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Can I get some information on Charge Offs?

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

If I was a co-signer on a loan, my son did'nt repay and I was unaware of, and is now a charge off, can I get that removed from my credit report? I am trying to purchase a home and was denied a loan due to this charge off.

Like | Dislike | Share | Posted: Mon, 02/27/2012 - 22:35 | Post subject:

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Trish!

Welcome to forums!

You won't be able to remove it from your credit report. As you were the cosigner for the loan, you will be equally liable for its payment. You will have to pay it off in order to remove the negative item from your credit report.

Feel free to ask if you've further queries.

Sussane

Like | Dislike | Share | Posted: Wed, 02/29/2012 - 00:28 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

this loan is charged off by creditor and now a collection agency is trying to collect almost 7,000.00 more than the loan was.Am I still responsible to them? the company cheated me and wouldn't negotiate and now they are what do I do and isn't the statute of limitations up?

Like | Dislike | Share | Posted: Fri, 03/30/2012 - 18:04 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

this loan is charged off by creditor and now a collection agency is trying to collect almost 7,000.00 more than the loan was.Am I still responsible to them? the company cheated me and wouldn't negotiate and now they are what do I do and isn't the statute of limitations up?

Like | Dislike | Share | Posted: Fri, 03/30/2012 - 18:06 | Post subject:

Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Though your loan has been charged off, you're still responsible for the payments. However, this time you will have to make the payment to the collection agency. However, if the statute of limitations is up, then the CA won't be able to take any legal actions against you in order to recover the debts.

Like | Dislike | Share | Posted: Mon, 04/02/2012 - 02:56 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I have a charge off from citi and they sent a 1099 C to IRS,I was in a collection company,HALO and there was no deal except I got letter and 1099C jan 2012 and they cancelled account 12/01/2011.what now Halo playing dumb? tks

Like | Dislike | Share | Posted: Thu, 04/05/2012 - 23:55 | Post subject:

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi george,

Your query is not very clear to me. Is the collection agency charging you again for the debts?

Like | Dislike | Share | Posted: Fri, 04/06/2012 - 22:52 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

stated above,tks

Like | Dislike | Share | Posted: Thu, 04/05/2012 - 23:57 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

What does this mean, I have been reading I understand I still owe the debt, But Can they foreclose on my property if it has been charged off as bad debt? I live in Florida, They sent me a letter saying they would accept 30% of balance.. To bad I'm disabled and don't even have 30%. I still live here can they take my house IF it has been charged off as bad debt?

Like | Dislike | Share | Posted: Wed, 04/25/2012 - 20:39 | Post subject:

jerry's picture
jerry | Joined: October 17, 2005 03:24 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Ionoone,

Your query has been replied to in the given page: http://www.mortgagefit.com/Mortgage-problems/Mortgage-charged-off-Forecl... . Please take a look at it. I hope it will help you.

Thanks,

Jerry

Like | Dislike | Share | Posted: Thu, 04/26/2012 - 03:48 | Post subject:

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi heathcliff,

If the charge offs have already fallen off your credit report, then it won't have a negative impact on your loan application.

Thanks

Like | Dislike | Share | Posted: Thu, 11/29/2012 - 21:00 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

im in process of trying to get home loan i had a few charge-off s on my prior credit report that have fallen off due to 71/2 time frame will that hinder my home loan process it is no longer on my credit report

Like | Dislike | Share | Posted: Thu, 11/29/2012 - 19:45 | Post subject:

colin's picture
colin | Joined: June 30, 2006 02:50 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

Edward pointed it out correctly.

The loan company charged off as there must have been long delay in the payments and the debt was written off as uncollectible and they stopped spending time and attorney expenses for collecting the same.

But this fact does not mean that you as a co-signer do not still have the loan liability and now the uncollected amount of debt was sold to a collection agency and they have contacted you for the remaining amount.

Colin

Like | Dislike | Share | Posted: Tue, 09/05/2006 - 13:36 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i co-signed a loan for a car and the person i co-signed for had the car repossed and i was contacted by the loan company and have a letter that states if i paid my share of the loan, the part of the loan that i was responsible for would be considered paid in full,,now another company has taken of the original loan and is looking for the balance from me,,am i still responsible for the remainder of the loan.

Like | Dislike | Share | Posted: Tue, 09/05/2006 - 12:00 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

I think the loan company meant that you would be making payment as a charge off amount, but that does not mean you would or the other co-signer will not be responsible for the debt.

The other company may be the collection agency is asking you for the balance amount as you are the co-signer and as the other person is not meeting his payment obligation, they are asking the balance from you. They have the legal rights to ask the balance from you as you are the co-signer for the loan.

Thanks

Like | Dislike | Share | Posted: Tue, 09/05/2006 - 12:24 | Post subject:

sara's picture
sara | Joined: July 5, 2006 03:16 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Blaze,

It can be either the collection agency trying to retrieve the unpaid loan balance from you. Or else, it can be the auto loan servicing company who has taken the responsibility of collecting payments from the borrower. That is, it is quite possible that your loan company has sold the servicing rights to another company.

But as far as I know, once the car is repossessed, there should not be any collection of payments.

Thanks,

Sara.

Like | Dislike | Share | Posted: Tue, 09/05/2006 - 20:39 | Post subject:

Samantha's picture
Samantha | Joined: September 16, 2005 11:59 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Blaze,

State laws vary as far as car repossession is concerned. Some states allow the creditor to repossess the car legally without going to court or warning the borrower in advance. The creditor may also sell the contract to a third party, the assignee, who has the same rights as the original creditor.

But the possibility of repossession should be specified in the loan contract for which you have cosigned. And, as per the terms and conditions in the contract, the borrower may have to pay additional money to the creditor to cover the cost of repossession (especially the costs of selling) and of the depreciated value of the car as it has already been used by him. But if the borrower does not pay, then being a cosigner, you will have to make the payments.

If the contract does not mention repossession, do ask the borrower to contact an attorney for further advice and if it already mentions, then either he or you will have to pay.

God bless you

For MortgageFit,
Samantha.

Like | Dislike | Share | Posted: Tue, 09/05/2006 - 21:07 | Post subject:

colin's picture
colin | Joined: June 30, 2006 02:50 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

A charge off is done by a creditor when there is non payment for more than 180 days. But you still owe the debt. Charge off is normally a procedure of accounting in creditors part where any uncollectable debt is reported for tax purposes as loss.

The charge off does show on your credit report for seven years after your first non-payment.

Thanks
Colin

Like | Dislike | Share | Posted: Wed, 09/27/2006 - 15:51 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

my creditor charged off my account back in 2002,but the creditor is still
reporting a charge off as follows:charge off as of nov 2005 sep 2005,aug 2005,jun 2005,may 2005,mar 2005,feb 2005,dec 2004,feb 2002 to nov 2004.these delinquency were reported in my january 2006 credit report.
can the creditor do this after the account has been chared off?

Like | Dislike | Share | Posted: Wed, 09/27/2006 - 13:54 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

now the bank has chrged off the account and has given it to nes which is a collection agency. They say that if I don't pay the full amount they are going to sue and collect property. can the collection agency do this? or with they know turn it over to a lawyer. and what property?

Like | Dislike | Share | Posted: Thu, 02/22/2007 - 12:17 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Shelley, depending on which state you are in if the SOL period has elapsed then they cannot get a judgment against you.

Like | Dislike | Share | Posted: Thu, 02/22/2007 - 12:38 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

how do I find out what the sol period is for kentucky?

Like | Dislike | Share | Posted: Thu, 02/22/2007 - 13:18 | Post subject:

sara's picture
sara | Joined: July 5, 2006 03:16 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Steichen,

Welcome to the forums.

Statute of Limitations (the legal time limit after which debt collection expires) varies from one state to another. Most unsecured debts expire within 4 to 6 months after the debtor defaults. But debts like federal student loans and state and federal taxes never expire.

Thanks,

Sara

Like | Dislike | Share | Posted: Thu, 02/22/2007 - 20:08 | Post subject:

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Steichen,

Statute of Limitations for judgments could be as long as 20 years.

Like | Dislike | Share | Posted: Thu, 02/22/2007 - 20:11 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I HAVE A LIEN ON MY PROPERTY. MY CREDIT REPORT SHOW THAT THE DEBT WAS SATISFIED (2002). HOWEVER, THE LIEN WAS NOT REMOVED

Like | Dislike | Share | Posted: Thu, 07/17/2008 - 22:44 | Post subject:

larry2's picture
larry2 | Joined: June 27, 2007 02:50 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi LINLIN.

Welcome to the forum.

Have you paid off the lien? If you have not taken any proof that you have paid it off?

See if you have not paid the lien then pay it off and ask them to release certificate. But if you have paid it off or don't recognize the debt then you can send them a debt validation letter.

Feel free to ask if you have any further questions.

Best of luck.
Larry

Like | Dislike | Share | Posted: Fri, 07/18/2008 - 02:06 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Have any of you had success in getting charge-offs removed from your credit report by Credit Repair agencies?.... I'm giving it a try right now.

I'm not sure if contacting the collection agency is the right approach, I would think things would only get worse... They would require all updated information about you + run a new inquiry on your report.

Nick

Like | Dislike | Share | Posted: Sat, 07/19/2008 - 17:45 | Post subject:

Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome Nykolos.

I feel credit repair agencies are not too good. Charge off doesn't mean that the loan is forgiven, So if you can pay it off. By the way how old is the debt?

Like | Dislike | Share | Posted: Mon, 07/21/2008 - 01:56 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

is it possible to secure a mortgage (fha loan) with a low credit score I have several brokers telling me that even though I have a low score if i paid off two credit cards with balances of 300 dollars on each that they could get me rescored rapidly and get my loan approved. Now my concern is that possible or should I run like the wind?

Like | Dislike | Share | Posted: Sat, 08/23/2008 - 12:54 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

anyone with any insight on this issue?

Like | Dislike | Share | Posted: Sat, 08/23/2008 - 12:55 | Post subject:

banker0679's picture
banker0679 | Joined: November 15, 2007 10:05 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

You can get approved by FHA BUT FHA has a few guidelines you may have to meet. Also, there's a lot of lenders that a minimum credit score requirement which is 580.

Have you been late in the last 12months for any credit accounts?
What major derogs do you have? (BK, foreclosure, collections, judgements, etc)

Like | Dislike | Share | Posted: Sat, 08/23/2008 - 22:03 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I keep getting a call from a collection agency stating that I owe for a Montgomery ward credit card dept dating back to 1996. The account was charged off and had been off my credit report. I have no plans to pay this dept because it is so old and I have never gotten any bills from any collection agencies since 1996. Should I worry about going to court and having to pay this dept.

Like | Dislike | Share | Posted: Fri, 09/26/2008 - 07:50 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Dee!

Welcome to Forums!

Charge off does not mean that your mortgage has been wiped off. It only means that the original lender has given up on your loans and has sold to it to a collection agency who will ask you to pay the loan. I think you are facing this situation. Try and pay off your debts.

Like | Dislike | Share | Posted: Sat, 09/27/2008 - 02:10 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Dee, I wouldn't pay an account that old, it will show back up and start re calculating for another 7 years,,if it's already on there, ask if you pay it if they will delete it..it they agree,,get it in writing 1st.

Like | Dislike | Share | Posted: Thu, 11/06/2008 - 14:53 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i got an auto loan about three years ago from Americredit. i paid on it, and my account was "ok" for awhile. i had surgery two years ago, and subsequently lost my job. the company charged off the account after i was late in paying (90 days). i moved up north, and got another job, and things are alot better. the company i received the auto loan from has stopped my ability to pay online. i know if i try to call them, they will want an unreasonable amount of money "up front." i have two kids and cannot afford to give over "everything" i know Americredit will want, and we were on the verge of being homeless before every other week. it has been difficult to recover. i don't want to get sued, but i don't know how to (or where to go) to clear this thing up. how can i find someone who will know what to do?

Like | Dislike | Share | Posted: Fri, 11/07/2008 - 12:28 | Post subject:

jerry's picture
jerry | Joined: October 17, 2005 03:24 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi anonymous!

You said that Americredit has charged off your loan. This means Americredit is no longer your lender. It has sold off the debts to a collection agency who will receive the dues from you. You can contact Americredit and know about the collection agency to whom they have charged it off. Then you can contact with the collection agency and pay off the dues.

Thanks,

Jerry

Like | Dislike | Share | Posted: Sat, 11/08/2008 - 01:09 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

NATIONSTAR was the original creditor, who wasted time doing a plan for me through a realtor who bought the house from up under me. My report shows that I owe over 50K to PINNACLE CREDIT. The house was sold so what am I to do.

Like | Dislike | Share | Posted: Sun, 11/23/2008 - 19:51 | Post subject:

jerry's picture
jerry | Joined: October 17, 2005 03:24 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi gterrel!

I think the sale of the property was not reported to the credit bureau. You can contact the credit bureau and report the sale of the property. You can also contact Pinnacle Credit and inform them about the sale of the property.

Thanks.

Like | Dislike | Share | Posted: Mon, 11/24/2008 - 00:42 | Post subject:

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi ginam,

If a particular charge off is reported twice in your credit report, you can contact the credit bureau and try to remove it. You can also contact your collection agency who can directly speak to the bureaus and get it removed.

Thanks

Like | Dislike | Share | Posted: Thu, 02/19/2009 - 20:42 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

can a recent charge off and a new collection for the charge off exist on your credit report. I had a charge off in Dec 2008 and now i have a colleciton agency that reported the same thing on my credit report how can i dispute this or take this off my credit report

Like | Dislike | Share | Posted: Thu, 02/19/2009 - 17:53 | Post subject:

gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

ginam, let me get this straight. you didn't pay your credit card bill, so they charged off the account. right?
subsequently, they decided to obtain the services of a collection agency to try to get the debt paid. right?

now...both the credit card company and the collection agency show up as creditors on your credit report. the credit card company can actually close its books on this account if it so chooses. the reality of it, of course, is that you still owe the amount shown.
as for the collection agency, they'll continue to report your balance due until that balance due goes away.
if you have not repaid the debt, there is no reason for either of these companies to "remove" the references on your credit report.
once you make payment in full, your credit report should reflect that these accounts have been paid in full. there's no reason why they would necessarily remove the references altogether (though they could if they wished).

Like | Dislike | Share | Posted: Fri, 02/20/2009 - 08:14 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi i had a creditor card charge off in 2005, a few days ago i recieved a collections notice from NCO financial systems, should i pay this old debt or just ignore it?

Like | Dislike | Share | Posted: Sun, 03/01/2009 - 09:43 | Post subject:

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi willhas,

It would be good if you could pay off the credit card debt now. This will have a positive effect on your credit report.

Like | Dislike | Share | Posted: Sun, 03/01/2009 - 21:09 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I've called Americredit, and they will not tell me what collection agency my auto loan went to. All they want is "what is your address, where do you work? what is your job title?" I want to take care of this. I even got a copy of my credit report online, and nothing shows up there. Any ideas?

Like | Dislike | Share | Posted: Tue, 03/03/2009 - 10:39 | Post subject:

gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

did americredit give you a reasonable explanation for why they wanted your information? are you certain the loan was transferred to a collection agency?

Like | Dislike | Share | Posted: Tue, 03/03/2009 - 10:58 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i have a rental property that has fallen into foreclosure for many reasons. After the sale, there will definitely be a balance due. Will the mortgage company at that point want to settle for less than the balance?

Like | Dislike | Share | Posted: Thu, 03/12/2009 - 14:42 | Post subject:

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi anonymouscleve,

You can negotiate with the lender and check if he is ready to settle for something less than the balance due. You should note that it would be the discretion of the lender whether he would agree to it or not.

Thanks

Like | Dislike | Share | Posted: Thu, 03/12/2009 - 22:01 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I have a visa charge off from 5 years ago that I absolutely don't remember. It was a $150 balance that I guess I literally forgot about. Now I have been charged off and sent to collections. Can I negotiate with the collection agency to have the Visa charge off removed? Or do I need to negotiate with Visa? Basically, what is my best course of action to get this completely removed from my credit history?

Like | Dislike | Share | Posted: Thu, 03/26/2009 - 13:12 | Post subject:

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Guest,

Any negative item will remain on your credit report for 7 years. However, I would suggest you to contact VISA and negotiate with them. You can ask them to take back the account from collections. Once your account is removed from the collections, you can pay off the amount.

Thanks

Like | Dislike | Share | Posted: Thu, 03/26/2009 - 22:28 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

So the collection agency cannot remove the Visa charge off?

Like | Dislike | Share | Posted: Fri, 03/27/2009 - 01:50 | Post subject:

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