Posted again - Chargeoffs
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Posted by jpk
(68.50.98.100) on June 17, 2003 at 11:10:55:
I posted this a few days ago and didn't get any advice so I thought I'd try again since that post is burried in archives now. Any help woudl be appriciated. I was wondering if it is in fact possible to get a creditor to accept a settlement offer that includes taking any negative reporting they have done in the past. Let me explain my situation. I am looking to buy a house in the next 6-9 months and have 6 chargeoffs on my account. Yeah 6 is a lot:-) All are credit card debts. The last payment for all of them was about 2 years ago and I live in Maryland. My credit score is 580 and my income now is up over $12K a month. I have a house that I have never missed a payment on since I have owned it, 5 years now. I have never missed an installment payment. I have the ability to buy off all my credit card chargeoffs, about $16K worth, but I have been told that paying them off will not raise my credit score any. I have heard that a "settled chargeoff" is no better then an unsettled one as far as scores go. I have to get them off my report for my score to increase. My question again is do creditors agree to those type of settlement offers and how should I got about making them if they do? Obtain a lawyer and threaten bankruptcy? Use a credit repair service? Any advice will be appriciated.
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