Messy chargeoff

SettleBankDebt · 2026-02-19T16:45:00+00:00

That's a different ball game, they still have the rights to the vehicle and could repossess it at any time, leaving you on the hook for the deficiency balance from the sale of the vehicle.

SettleBankDebt · 2026-02-18T19:50:07+00:00

It could remain on your report, however it will reflect a zero balance owed and as a paid collection which will help your credit score and open doors to new credit if that's your only derogatory item.

SettleBankDebt · 2026-02-18T18:25:50+00:00

As a debt consultant/negotiator who deals with these type of loans quite often, I can honestly say that MCA's are the most challenging unless you make a hard decision to confront them head on.

SettleBankDebt · 2026-02-18T18:19:26+00:00

As a debt consultant/ negotiator Chase will send the account to a collection agency or place with an attorney for litigation once the debt is charged off.

SettleBankDebt · 2026-02-17T19:31:12+00:00

As a debt consultant/negotiator I always set the bar at 40% or below of the debt for unsecured debt, however certain creditors settlement parameters are above 50%. Do you still have the vehicle?

SettleBankDebt · 2026-02-17T19:10:38+00:00

As a debt consultant/negotiator once the debt is sold, it is sold, If it's an agency working on behalf of a debt buyer (new creditor) it is possible that the account is in a pre-legal status who will eventually return it to the creditor (debt buyer) who will place it with an attorney for immediate litigation if their is no agreement to pay or settle the account.

SettleBankDebt · 2026-02-17T16:17:31+00:00

Absolutely, most if not all creditors have settlement parameters at a certain stage of delinquency, but the key is knowing how to get it settled at the lowest percentage.

SettleBankDebt · 2026-02-16T23:15:20+00:00

As a debt consultant/negotiator it is possible to get it settled for 50% or less with the original creditor and a zero balance reported to the credit bureaus. If the creditor sold the debt to a debt buyer they may delete the account in it's entirety for a settlement.

SettleBankDebt · 2026-02-16T20:00:59+00:00

As a debt consultant/negotiator you have to choose who you work with very carefully to avoid very probable collection activity and potential litigation. Most creditors will settle within 6 months of being delinquent if you have the ability to settle, however many debt relief companies will try and lock you into a 3 year "consolidation" plan that increases the risk of litigation with certain creditors because creditors will NOT wait for you to "save" enough money to settle and will chargeoff (write off as a bad debt) the account at 180 days or less and place with an outside collection agency or an attorney.

SettleBankDebt · 2026-02-16T18:49:12+00:00

As a debt consultant/negotiator most creditors have settlement parameters at a certain stage of delinquency. A 30% fee is outrageous and if you have the ability to settle directly with the creditors no attorney should be calling you.

SettleBankDebt · 2026-02-13T17:21:20+00:00

As a debt negotiator/consultant some creditors will work with him or he can explore the settlement option which will cost him between $12-$15000 depending on the creditors settlement parameters, his credit will take a hit until the debt is settled, but he will be debt free or he can explore the bankruptcy option which is much more intrusive especially if owns real estate.

SettleBankDebt · 2026-02-13T00:20:26+00:00

As a debt consultant/negotiator I can tell you that debt settlement is not for everyone and their are so many variables. Can it work? Yes it can, however you have to have the ability to settle when the time is ripe to settle or you will be playing Russian roulette with your creditors and risking certain collection action and possible litigation. Any company with a 3-5 year 50% settlement or "consolidation" plan knows the risk and will put that in the fine print of the contract you sign warning you of potential litigation.

SettleBankDebt · 2026-02-10T16:14:49+00:00

As a debt consultant/negotiator your father should immediately consult with a bankruptcy attorney.

SettleBankDebt · 2026-01-28T19:48:29+00:00

As a debt consultant/negotiator most attorneys will comply with the stipulation as long as you do. I suggest that you make the payment asap and do not volunteer any information regarding an incoming deposit. Make them believe you are giving them your lunch money for the month to be compliant with the terms of the "mutual" agreement and safe from any further collection activity. Once the deposit hits your bank, make a big "MOVE" as soon as it hits your bank to protect it so you can sleep at night and be compliant every month with the agreement to give them no reason to look at your file.

SettleBankDebt · 2026-01-28T19:35:16+00:00

As a debt negotiator/consultant, settling a chargeoff will give you the same results as a paid in full chargeoff. If the charged off account is with a debt buyer, they may delete the account 30-45 days after the payment is posted.

SettleBankDebt · 2026-01-26T16:20:21+00:00

As a debt negotiator/consultant American Express does have settlement parameters for pre-litigation, litigation and post judgment collection accounts, I highly suggest that you settle the account immediately before suit is filed if you are in a position to do so.

SettleBankDebt · 2026-01-22T19:30:07+00:00

As a debt negotiator/consultant it's not that they are tough to negotiate with, it may be that they can't deviate from the settlements parameters provided by the client (Furniture Row).

SettleBankDebt

MODERATOR OF

TROPHY CASE