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Help Pleeease...


totally_confused
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Before I started reading these forums and learning how to handle things, I entered into a payment arrangement with 1st Financial Bank for a credit card that was charged off. I agreed to pay the balance in monthly installments over 12 months. When I viewed my CR today, it still reads "Account Charged off/Past Due 180 Days. $2361 written off". I still have 6 payments left (they are directly debiting my bank account monthly). What should I do?

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Assuming that 1st whoever is the original creditor, there really isn't much you can do at this point. OCs don't have to play by the same rules as collectors, and you've kinda admitted this was yours. You can't even talk to them about "pay for delete" since you're already sending them money.

It sounds like you agreed to a settlement for less than the full balance, in which case you will be receiving a 1099c for the "forgiven" part...on which you'll have to pay income taxes.

You're only real out here would be if this debt was old enough to be beyond the statue of limitation in your state...and your state has laws that prohibit collection of such debts. That's a real long shot, but you might check.

Your next possible move is to pay them their money...wait 6 months, and then dispute with the CRAs to see if you can get it off your reports.

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I am paying the full amount, the credit card was $1500 limit and the rest are all the fees and stuff added up over the time I didn't pay. I pay almost $200/month. My reason for posting was to be sure I was covered. It is the OC that I am paying. I know I can't get my money back or anything just wanted to be sure all bases were covered. So it wouldn't even be worth it to ask them for a deletion or change once it's paid? When I wait and contact the CRA in a few months, is that just a dispute I'll be doing?

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Once its paid, you could try a "good will" letter to the executive offices at Crap 1....saying stuff like "...golly...gee whiz...really like you guys...thanks for letting me take care of this...I fell on hard times but now its better and I'm glad I could take care of my obiligations...could you somehow clean up my credit reports a bit?" Might work...might not.

And then, if not, try the dispute with the CRA process.

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