Can a creditor put a balance on your credit, if you try to make payment arrangements vs paying off in 30days?

Question

I owe a creditor.
I didnt know I owed it, closed and charged off in 2005. Just found out about it when they called my cell phone. So I am trying to set up payment arrangements, and they say I have to pay it all off in 30days to avoid it going on my credit........I cannot pay it all in 30 days!
Can they do this? Even if I try to pay it in 3 months, (more manageable), they say it will go on my credit as of Dec.30.....Help.

Answer 1

Yes, they can report your defaulted account to the credit bureau. If they charged it off, it may already be on your credit. Just because the creditor charged off the account, does not mean you don't still owe the money.

Offer payment arrangements to pay it off as quickly as you can. Get their agreement to the payment plan in writing. Chances are, they are threatening you in an effort to get faster payment.

If this is a collection agency who purchased the debt, you may be able to offer them a lump sum settlement for about 60%, if you can come up it.

Answer 2

First thing is to find out who is calling. If it has been charged off then you are dealing with a collection agency. Do not send any money without a agreed arrangement in writing. Do not give any banking Info or access to an echeck or auto payment. Call your original creditor and see where the account stands. You can request that the account be sent from the collection agency back to the creditor and then deal with them directly. Ask for a settlement and a payment plan. this is a lengthy process but stand fast. They can't eat you but they can make you feel like crap. How much money do you owe? If it is not over 5000.00 it will not likely be pursued in court but it will show on your credit. Remember this above all Collectors lie out the wazoo to get you to pay so don't fall for any of the BS they tell you. Good Luck

Answer 3

credit computation is complicated and is composed of many components, indexed under are some advice on improving your credit: a million) do no longer omit a fee. 2) do no longer make a prior due fee. 3) pay off the taking part in cards as quickly as achieveable, yet do no longer close the money owed. money owed that have been energetic for longer classes of time help your credit. cost a small quantity each and each month and pay it off - each and each month. you would be installation a 'sturdy fee historic previous', yet you will no longer get killed via activity. customarily, the better your ratio of credit available to credit used is, the extra applicable. (i.e. in the experience that your credit decrease is $2,000 and you have a stability of $a million,500, your credit may well be under if the decrease have been $2,000 and your stability improve into $15: you have extra 'unused credit'. This being pronounced, having too many open lines of credit can injury your credit, watch what share money owed you have open.) I ran myself into credit issues interior the previous, and regrettably, there is not any rapid answer. basically shop making the money on time, and your score will slowly, yet progressively strengthen.)

Answer 4

First of all- it's already charged off- they can't collect it. Second, they can't call you on your cell phone unless you instructed them to do so.
I would not pay a penny.