What should you do if you have credit cards that have been charged off and now are in collections.?

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What should you do if you have credit cards that have been charged off and now are in collections.?

Martin Chemnitz

If the CC company still owned the debit you could have a credit counseling service reduce your interest rate. Now you have to deal with the collection agency and they are no fun. They will call you and threaten you with litigation and try and make you pay for the whole amount up front. You have a few options:
1. If you can't pay the owed amount, setup a payment plan with them. They will always try to come in high on the monthly payment amount (in order to pay off the amount quickly), but you can talk them down to a more reasonable amount. They will probably require you to have the monthly payments auto debited from your account.
2. If you can pay the amount, don't let them know it. Talk them down on the total payoff of the debt. Since they buy these debts (sometimes pennies on the dollar) they have room to work with you. No sense in paying full price, when they are going to wreck your credit.
3. Contact a credit counseling agency. See what they can do for you.

Hope this helps.

ABC

if they have been charged off, call the collection agency and tell them that you want to pay but that you would like to settle. if the balance(for ex) was 500$ tell them would they accept 300$. chances are good for you that they will say yes. they most likely will settle because the accounts are so old and up until this point no one has been able to collect payment or receive a commission for closing the account that they would settle.

lovelife

Try to settle but as stated early if they wont settle for less dont pay. I did that and it still showed up on my credit as default. I paid entire balance after filing chap. 7 but the note was secured so I paid in full and it still hurt my credit. They would not remove it after they had the $$$$$.

Andy F.

Well, I guess you should pay the collection agency and move on with your life.

luciousgreeneyedlady

the best thing to do is start making payments. once the accounts are paid off your credit report will then show the accounts as a paid charge off which is much better than just a charge off.

Child of God

You can always call the credit agency and get a settlement price to pay off the debt and they will consider that as being paid in full. Afterwards, do NOT get any more credit cards.

Titicaca

call them to make payment arrangement. Also, make sure that if they sell your loan and have you agreed to pay them they honor your payments,sometimes this agencies sell your total debt plus interest accumulated.

kimmi_35

Pay them...

surelycoolgirl

You have to pay them if you want to clear your credit and eventually have good credit. They won't just go away!

arcadia90

i guess you have to pay your debt.if u can't afford to pay,just commit suicide...

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