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Re: Charge Offs and Negotiating Debt
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Posted by catballou
(4.14.164.131) on June 07, 2004 at 13:34:47:
In Reply to: Charge Offs and Negotiating Debt posted by Michelle on June 07, 2004 at 12:20:11:
to add my 2 cents to your questions, i have cap1 now. so far mine were charged off last sept. you will get calls from extremely abusive CAs. as JK said, be prepared, know your rights and learn to laugh at them and ignore them. eventually our debts will either be sold off, and depending on your situation and state, either they will drive you crazy awhile or sue you. either way, it stays on your credit 7 years and a paid charge off is as bad as a unpaid one. (how stupid but thats how it is). i have been offered settlements also. i dont have the money so its pointless, but be very careful settling and get in writing its paid in full...a 1099 from the OC, cause they can and will simply sell off the remaining balance to another CA and you will start over with them. im sorry for your situation, your in good company here. once its sold and for some reason you want to settle..no more than 30%. (they only paid a nickel a dollar anyways) cap 1 will go down to 50%, but again..i dont have it. if i did, and some here will yell at this, i would pay mine and get all the stuff in writing so they cant resell it. either way, once its COed , your credit is hit bad for 7 years. good luck!
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