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Re: CHARGE OFF


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Posted by LadynRed (199.91.33.254) on January 15, 2003 at 14:29:37:

In Reply to: CHARGE OFF posted by shelly on January 15, 2003 at 14:18:50:

You cannot reverse the charge-off once they do it.

Once that happens, they could sue, but its more likely it will go to a collection agency for a while first. You might try negotiating a settlement if you're going to be able to make a large payment.

The charge-off will sit on your credit report for 7 years and will certainly affect getting credit for that period. So, you negotiate for 'paid as agreed' or at least 'paid' in exchange for payment. If you have to deal with a CA that makes an entry, you negotiate for deletion of the CA's entry.


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