should you pay debts that are charged off on your account?
921784
Actually the best way to clean up your credit report is to DV collection agencies. DV means to request debt validation, which is for them to get proof you owe the debt. Since debts are sold over and over again, usually they have a tough time meeting this request.\n\nSimply write a letter that says: "Under the FCRA I dispute your claim and request validation. Please provide proof I owe this debt". If they can't validate, they have to remove it from your report.\n\nBy the way, you can get a mortgage with charge offs over 2 years old, so I usually recommend paying them if they are recent (within 1-2 years). Anything between 3-5 years would not be worth paying off. If it's over 5, it's close to falling off your credit report so definitely don't pay those.
634
If you have past due accounts with collection agencies your best bet is to try and settle the debt with them for a portion of what you owe.  Your credit report will reflect the account as a paid settlement.  If you have medical bills you should make a payment to them every month, even if it is only ten dollars.  Most hospitals and doctors offices will not send your account to collections if you are still making small payments each month.  If you owe a credit card company they usually agree to drop interest charges or late payments in return for a lump sum payment to pay off your account.  If you still want a loan to pay your debts you should consider a secured loan from a bank or credit union.  They use your house or automobile as collateral until you pay off the loan.  Your other choice is to have a credit worthy friend or relative who has good credit co-sign the loan with you.  The only down side is that if you are late making loan payments or stop paying on it the co-signer gets his or her credit hurt as well as yours.
612957
A "charge off" basically means that the company that you owe has given up on you and taken a charge on their books as a bad debt.  This way, they can report you as a loss and not have to pay taxes on money they never got.  \n\nBut that's not the end of it.  First, they may sell your debt to a collection firm or some company that will keep trying to collect from you.  They tend to be very aggressive and sometimes abusive, even disobeying the law to collect sometimes.\n\nSecond, it will most likely be reported as a "charge off" on your credit report, which is one of the worst things to have on your credit.  Normally, after 7 years, bad credit like this will "roll off" your credit report, because after 7 years of no action on your account, the information expires.  However, if you make any payments during that 7 years, the seven year period starts all over again!!!  Also, if a company really hates you, or if they think you've done it on purpose, there are ways that they can play the system, and keep your bad record alive longer.  Most times they won't do that, but you never know.  Basically, it's good to avoid a charge-off if you can, and if you plan to buy a house or anything major in the next 7 years, it will make it extremely difficult.
336902
You need to set up some accounts and pay your bills ontime
840521
A "charge off" is an accounting procedure.  The creditor has been unable to collect on the debt, so they take it off their books.  By charging off the debt they can get a tax breaks due to the loss.\n\nIt does not mean they are excusing the debt.  They will most likely turn this debt over to a collection agency to continue to try and collect.\n\nOne more bit of info...when a company charges off a debt, they must turn this information over to the IRS.  Your boyfriend will be responsible for the tax "gain".  The creditor is supposed to file a 1099 with the government, and send you a copy.  But many times they don't do this.  When you file your income taxes, it will trigger an audit if you don't declare this income.  \n\nJust something to keep in mind.
24315
If you are not paying the full amount, yes. Otherwise, they wouldn't be sending it to a collectin agency. If it has already been sent and you pay it, everything should be taken care of.
758008
If it's paid off that's a good thing & can only help your score based on satisfactory accounts, so why do you want it off?  \n\nEither way, all your credit accounts, bk or not, will always be on your credit report.  BK will show "discharge" and your student loan will show "paid".
848512
At this point Amex probably does not even own your account anymore, as for the charge off it will remain on your credit even if you settle the debt. Once it gets to charge off status you can't do anything about that. As far as paying off in installments the collection agency wants it in one lump sum. Their thinking is if you ca pay 1260 you can pay the whole amount.
83682
Its better to pay the full balance, because the unpaid portion would have the following impact:\n- unpaid balance will attract penal interest (ie higher charges)\n- the unpid balance can affect your overall credit profile and even get you in blacklisted...\n\nso pay the full balance...never leave any baalnce unpaid...
190511
Yes, just becauseit's charged off does not relieve you of the debt.  It just means they have quit trying to collect (for now).\n\nThey can either sell the debt to a collection agency or use their own in-house agency.  \n\nEither way, the debt will be reported to the credit agencies and it will be on your reports for several years.\n\nIf you wish to repay it....VERY IMPORTANT!\n\nSend them a letter telling them that in exchange for paying the debt, they must remove all negative reports from your credit history.  Otherwise, you will still have bad credit, even after it's paid.\n\nUse the sample letter below as a guide.
1100683
Morally you should pay money as promised for service provided.\nI think most people who file for bankruptcy have been ripped off by at least one creditor, so they think it is OK to take their frustration out on the credit industry by not paying back any loans.\n\nIt is morally wrong to brake any promise, but sometimes you just get overwhelmed by unexpected bills and dishonest company's
1112783
Yes because you can write off the interest payment.
37131
i would be careful.  they are trying to "reage" the old debt.  See on old debt time runs out that they can contact you, and also put it on your credit score, so they are trying to keep coming after you.\n\nIf it is your debt think about paying it off, if for some reason it is debt that is not yours, throw the paper away and do not do it.\n\nhttp://moremerchant.com probably has info on it.
446449
Ok.  When a credit card or whatever charges off your account, it is usually sold to a collection agency.  You will now have 2 reports for the same thing on your credit.  This is ok.  If you have 3, you should contact the credit agency.\n\nYou have 7 years FROM THE LAST PAYMENT MADE before it falls off of your credit.  If it's been a year since your last payment, you have 6 years left, even if it was just charged off this month.  If you have no intention on paying, do not contact the collection agency, it could restart your 7 years.
455312
pay off the amount you owe - or settle with the company.
964754
Paying off old accounts used to hurt your score rather than help it. This flaw in the credit scoring system was fixed during 2006. That being said, you are still better off fixing your most recent bad debts and leaving your older ones for last.\n\nOften times, an old debt falls off your credit report before you ever get to it. Hospital bills generally can be paid last, since they have the lowest impact on your credit score.
540223
Any money that is left over after paying all of your debts will be refunded to you.  Now also, if you owe money for like "Child Support", they can't hold your refund for any interest that is owed after the principal amount has been paid.  \nGood luck.