die. 

As stated before, you may be able to contact CITI and negotiate a settlement with them directly.  You can alway ask.  And calling CITI to initiate a settlement first, but always back it up in writing.  And be prepared to make good on the settlement once you do get it in writing.

If you make one payment and then fail on the rest, the account date is re-aged and the SOL gets reset. Giving it a "re-birth" on your reports.

As far as the phone calls go, you can try to get a new #, but once you get some knowlege of the process, then that tends to teach them manners. 

Hope this helps!

Message Edited by Ned505 on 12-11-2008 07:11 PM

Message Edited by Ned505 on 12-11-2008 07:14 PM

[Anonymous]

It helps a lot. Thanks! I have been looking through the boards and getting lots of information.

I know that this charge off will continue to hurt my score, my question is can it do MORE damage than it already has? I have seen where people say they reage charge off's?

I have never gotten ONE word in writing from anyone regarding this account. I never even got the last several statements before it was charged off. I have no address, all I have is CIT/DFS, which I assume is CITI financial and Dell Financial Services? There is no contact on any of my credit reports.

Thanks for your help.

[Anonymous]

I need to add that the phone # cannot be changed since it is my work phone #, and the collection agency knows that it is my work # and I have told them I cannot take their calls. They still call. I will send them a cease letter.

[Anonymous]

That was dumb! I can't send the collection company a cease letter, I don't have an addess! Just their name and the phone numbers they call from!!

[daisy245]

I think this is the CA's address: 

Corporate Office
135 Maxess Road
Melville, NY 11747
(800) 982-6096
(631) 454-4508 (fax)

Does this phone number match your records?

[Anonymous]

The phone numbers they have called from are:

561-666-8539 & 561-666-8537

Thanks

[daisy245]

You should check out this link at the bbb.org.  That company has tons of complaints and an unsatisfactory rating.  http://search.newyork.bbb.org/reports.aspx?pid=44&page=1&id=39706