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Charge Off Question


AJ
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"Willing" is correct.  If you want to hopefully avoid a CO, contact this creditor, explain your situation, and offer a reasonable payment plan that they will accept.  For example, if your minimum payment is $75, offer them $100 a month until current. Then, note in agreement that you will remit more when and if you can.  Here, of course if you wish to honor that, is, when the extra amount is no longer felt, add another $10 a month.  It shows good will and many times fixes things.  The 5 months you are behind are already reported, so, nothing you can do now.  BUT, when you submit your offer of settlement, simply state, that if you maintain your offer, will they delete the negative info upon account becoming current..  Some have had luck with this, over the years.  And, most important, determine the maximum amount you can pay, then deduct.  By this, if you can pay $125, offer them $100.  This way, if they don't accept your offer and counter, you already know what you can do, and be able to make a good decision.  The old days of bartering are upon us.  Of course, you will do this in writing, send it CMRR, and state that the signature must be that of a person authorized to make that decision.  Even include a SASE, and, a copy for them to sign.

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I would assume it is a "pay or else" letter.  If so, respond with a letter as I described above.  Then, wait and see.  Of course, you want to read what they say.  They may even have an offer to give you.  Either way, let us know what it says, so, we can go from there.  You can type letter  here, omitting the personal, or send to either of us, or both, by PM.  Even just note the particulars here so we can get an overall picture.

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