I'm still relatively new to the forums and am still confused over the best route to take for charge offs.
I have 05-05 Cap1 charge off $1900, first late 2/03, last payment 8/04,original credit limit $200 (never exceeded--the overage is all fees).
I've received collection letters from different agencies, the latest being NCO. These are not reflected on my credit report....just the Cap 1 charge off.
I want to get this monkey off my back and it's the last remaining one to tackle.
A wonderful forum member gave me a back door number to Cap1 and said they were successful in settling direct with Cap1 even tho had CA letters. I saw a lot of members said they were not so fortunate, but I thought I'd give it a try. But am I opening a worse can of worms than having the CO on my report (ie: will they speed up collection activity, etc)
I live in GA where I believe the legal SOL is 4 years from last pyt (think I'm correct..if someone knows diff, let me know!), so I can still be sued or whatever. Based on reporting SOL, Transunion shows will delete from CR 06-10.
Is there any benefit to waiting to contact Cap 1 to try to set up settlement? I'm afraid NCO will report and I'll have a new collection on my record if I dont do something quick. And the Cap1 balance is not helping my utilization I'm sure. Aside from that, I dont want to be sued. but then again, if I waited I might get a better deal from Cap 1 if I were past the legal SOl, altho realistically the increase in inerest added will probably offset any savings. Any idea as to how much time before suit might be initiated? And since NCO is not reporting, is it correct to assume they did not actually buy the debt?
Sorry for not being more concise........I'd probably get more replies to posts if I could be more so!
Thanks to anyone with any ideas or thoughts on this!!
EQ 622 TU 677 EX?
Message Edited by rom828 on
02-11-2008 12:38 PM
FICOS: TU 732(05-16-16) EQ '08 739( 05-16-16) EX 737 (08-17-16)