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Reply to "Charge Off Inquiry"

Only contact them via written form; letter or email.  Do not do so by phone OR expect to be harassed by them if things don;t work out.  Know that contacting them starts the clock ticking again on the validity of the debt (this time period varies from state to state).

 

Only make an offer it you actually have money to work with to settle these debts.  Remember, your debt was purchased with a tranche of 5,000 other debts for $5 so your best bet is to low-ball to the extreme, say 10% of the amount owed.

Everything must be in writing.  No payment can be made until a written agreement is in place that states this is what the debt was, this is what we agree to settle on, AND the debt will be marked PAID IN FULL.

Your are wise to read up on the legalities of debt collection in your state and how it works.

Know that paying off or settling debts, only increases your credit score about 20 points per debt.  The negative effects sticks now matter what until the debt dies aft 7 years.

Be sure to keep all your old bills or paperwork, especially some thing on paper that shows the date of when the debt was charged off.  There is much fruad in the industry and  they are know to later state the debt charged off much later then it did, to try to move the finish line.

 

 

 

 

 

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