Question on Wamu / Providian

Red1Blue · ‎03-11-2008

Does any one have experience dealing with Wamu for a charge off account? It shows as charge off and 10 lates on that account.

Does wamu has any program like Amex Oasis where we can pay the balance and have them issue a new card or remove the negative information from CR? Or do they have any PFD program that we can tap into?

If I pay it now and if they dont remove the information, it will sit on my CR for next 7 years. Any suggestions on how to deal with this account?

Anonymous · ‎03-11-2008

Wish I could help you concord. Although WaMU(Providian) is one of my oldest cc's, I've never ever dealt with them in that regard. Sowwy.

alastrian2 · ‎03-12-2008

Unfortunately WaMu has no such program. Also, most banks are getting rid of such programs due to the credit crunch. Also, based to the afformentioned credit crunch, and wanting to get your personal debt off of their books, I will almost swear that WaMu has already sold your account to a debt buyer. If they haven't, have you logged into wamucanhelp.com? They generally have settlement offers available for as little as 40% of balance.

If your account has been sold, you might be lucky. Debt buyers can be easier to negotiate with and may be able to remove the ding from your credit.

Red1Blue · ‎03-14-2008

alastrian2 wrote:
Unfortunately WaMu has no such program. Also, most banks are getting rid of such programs due to the credit crunch. Also, based to the afformentioned credit crunch, and wanting to get your personal debt off of their books, I will almost swear that WaMu has already sold your account to a debt buyer. If they haven't, have you logged into wamucanhelp.com? They generally have settlement offers available for as little as 40% of balance.

If your account has been sold, you might be lucky. Debt buyers can be easier to negotiate with and may be able to remove the ding from your credit.

Thank you very much. I'll check into both sources you mentioned and see what I can find out. If the debt is sold to a third party, can we make PFD arrangement with them to remove the CR Tradeline posted by Wamu / Providian? I am not sure how this works. I want to see some how make a deal and see if that can be completely removed from CR. Any suggestions?

Anonymous · ‎03-14-2008

@Red1Blue wrote:

If I pay it now and if they dont remove the information, it will sit on my CR for next 7 years.

Not exactly.

The charge-off will remain for 7 years following the date of first delinquency (DOFD) (when the account became past due). Even if the account is traded amongst collection agencies like a baseball card, that DOFD does not change--if it does, you can sue.