Forum
|
|
Forum
|
     | Friday, April 21, 2000 - 09:32 am  I applied for a home loan and was given one. My credit rating is excellent. I do have a charge off but that has never hindered me in acquiring credit. The agency with the charge off is now contacting me and requesting to negotiate a reduced fee. They say the will remove the charge off. With an excellent credit rating and not needing any further credit, having already secured a loan should I pay the reduced fee or just wait until the staute of limitations runs out. Or do i need to worry about garnishments or etc.
|
| | Friday, April 21, 2000 - 09:53 am They'll need a judgment before they can (if at all) garnish your wages. Do a KEYWORD search for "garnishment" and you should find the answer. If not, please follow up here.
|
| | Friday, April 21, 2000 - 11:25 am Hard to answer without knowing what state you are in and what kind of institution has the charge off. In the state of NC a charged off promissory note from a bank, signed under seal can not garnish your wages, but can put a lien on your property.
|
| | Friday, April 21, 2000 - 01:44 pm Hey George-- I'd wait them out if you are close to SOL...tell the agency you will deal only with the original creditor in writing, sent by certified mail (under FDCPA). Once you are contacted by the creditor--if you are--then tell them your goal is to have the account eliminated or changed to a positive status. They may say that they can't--oh, but they can. Negotiate for about .40-.60 on the dollar. Tell the creditor you know about the nine track tape used to track clients credit histories, the "bullseye" and the manual approach. If they've charged you off, they aren't expecting to collect. Offers will sound good to them. Know your rights above all! Morgan
|
Credit Forum CreditCourt Forum 2003 Credit Suit CreditFactors Order Credit Reports |