I\'m about 139 days late

I am 139 late on 2 credit cards, cap 1 and chase. I lost my job and I\'m drowning in debt. I called trying to settle with them and they tell me that there are no offers of settlement in my account. That it is all done with the computer. They also told me that my accounts will be charged off. Is that good? Will my chances of settling be better after the account is charged off? Please help!!!

6 Answers

You may again try to settle debts with them on your own. But it depends on their discretion whether or not to agree for settlement with you. Explain them about your financial hardship. I hope they will understand your situation.


Thanks for the response. So if understand you a charge off will affect my credit score but will allow me to settle for less? Has anyone ever settled for a low amount before it was charged off?


Thanks for the response. So if understand you a charge off will affect my credit score but will allow me to settle for less? Has anyone ever settled for a low amount before it was charged off?


Charge-offs can drop your score between 50 and 150 points. So, it will be terrible for your credit. It is obvious that they are not interested in settling the debts. See if you can settle it after the account gets charged off. Get a job soon. 


Yes, Galahard is right! Charged off accounts do have an adverse impact on your credit score. Negotiate  a settlement with themso that you are left with a reduced amount of money to repay.


Charged off status on your account will have a negative impact on your credit report. It may even lower your scores. However, once the account is charged off and is sold off to a collection agency, you may be able to negotiate with them for a settlement.


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