Re: Charge Offs and Negotiating Debt

Posted by JKelly (151.197.123.138) on June 07, 2004 at 12:35:11:

In Reply to: Charge Offs and Negotiating Debt posted by Michelle on June 07, 2004 at 12:20:11:

Once charged off, the debt stays on your account for 7 years. The 7 year reporting period begins with the first 30 day deliquency. Paying the debt will not change anything. It will not improve your credit rating.
If you do not pay the debt, you will be hounded and harrassed by CAs for awhile. Best tactic is to ignore them. Don't add fuel to the fire. CAs lie and threaten, whatever it takes to make you send money. They are never satisfied with a payment, the more you send the more they want. So, watch caller ID, let the machine pick up, whatever works for you. Whether or not you will be sued will depend on your non exempt assets, determind mostly by your state. Of curse, if you are sued, you can then consider bk. For right now, I would lie low and let the SOL run on these charged off accounts.

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