Charge Offs and Negotiating Debt
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Posted by Michelle (205.188.116.84) on June 07, 2004 at 12:20:11:
This is my first message here so hope I do this right. Due to a loss of income 7 months ago, I was unable to pay a lot of my credit cards. Now I am able to try and do some catching up, paying some off in full, however I found on my credit report that 2 of my creditors have listed my debt as charged off. One company, capital One, Has offered me, through their bill collectors, a settlement. However I want to know, how does this affect the status of the charge off that is already on my credit report? Will it be removed or changed? what happens if I do NOT pay the debt at all? How long will it remain on my credit report? Also, if I were to negotiate an overdue debt, what is a fair settlement offer? A friend advised me .50c on the dollar, so basically half the debt owed. Any opinions and help would be greatly appreciated!! Michelle
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