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Paying chargeoffs

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haleyjen
Regular Contributor

Paying chargeoffs

I have Chase and First Premier chargeoffs that have not gone to collection.  I am wondering if I start paying them, will they update to pays as agreed.

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Message 1 of 6
5 REPLIES 5
JayTee1
Frequent Contributor

Re: Paying chargeoffs

I doubt it.  They may be updated to "paid, was charged off" or "paid chargeoff."

 

It would still be wise to take care of them before they go to collection.

March 2014: Abysmal, low 500s


April 2015: TU 607 | EQ 599 | EX 608
March 2019: TU 717 | EQ 727 | EX 727
Message 2 of 6
gdale6
Moderator Emeritus

Re: Paying chargeoffs

No they can never return to paid as agreed once they are COed as stated when paid they would show as paid was CO

Message 3 of 6
RonM21
Valued Contributor

Re: Paying chargeoffs

If possible, try paying in for for deletion. The chances aren't high but you never know.


Total CL: $321.7kUTL: 2%AAoA: 7.0yrsBaddies: 0Other: Lease, Loan, *No Mortgage, All Inq's from Jun '20 Car Shopping

BoA-55k | NFCU-45k | AMEX-42k | DISC-40.6k | PENFED-38.4k | LOWES-35k | ALLIANT-25k | CITI-15.7k | BARCLAYS-15k | CHASE-10k

Message 4 of 6
Anonymous
Not applicable

Re: Paying chargeoffs


@haleyjen wrote:

I have Chase and First Premier chargeoffs that have not gone to collection.  I am wondering if I start paying them, will they update to pays as agreed.


I would pay them off as PIF if not a PFD and if you cant get a PFD than with a PIF start the GW letters to both of them to hopefully get it deleted. 

Message 5 of 6
RobertEG
Legendary Contributor

Re: Paying chargeoffs

The account is presumably closed.

OCs dont leave an account open to further use when it reaches the stage of having been charged-off.

 

If you now pay the debt, the Current Status will be updated to Paid.

The Current Status is only a snapshot of the status as of last reporting, and if paid, it would no longer be delinquent.

However, the status prior to the Current Status, called the Payment Rating, would continue to show the charge-off, leading to the combined statment that it is paid, and was charged-off.

 

Pays as agreed is a current status that applies to accounts that continue to be open to consumer use, and are being paid per the current account agreement.

Thus, paying would not result in a pays as agreed status unless the creditor voluntarily reopens the account to further charges.

Message 6 of 6
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