Good morning, @BalaP
I am dealing with a CO with CW Nexus (aka, Merrick). Take a look at my most recent post for the details.
I was actually going to update that post with a "I think that I am going to call and discuss with Merrick before I take additional steps" update.
Anyway, I have done a lot of research into this....and have a lot of very negative feedback regarding Merrick. I have sent several Good Will letters and have received, essentially, "go pound sand" replies. But nothing horrible or nasty. And I am a bit ashamed of myself for not making my own experience (vs. *ONLY* listening to essentially everyone else).
I will not hijack your post with my details (Good God I am long winded! LOL) but Merrick is a tough nut to crack (so not expecting any positive outcome on the Good Will letters....to be clear, asking in the Good Will letters for them to remove this account early...). I am experincing some other things (sounds like you are, too) so maybe take a spin over to my post on that (again, dont want to hijack your post...oh, too late! LOL).
Starting Score: Exp 627
Also, feel free to ask more questions here, ask questions regarding the process on my post, or PM me and we can take this off-line. Your call.
My post on this topic: https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Follow-up-to-Merrick-Charge-Off-question/td-...
Its best to settle or PIF ASAP. It will quit updating and it wont go against your aggregate util any longer. CO's are next to immpossible to get removed. It will fall off once its hits 7 yrs from the DoFD. Yes its a ding. But future creditor will see you paid your debts. Good luck!
@BalaP wrote:
@HowDoesThisAllWork I read your detailed post, which prompted me to look at my Merrick CO, and I wanted to start tackling this one early - It seems to be a long road with Merrick.
@FireMedic1 "It's best to settle or PIF ASAP."
considering the terrible not-so-great experience @HowDoesThisAllWork had with Merrick (now I understand they are the same as CW Nexus, but that name doesn't appear in any of my reports), should I wait till I can PIF or settle, which is better? Also, should I ask for a payment plan for PIF - would that work?
If you are able to get a settlement with them that involves payments that is what I would do if I could not PIF just be sure you can make the payments on the new arrangement and dont go into default again.
