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Advice on charge off settlement offer


txb142
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I have been offered to settle a Wachovia charge off at 55% of the balance due though the law offices of Mitchell N. Kay, P.C. What I wanted to know is if I could negotiate with this law office and get the charge off taking off my credit report due to the following curcumstances.

I was making payments on a Wachovia balance for a few months (they didn't send me bills, I just came in every few weeks and paid a small sum), and then out of the blue without notification they charged off the remainder of the balance.

Any advice on how I should proceed? Thanks.

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Well that was pretty stupid. Never randomly send in payments without negotiate an agreement on the balance and how item will appear on your credit reports!!! Now it sounds like this account is in collections despite you were sending payments. First call customer service rep at wachovia and find out the status of this account,(do they still have it or have they indeed turn over this account to collections? Can you negotiate with them directly if they say yes then negoatiate on the balance 75% of the balance as a starting point. And then negotiate how this read on your credit reports. Before you send in a dime get agreement in writing first this is important. If they say the account is collections that you must deal with ca then aske wachovia to update your credit report to say balance/account transferred. Then contact collections agency but be careful disccuss settlement,75% of balance to start and discuss how you want this read on your credit report get everything in writing collections are NEVER to be trusted. Once you have this in writing then pay and you will have the letter to send to credit bureaus in casethey dont keep up there end of the deal which is the likely scenario!

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