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mattymatilda

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Negotiating with charged off accounts.... Any guidance?
I have two credit cards that the ex stuck me in our separation. I now am getting back on my feet and need to deal with charged off accounts. Help!

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I've been where you are with the charged off accounts. What worked for me was first contacting the credit card companies directly. Sometimes, depending on how long it's been since the accounts were charged off, you can negotiate directly with the company that issued the card for an arrangement to pay it down. If the account is no longer on file with the company (perhaps because it was sent to a collections agency), ask for the information of the agency they sent it to and try contacting the agency to see if they'll work out a payment plan. Sometimes going through the collection agency is better because they'll offer you a settlement amount that's much less than the original debt was. Whatever method you choose, though, make sure that when you're done paying off the balance, you get written documentation that the debt has been paid and the account is closed. Also, make sure you tell the agency that you need them to update that information with the credit bureaus (and it's never a bad idea to follow up with the bureaus yourself, just to make sure that information makes it to them). Hope this helps!

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