Don't let it go to Charge- Off Debt Consolidation can help you Save Today!!!

Account Charged Off

What does it mean when an account is charged off? What this means is that the creditor has tried every angle they can to collect payment on your past due account. They tried everything from phone calls to written letters to having collection agency's contact you. At this point the creditors have given up and rather take you to court. They write off your uncollected debt as bad debt. This is know as a charge off. These charged off debts are charged against the creditor's revenue on their income taxes. Even though your account is charged off you still owe the debt and a note will be on your credit report about the charge off. This is a negative mark that could keep you from getting credit or even purchasing a car or renting a house. A charge off account will haunt you until it is paid off in full.

How can you settle a charged off account?

• Come up with payment amount that fits into your budget that you can pay, a lump sum, to the creditors for that charged off account.
• Contact the creditor and make them an offer to settle charged off debt. Sometimes this may work
• Once amount is agreed on make sure you get it all in writing.
• Once all paid send signed statement to the credit bureaus, this may change that negative rating on your credit report.

If you are finding yourself not able to pay your bills before it gets to the charge off point and ruins your credit you should consider debt consolidation to assist you in paying off your credit card debt.

Fill out one of our FREE QUOTES so we can assist you.

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