We are behind on a credit card that has been charged off for 17000.?

Question

Do you thin a credit card company would settle for $150 a month for 5 years? I think it would pay back half we owe...

Do you think they would go for an amount for 5 years?

mat if you see this...how do I word the letter. Email me in my profile,...

Answer 1

If the credit card has been charged off, there is a negative entry on your credit report. That entry will stay on your report 7 years from the last date of activity. Every time you make a payment the date of last activity will be extended. So if you make payments for 5 years, this could stay on your credit report for up to 12 years.

Right now they are getting nothing. I would send a letter certified return receipt offering $150 per month for 5 years, but they have to immediately remove the negative entries and mark your account as paid as agreed.

If they are not willing to do this or say they will, but will not put it in writing, then I would leave it alone. The damage is already done to your credit report. Why extend it for another 5 years. As time goes by, the negative effects of the charge off entry will go away.

Answer 2

The credit card company just wants money that's what they are in the business for hence the hight finance and late fees. You really should have talked to your c.c. company before it got charged off and they wouldve worked something out with you. But the collection agencies are in the same business and just want you to pay something, they possibly offer you a settlement as well. I would make sure about their fees if any, and I wish you luck on getting your credit score where it needs to be. It will be hard...I've been there...but it is attainable.

Answer 3

they will collect the commission from the party who bought any material

Answer 4

yep that really works is there a problem