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"Charge Offs"

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  • HHM
    replied
    True, but with omissions (and the banker is sort of an idiot though).

    During that 7 years, there is constant collection, law suits, etc. Also, they will re-age the account. When a collector puts the account on your credit report, that starts a NEW, 7 year clock (granted, the legality of that is highly questionable, but what are the odds you are going to sue in federal court?).

    You really need to decide on the lifestyle, you can file bankruptcy, get a fresh start, and actually REBUILD, or you stay a deadbeat debtor, never answering the phone and always looking over your shoulder, your choice. But trying to wait it out is a fools game in my opinion.
    Last edited by HHM; 12-09-2011, 07:33 AM.

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  • JackBauer
    started a topic "Charge Offs"

    "Charge Offs"

    I have a general question regarding "Charge Off." I always have to give the excuse that led to this situation. It's not like we were derelict of duty on our part, but my son and then my wife procured the need for serious surgery within a year of each other. One of her symptoms was dizziness, disorientation, etc. She was already barely functioning and I didn't realize that she had gotten so far behind. By the time I figured it out it was too late, the time period was too long and the debts were charged off. That was about 3 years ago I believe. Since then, knowing we were not out of hot water yet, I chose to blow them off because one of the illnesses is cancer. It turns out its not as serious as we initially thought, but left untreated it could easily move to more dangerous locations. Simply put, my wife, the mother of my children, is far more important to me than my credit history.

    But, while talking to my banker at a company owned credit union, I mentioned filing bankruptcy or just paying it off. She looked at me like I was crazy and told me that once the debt is charged off it's really pointless to pay it off because the "collectors" get most of the money and really are harrassing you for money that isn't even theirs. She told me that bankrupcty wasn't necessary because in 7 years it falls off your report.

    Any more information on this that helps. The creditor is known for high interest rate that we used in an emergency to replace a broken AC. My wife ran a home daycare and with all those toddlers and babies in the house it was too dangerous in our area to ignore it. Now, the debt, once $4500 is showing up as $12,000 and the same creditor seems to be relocating where the calls come from, Asset ??, supposedly known for harassing calls. I told them about 2 years ago to stop calling my cell phone but this past year they started calling again. I have that plus a free VOIP service that records all the calls that come in. They call a lot. But I have them on call blocker, but somehow they end up getting through. I block them to avoid the harassing calls, which increases anxieties in my wife, and thus makes her more susceptible to a recurrence of cancer. What should I do?

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