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2 credit charge off - plan of action


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I made a few bad choices in life and have to live with them.

Situation - early 2006 went into business for myself and was promptly sued by ex employer who managed to secure a temporary injunction against me which was reversed some 60 days later, however, I was unable to work for 60days and used up all my liquid savings in this tough time period. During this time, I defaulted on 2 credit cards with Bank of America. I maintained mortgage, car and other payments easily, I had to make some decisions on priorities and let this slide. credit score currently below 600 because of 2 recent charge offs.

Within six months, a $2,500 debt on one card ballooned to $4,500 with fees, charges and interest and another card went from $9,000 to $15,000 in a 6 month period. I wasn't in a period to sort it out and meet min payments and they charged it off in March of this year. I am now in a position to settle and meet a monthly payment plan, or I can refinance some houses I own, but my credit score is so low, it is very painful.

I think the interest rate and fees are totally excessive and want to settle and clear my name. What is the best approach, the credit card company will not deal with me since it is now a charge off, I need my credit file restored. I can raise the money to settle if needed, but need a clean credit file. I used online statements, when they charged off, I lost access to the historical information and they tell me I have to talk to the fraud department to get anything resolved. It's only fraud on there part due to excessive charges.


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I wrote Bank of America for debt verification - basically asking how they arrived at the figure they say I owe and here is the response I got...

"this letter is in follow up to your correspondence in which you continue to dispute the above referenced account. Thank you for your inquiry.

Our records list you as the primary cardholder of the account.

If you think these are fraud charges, or the account was opened fraudulently you may contact the fraud department at 1-8666 -5147

sincerely... sign off...

basically, I'm not sure what the charges have been on this account for the past 12 months since I got into arrears, the charges from the bank account for nearly 50% of them.

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