hello all, i have a question about a OC that i have a CC with. i been deliquient for approx 4 months,received fedex overnight letter. they state that the federal laws require to charge off, or send to third party collector in a certain time frame is this correct? looked at my CR last night and had a hard inquiry with this same company.
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federal guidelines for charge off accounts
thanks for the info. can a OC keep CC accounts past federal guideline?Comment
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It sounds as if the FDIC regs are "shoulds." I have a charge off showing ona credit union credit card, but they are working with me for six months at $50 - $75 per month payments. At the end of six months they say they will "re-age" the account and report "paying as agreed." It sounds as if they will remove the charge-off and the account will be views as on-time, paying as agreed. Weird, but I won't complain.Comment
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That sounds exactly like two of my current agreements. Thank You!
In both cases the debt exceeds the amount that can be adressed in a small claims court, so I can see why these creditors are willing to "work" toward some agreement with me. I hope to hold up my end of the deal, but as always, one wage garnishment and everything comes to a screeching halt.
Great info!Comment
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