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Charge Off Accts/Spoke with CA


berries1101
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Hi,

I am a newbie to this board and I need some advice.

I have a charge off acct with Prov/Card Services- Ca is Arrow Fin. Amt is $5068.81. I agreed to make payments but they refuse to send Doc. in writing. Can I still Validate? Is it to late? Also,It isn't showing on my credit report. Only OC. Should I pay? I can only afford $ 50.00 a month. What other options do I have?

Thanks for your time

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The whole charge off question is hard to answer. First, how does it appear on your credit report? If it just says "Charge Off", then chances are Providian still owns it and they've only contracted with Arrow to hassle you for it. In these circumstance, CO is just an accounting term that means they've taken a charge against income for IRS purposes. If its still with Providian, you might call them and ask if they have a "hardship" program that will help you deal with this. Be prepared to deal with "...hey, deadbeat, pay us what you owe...". OCs are not covered by the FDCPA so they can be as nasty as they want.

If you don't have any money to work with, then your next step should be to put Arrow through the Debt Validation process. Don't just assume because you had an account with Providian, that Arrow has the right to collect it.

DO NOT call Arrow...there's never a good reason to call a CA. They'll just use it to make another attempt to intimidate you into doing something you don't have to. Make them prove they can validate the debt before you go any further.

Now, if your credit report says "Charge off / transferred to another lender" then Providian sold the debt to Arrow (for pennies on the dollar) and now Arrow will hassle you for it on their own.

Its very, very unlikely that Arrow will let you make payments. They may allow you to "settle" the account for significantly less than the balance, but you need to be very careful how you do that. Everything should be done in writing, and you need to make sure they remove themselves from your CR and that they don't turn around and sell the balance of the debt to another CA. There are letters here somewhere that you can use...

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