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It really depends upon how open the creditor is to negotiations, but the standard rule is "aim low" and begin by offering a third of what the debtor is actually willing or able to pay. For example, if the debtor owes $8,000 and can afford to pay $2,100 they should begin the negotiations at $700. However, a creditor is not going to accept a token amount if they believe they can be successful in pursuing litigation.

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โˆ™ 2006-03-25 03:16:59
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Q: How much can you offer to pay off a delinquent account?
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Is it legal for a lender to report a negative paid account as delinquent?

No. A creditor can report a paid derogatory account as delinquent PRIOR to being paid. But if you paid it off, the correct status is "paid" (collection or charge off).


Is there a mandatory charge off time for a open end account?

Yes, creditors usually charge off 180 days after the first missed/delinquent payment. Yes they usualyy do but is there a law which mandates a charge off after first delinquent payment?


How long does a debt stay on your credit if the amount is not paid?

A debt will stay on your credit report for seven years after the date that you were originally delinquent on the account. After seven years, this debt is taken off of the account.


If you had an account become delinquent in 1998 but the charge off appeared on your credit report in 2005 can this be removed?

Dispute it with the reporting agencies. They are Equifax; Transunion and Experian.


Can credit card companies keep a delinquent account open forever or do they all eventually become charge offs?

Most will eventually list the account as a charge off. Which means they remove the account from their books and take a loss in a tax write off. This does not release the debtor from the obligation of repayment. The account is usually sold to a third party collector. If that agency cannot reach a equitable agreement with the debtor, they may file a suit. Even if you do not hear from the creditor or collection agency for an extended length of time, you are not free of the debt. The SOL in most states is six years, (depending on the type of debt that is delinquent). Eventually it will become a charge off which is much worse for you! It will become a charge off and will be impossible to get it removed from your credit report. Remember, just because it is a charge off, it DOES NOT mean that you do not have to pay it and it looks a lot worse on your credit report!


How to Settle Debts for Less Than What You Owe?

If you have an account with a creditor that is seriously delinquent, the creditor may agree to a debt settlement to pay off the account in full. You may approach the creditor with an offer yourself, or you may work with a professional debt settlement agency. Both methods have advantages and disadvantages that are worth researching ahead of time. If your creditor accepts the settlement, you only have to pay the agreed-upon percentage of the debt.


How many years does it take for a debt to be written off?

There is no set time for a creditor/lender to cancell a debt. Charge offs are generally done 180 days after the account becomes delinquent. A Charge off does not mean the debt is not still owed and collectible.


Should you pay off 6 year old debts?

If the last time these accounts reporting to you credit report, then leave them along, they probably will come off the credit report in the seventh year. If the account is 6 years old but is still reporting currently as a delinquent account, then you may want to look into settle this debt.


How can a person get a past delinquent pay off a credit report when it was dismissed because of bankruptcy?

Really, the only way to have it removed is to dispute it with the credit bureau reporting it. The credit bureau will then contact the creditor for verification. If the creditor can't verify the account, it must be removed immediately. If the creditor can verify the account, your choices are limited to disputing it again and/or just waiting for 10 years for the account to come off of your report.


How can you remove delinquent utility bills from your credit report?

You can only remove bills if you pay them or if the bills are listed incorrectly on your credit report. It is best to pay them off and then the bills will not be listed as delinquent.


Is it legal for the lender to keep adding fees after the account is charged off?

It depends on the contract between the credit grantor and consumer, type of account and applicable state and federal laws. Many federal and state regulations, as well as card holder agreements, allow interest penalties to accrue. Yes. A charge off does not mean the debt is not owed and subject to collection. It indicates that the original creditor is closing the account for tax and accounting purposes and is referring the delinquent account to collections.


What happens if you are being sued for town taxes?

You should arrange to pay off the delinquent taxes as soon as possible. If they are not paid the town will take possession of your property and sell it to a new owner.You should arrange to pay off the delinquent taxes as soon as possible. If they are not paid the town will take possession of your property and sell it to a new owner.You should arrange to pay off the delinquent taxes as soon as possible. If they are not paid the town will take possession of your property and sell it to a new owner.You should arrange to pay off the delinquent taxes as soon as possible. If they are not paid the town will take possession of your property and sell it to a new owner.


How can you open a bank account if you owe a bank money?

When you become past due on a credit card or default on a loan, the creditor reports the information to one of three credit agencies (Equifax, Experian or Transunion). When you charge-off a checking account, your bank may report the information to a different agency; this agency is called ChexSystems. Most banks participate in ChexSystems service, by running consumer reports to qualify applicants, as well as reported delinquent accounts. If you owe another bank money and want to open a new bank account, you'll have to be resourceful.Instructions1 Order your ChexSystems consumer report. You are entitled to a free copy annually; visit the ChexSystems website to make your request.2 Receive your free report by mail in seven to 10 business days. Examine the report to determine if the delinquent account is listed; if it's not, you have nothing to worry about; you can open a bank account anywhere.3 Pay off the delinquent account, if possible. It won't remove the delinquent account from ChexSystems, however, it will change the status to paid, which may help you open a new bank account.4 Visit the bank where you want to open an account. Meet with a personal banker to discuss your options. Explain your situation and furnish proof the old account is paid, if possible.5 Apply online for a bank account. Most banks allow you pre-qualify for checking accounts on their website. This will avoid any potential face-to-face embarrassment.6 Consider a credit union, rather than a bank. While most banks use ChexSystems, many credit unions do not. A credit union checking account may offer the same conveniences as a bank checking account.


What is the difference between incomplete and delinquent chart?

a incomplete chart is a chart that is missing patient information and a delinquent chart is a chart that has been signed off on by a physician but is not complete and is missing documents and patient information.


How and when does a collection account become a chargeoff?

When the lender decides to classify it that way. Some will automatically charge it off when it is 90 days delinquent, others will never. Charging off a debt is just an accounting entry that keeps the bank from overstating their income and assets. It does not mean the debt is no longer owed or that they will stop trying to collect it.


What is the time limit to pay off student loans?

As long as it takes and if they go delinquent they can literally follow you to your grave.


What happens when inherited property is sold for taxes?

If the heirs want to keep the property they must pay off all the delinquent taxes, interest and costs. If not, the town will take possession of the property and sell it to a new owner.If the heirs want to keep the property they must pay off all the delinquent taxes, interest and costs. If not, the town will take possession of the property and sell it to a new owner.If the heirs want to keep the property they must pay off all the delinquent taxes, interest and costs. If not, the town will take possession of the property and sell it to a new owner.If the heirs want to keep the property they must pay off all the delinquent taxes, interest and costs. If not, the town will take possession of the property and sell it to a new owner.


Bank account debt collection?

I have a charged off account at the bank of 146.00 how do I pay that off when I'm unemployed I have a charged off account at the bank of 146.00 how do I pay that off when I'm unemployed


Will my credit score improve after paying off delinquent loans?

Your credit score was initially affected in a negative way when your loans stated the very first delinquent history. It is always a good idea to pay off your debts. Your credit score will start to increase after the initial payment, but time and consistency will do this trick.


Does Ballard Designs offer coupons for opening an account with them?

Ballard Designs has great home furnishings. They offer a promotion of 10% off when customers are approved for their credit card. This promotion is only for the first purchase, but future purchases using there credit cards will net you a savings of 5% off.


What does mean writing off an account?

Canceling the balance of a customer account because the customer does not pay is called writing off an account.


How long can a bank require you to pay on a delinquent loan?

Until it's paid off, or you declare bankruptcy and have the debt forgiven.


If your bank account says EFT Charged Off does this mean that the account is closed?

If an account is charged off it is automatically closed. It is listed as uncollectable debt.


How do you delete an account on Google off of multiple account?

you can't!


When is it beneficial to pay off debt vs putting money in a savings account?

How much you owe and what the interest rate is.