What is the best way to deal with my creditor after my account has been charged off?

Answer by  patti (29325)

Once the creditor charges off the account, you will have no further dealings. The account will be sold to and pursued by a third party collection agency. During this time fees, interest and penalties continue to accrue. Make payment arrangements or negotiate a settlement.

Answer by  dub93 (34)

If your account has been charged off, you should call your creditor to determine where the account has been transferred and to also verify the total amount owed. You can then call the agency that is handling your account and try to negotiate a settlement on your account. Sometimes, you can settle for about 25% of what was owed!

Answer by  knowitall39 (475)

Well the best way to deal with them would obviously be to pay your bill. If the bill is too high for you to afford, try to negotiate.

Answer by  Milette4 (900)

Negotiate with creditor to have the charge-off removed. Get the agreement in writing. Make sure that your name is 'clean' asking for a copy of the credit report on you.

Answer by  tamarawilhite (17883)

If the account is listed as settled in full, they cannot come after you. If it is charged off but not bankrupted or settled in full, you owe the debt. You've spent the money, and you are legally obligated to repay. Offer a settlement - but do not give them any money without the deal in writing.