I have 2 credit cards which have been now charged off as well as have left to a third celebration collector. we owe 98 upon a Chase label as well as 250 upon a BOA card. Should we solve with both companies or get a debt converging loan? we know if we settle, it still stays upon your credit inform for 7 years. I’m creation some-more income this year as well as have paid off a little bills recently. Also, if we did settle, would it be improved to do it by a strange debtor (Chase as well as BOA) or with a third celebration collector? Just perplexing to import out my options here.
Chase label was charged off about 5 years ago as well as a BOA label around 3 years (when we mislaid my job). we only didn’t know if we paid it off completely, if it would dump off my credit inform earlier though it sounds similar to it stays upon there regardless.
talk to them about a payment plan .
Per your update….I would discourage you from renewing contact with debt collectors over defaults of this magnitude. Paying the debt or settling for less will not fix your credit and you’d probably stir up a hornet’s nest by renewing contact over defaults this large.
These defaults will stay on your credit report as status R9- charge off for 7 years….the clock starts on your original default date. Paying or settling the debt now will not remove the charge off notation…at best it would be updated to Paid/settled R9 charge off….a little better but still a serious black mark.
You were VERY lucky you weren’t sued over these big defaults. Hopefully you can coast by the statute of limitations for your state…after which time the debt will be legally time barred and they could not longer successfully sue you. Credit card debts become time barred after a certain # of years have passed. This is called the statute of limitations. This time period varies for each state. You can find this for your state by going to this link and looking under "open" accounts. http://www.creditinfocenter.com/rebuild/statuteLimitations.shtml
If the # of years since your last payment is greater than the time period listed for your state, then the debt is time barred.
——————
Absolutely do not contact debt collectors about getting on a monthly payment plan for these defaults. It would not help your credit rating one bit…and the debt collectors would most likely immediately sue you..
Not sure about debt consolidation loans, but I DO know that if your debt has been moved to a third party collector – you will have to settle with them NOT the original debtor.
How long has it been since you stopped paying on these cards?
If they have not connected you, leave well enough alone and let them fall off after the 7.5 years. Paying them off would not help your credit score in any way.