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charge offs-what to do??!!!!

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Posted by eobertb ( on June 04, 2004 at 18:36:45:

I recently had 2 CC's charged off.One of these is with abank I still have a checking account with.Both CC's had about 18K when they were charged off.Both are still with the original card lenders and haven't been sold off to a CA yet.They each told me they could set up payment plans or I could pay around 12K in 90 days to settle the accounts.I can't afford to pay off the accounts in one lump sum but I could afford some type of payment plan.My question is what should I do?Since my credit is screwed should I or should I not reach an agreement with them .Should I do something now before they sell to a CA?My buddy just got a sherrif's summons from Discover for a 7K charge-off so I am really worried.What should I do?I have no assets but do have a checking/savings account with a different bank with a few K in it.Thanx for any help!

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