the government is $30 Trillion in debt and we all know that they will never pay they down or off and these banks and financial institutes have the audacity to give me a credit score. absolute BS!!
Instead of being butthurt about it, learn how to use it to your advantage in life. (And before you say any stupid shit, I’m not talking about consumer debt).
Exactly I'm with you 100%, the government never pays their debts okay they only steal from the social security fund they don't return that money back to social security if they did we wouldn't have any problem with social security and social security would probably be able to pay their constituents $2,000 a month instead of $700 and $800 a month
I got a charge off they sell it to a collection agency they sue me we go court and I win the case the co removed the account from my bureaus but still there the charge off with the original creditor that is possible thanks I hope you give me information about
The Sneaky Scheming Aristocrats namely SSA 😆 have me jammed up as I await a disability decision. Anyhow with no income some of my credit 💳 cards have went unpaid. I'm sure if we were foreigners the Biden Admin would help us... 🙄
from what you said there is no way to remove a charge off from your credit history. at all. period. take the seven year slump on your credit score. save and rebuild your credit score. then move on.
Thank you sir for your info, you have saved me 20K + lawsuit that was eventually coming because of this info I've called the bank that I had a issue with and made arrangements.
The balance was paid when we signed for it you guys. We are the creditors don't let anyone tell you any different.the banks don't lend money.. and negative reporting is illegal ..learn consumer law
A charged off account that’s been sold. Has to say sold for less or has to be deleted. And the balance has to be zero. And collection mostly they won’t have all documents on that account so that won’t be hard to delete
I just don’t freaking get why in this day an age they can’t flipping give me a warning. I didn’t even know this was a thing! I was fully planning to pay my card off soon and if I’d been given an email warning or an app warning I wouldn’t be in this mess! 11 years of being 700+ close to 800 and 6 months gets me screwed?!
Very true on all you have said, but one thing a collection agency has to do is proof they own the debt, and there is all kinds of legalities they have to abide by to prove to you that they are actually the real debt owners… ex: you sell a car, the car needs a title and has to be signed… if not signed or having proper documentation to support it is invalid…. But collection agencies can out off the blue contact you and say anything they want without proof of ownership is ridiculous!
after charge off and account sold to collection agency . who is reporting now . but on report it says the original credit . but they already sold how come they still reporting it
Did you get a response? I got notice of a charge off today. I was actually planning to pay it this month. I’m wondering if I should even pay it now if it’s just gonna stay on my credit for 7 years
If you got your loan or credit card through a bank or credit Union, call in or visit a branch to see if they allow you to dispute the impact to your credit report (especially if you have already paid the charge off in full). I’m not totally sure about the process, but the place I work for has a department that assesses disputes when letters (electronic or handwritten) are received.
Im getting calls from a debt collection agency. They claim that the original lender didnt sell them the loan. they are only helping them collect? Does anyone know if this is true?
I have a charge off of $806 with them that’ll be 2 years old soon… they won’t erase it until SEVEN years pass?? That’s ridiculous. If I wanted to finally pay it off now, they won’t take it off my account??
Ok a loan co. I took out a small loan, I offered them a partial payment (my sister passed away) they refused it, I refused to pay anything else another loan co. Took m
But I had a charge off and my credit score went up and my credit is in better standing now I was loosing credit points on a consistent basis when it was delinquent once it was charged off and account closed my score went up dramatically by over 150 points
Negative marks on your credit report affect it less and less as time goes on. Before it was charged off, you were probably being hit each month for missed payments. After it's charged off, you are no longer being expected to make monthly payments, so now you just have the one time charge off being reported, and nothing after. As mentioned before, each item on reports carry less weight in the credit scoring with time.
I have a big issue with this. I bought a car from the Hyundai dealership years ago, and then after 2 years the car died on me, so I took it to the dealership to get it fixed and they told me they were going to fix it and that they would call me when it's done. Weeks later the dealership called and told me that the person who was fixing my car took the vehicle for a test drive and then had an accident so they took it to the Auto repair shop. 3 days later I received a total loss letter I spoke with the dealership team and they said they were going to put the gap insurance on the car and that that would pay off the reminding of my car loan, so I stopped paying them but I kept receiving monthly charges. The insurance took like 7 months to pay off the remaining of the loan. Now I have been dealing with the charge-off even though it was;t my fault because I was told that the insurance was going to pay off the loan so I didn't need to worry about payments. Never again will buy a car from Hyundai.
If it’s 4 years old u have 3 options. 1) don’t pay it and wait out another 3 years and it will be off your credit report 2) file bankruptcy and wipe it out or 3) settle it for 25 cents on the dollar
If your account has been closed or charged off, interest can no longer be tacked on to your balance. If they have been continuing to add interest, you should absolutely dispute it with all agencies that the account has been reported to or dispute it with the original lender. If after you have disputed those reported balance errors and they have not been corrected, you can file a complaint with the FCRA. You can also hire a consumer law attorney and sue as you now have grounds to do so based off of your disputes not being resolved and being reported inaccurately on your credit reports. Check out a youtuber, "Mike the Credit Guy". He goes in to great detail explaining multiple situations that could apply to you and help you through your situation. He could also provide you with an Attorney if you choose that route. Hope this helps you..
Can you do a video on getting a chase card after you had a charge off with them in the past. Maybe how to talk to them on a reconsideration line or something?
That happened to me also does it still drop off of the credit report seven years from the original date since it continues to update can someone answer please
You need to just dispute it with your credit it will fall off eventually, Yes it comes off after 7 years but.i cant tell you how many times it doesnt fall off on its own unless you notify them.
@@babycakes670 I joined Credit Karma and fixed my credit with anything over 7 years. There is a dispute section where you can request to have negative information removed due to being over 7 years old.
I opened a loan for 4000 through Mariner finance and it became 6000 and they said they added interest on right away apparently. I went through identity theft by my own mother in 2021 and couldn’t pay anything so they charged it off and now it shows the balance going up every month? Why?
I have an issue with a closed account I was a joint owner of. The primary owner started missing payments and it went on to be charged off. I called them and they gave me a settlement balance to make the outstanding balance $0, but told me the payment history would not change even with this payment, nor delete the account off my report. How can I remove these missed payments or account from my credit report so it stops showing as late/charged off.
Thank you for answering this objectively from different angles. I have a credit card balance showing collections/chargeoff on all three reports which is factoring into my utilization at 136% so it’s hurting me bad. The report says the name of the Creditor but a collection agency is the one contacting me and sent a settlement letter. If I settle will the original credit remain on my credit? I’m co fused here.
you have 2 options pay the collection agency but first tell them you will only pay 25% of the amount due also that you want it in writing that once you pay it off it will be removed from your credit make sure you have that before you make the payment. Second option reach out to your credit report and dispute it and do it every single 30 days until it comes off.
I was given a IRS tax form that the credit card company did A charge off. I had to include that charge off in my annual income. Which I did and paid it which put me in a higher tax bracket. However, I did negotiate a settlement on the credit card before I got divorced which I forgot about. Can I go back to the IRS and say that AX settled with me and then charged it off. Why would they do that because they can? Is there some type of insurance they have with the federal government?
buddy you want to pay in full if you can or make payments for it because if you pay the reduced amount on your credit report it will say paid but settled for it's ok but loan officers kinda look at that as bad.. it's better to pay in full according to my loan officer..
I actually had a debt cancel and the creditor sent me a 1099-c form however they continue to report the debt to the credit. What can I do in this case.
@@Eben18 you need to contact the creditor to make corrections. Most of the time they will work with you especially with the way the world is now. The creditor more then likely didnt cancel the debt you need to be nice and humble when on the phone as hard as it is to deal with some of them. But they dont want you to default I guess you can say. Try that method and see how it goes lemme know. BTW I'm just going off experiences I'm by no means a pro
but I do have a great advisor now I was terrible before went from 523 to 685 in 2 months with his help and I'm about 13 years of dealing with credit I was a bad boy when I was younger an idiot. didnt pay my shit but learned the hard way we gotta grow up haha good luck man let me know if you have any more questions
Yeah like GM automotive was going to file bankruptcy but uncle Sam bailed them out. Meanwhile we get hell unleashed on us for owing a few thousand dollars.
Omg I’m having the same problem with kia, I got into an accident last October someone hit me from the back and I’ve been paying every month until gap kick in and they put it as a charged off
it'll still show up as both accounts even if the loan is only being paid to the one party. the original lender will have, in this case, sold the debt to a third party or had a third party working to collect. maybe this varies by state, but where I'm at that's how it can work.
Because interest accrues on an unpaid loan/credit balance, as part of contractual terms outlining provisions for interest. It happens when you don't return the money, in full, by the due date. Even if your account is closed, if there is still a balance that goes unpaid, it will accrue interest. ...I assume you would have known about this when you read the contract you signed prior to opening the account? You DID read the contract before you signed it, right...?
Thank you for this information,, but I would like to ask you something, if I get charge off, do I need to still pay for this debt to whoever buy this debt from de creditors?? Or better if I do after getting charge off do I need to do bankruptcy??
I had a credit card charged off after we went to court about the credit card and now is been charged off and is been abt 5 years plus. Now I just went back to the bank that the credit card was with to do business with again but they telling me that credit card that was charged off needs to be settled with the other company that the card debt was sold to. So question is do I have to pay this debt or call the company and settle that debt so I can have a good business terms with that bank again or what should I do please.
If I pay off a charge off car loan will it raise my credit back to where it was? I had a car accident that totaled I wasn’t aware that gap didn’t cover the remaining balance.
@@kittencotton2343 after all the research I decided to leave it alone because it's reporting a 0 balance on my credit file. And I got approved through navy Federal for a new car loan with zero down and 4.3apr so it's not effecting me too much.and my credit score keeps going up every month into the 700s. Hope that helps.
Paying it off will eventually raise your score but it will happen over time and that is if they actually remove it from your credit report, having a charge off in collections once paid will show paid that is all but if you dispute it yourself it will be deleted completely then the score will rise and much faster than before, also if you are going to pay only pay 25% or less of the amount owed and make sure they give you something in writing stating that it will be removed once paid.
0:48 not true because the debt collector states they doing it behalf of the creditor. 4:10 now this the proof , to never give out your phone# and email, it should be against the law sell people personal information.
Great video man. I wish I had info like this back when I was struggling. I had to learn all this shit through trial and error, and I just watch these videos now to refine my skills and confirm what I’ve learned over the years. You put it very concisely, can’t believe how stupid people are to where they don’t/can’t understand still
If statue of limitations is 4 years in my state can I contact the credit bureau to have the charge off remove or how would I handle the situation? Thank you!
Great explanation can I get the bank to put it in writing that it won't be sold to a another creditor if they give me a charge off and I pay the charge-off money
Last month after 30 days Verizon referred my account to collections after I switched to spectrum. I owe like 400 and they are calling me from collections. I’m pissed at Verizon for doing this I was going to pay then but they sent me quickly to collection. I already have a house and a car, should I pay it or can I get away with just saying screw it.
@@2jzk it's better to dispute at that point all the way through court he will win with the correct. Laws. The attorney for the original creditor is just a debt collector known as the defendant when you counter soon and they will look at your case first.
Can i be in jail with this? I owe more than $17,000 of debt and i cant afford to pay this anymore. I rsther he in jail with this if i cant to be honest.
Nope, you won’t go to jail over unsecured debt. Honestly if you really can’t pay it, just declare bankruptcy. It won’t hurt your score anymore than a charge off would.
Research how to dispute all charge offs and you won’t have to pay anything. This video is a whole bunch of bullshit. Once they sell your information to another company they have violated the law. Look it up! There’s so many company’s that break the law everyday!! Just bc we (the consumers) are not properly informing ourselves of our rights. I disputed every negative account from my credit report. Everything is in great standing now. 👍🏼 but Luke I said, do your research!! You’ll thank me later @chrisvega3139
Lies liesss a debt collector can not go after you that’s violation by law !! You never sign a contract with the debt collector so it can be removed !! Stop telling these people lies ! Also before the creditor try to put anything on your consumer report they have to send disclosures form n also notify you if you want your public information reporting so not guys he lying don’t believe anything please read the law
Disclosure form they must send to you to opt out meaning asking you if u want your information published on your consumer reports, it’s a lot of ways to get a charge off your consumer report. What I used to get mines off is a 1099 which is something the creditor must send to u because a charge off is a charged off debt that u never paid so they write it off to irs so once it’s written off it’s income so income cannot be on your consumers report so it must be removed .
@@Charr9TVhow did you learn about the disclosure forms? Also, where did you learn to use the 1099? I def would like to read & study those consumer rights.
This is what I gathered researching this strategy: Regarding the strategy involving a 1099-C form: 1. 1099-C Form and Charged-Off Debts: The IRS Form 1099-C, “Cancellation of Debt,” is issued by a financial institution when a debt of $600 or more is forgiven or considered uncollectible. This forgiveness is considered taxable income by the IRS. The idea behind using a 1099-C form for removing a charge-off from your credit report hinges on the concept that once the debt is reported as forgiven (or written off) and acknowledged as income, it theoretically should not also be reported as a collectible debt affecting your credit. 2. Impact on Credit Reports: Generally, credit reporting agencies list debts and how they are handled, including any charge-offs. The appearance of a 1099-C on your tax return does not automatically remove the charge-off from your credit report. Credit reporting agencies and the creditors themselves have procedures based on the Fair Credit Reporting Act (FCRA) and IRS guidelines. 3. Disputing Charge-Offs: If you believe a charge-off on your credit report is inaccurate, or if you have paid off the charged-off debt, you can dispute the entry directly with the credit bureaus (Equifax, Experian, and TransUnion) by providing documentation, including proof of the 1099-C if applicable. The credit bureaus are obligated to investigate disputes and correct or remove inaccurate information. 4. Opt-Out Disclosures: These generally relate to whether a consumer’s personal information can be shared with affiliates and non-affiliates of the financial institution. Opting out can limit certain types of information sharing but does not directly relate to how charge-offs or other negative information is reported to credit bureaus. 5. Legality and Ethics: It’s crucial to approach credit repair ethically and within the confines of the law. Misrepresenting your situation or filing frivolous disputes can backfire. If you’re considering using a 1099-C or any other method to challenge a charge-off, it might be beneficial to consult with a credit counseling service or legal professional who can provide guidance based on your specific circumstances. Remember, improving your credit takes time, and the most effective strategies involve managing debts responsibly and correcting any inaccuracies in your credit reports. Strategies that seem too good to be true often have pitfalls, so thorough research and professional advice are key.
15 U.S. Code § 1681a - Definitions; rules of construction (2)(A)(I) states that (2) Exclusions.-Except as provided in paragraph (3), the term “consumer report” does not include- (A) subject to section 1681s-3 of this title, any- (i) report containing information solely as to transactions or experiences between the consumer and the person making the report, in other word any negative accounts, late payments and charge-offs are illegal to report by federal law. you can get it off start studying consumer law
I had a credit card charged off after we went to court about the credit card and now is been charged off and is been abt 5 years plus. Now I just went back to the bank that the credit card was with to do business with again but they telling me that credit card that was charged off needs to be settled with the other company that the card debt was sold to. So question is do I have to pay this debt or call the company and settle that debt so I can have a good business terms with that bank again or what should I do please.
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the government is $30 Trillion in debt and we all know that they will never pay they down or off and these banks and financial institutes have the audacity to give me a credit score. absolute BS!!
Instead of being butthurt about it, learn how to use it to your advantage in life. (And before you say any stupid shit, I’m not talking about consumer debt).
Exactly I'm with you 100%, the government never pays their debts okay they only steal from the social security fund they don't return that money back to social security if they did we wouldn't have any problem with social security and social security would probably be able to pay their constituents $2,000 a month instead of $700 and $800 a month
I got a charge off they sell it to a collection agency they sue me we go court and I win the case the co removed the account from my bureaus but still there the charge off with the original creditor that is possible thanks I hope you give me information about
The Sneaky Scheming Aristocrats namely SSA 😆 have me jammed up as I await a disability decision. Anyhow with no income some of my credit 💳 cards have went unpaid. I'm sure if we were foreigners the Biden Admin would help us... 🙄
This is what I be talking about
from what you said there is no way to remove a charge off from your credit history. at all. period. take the seven year slump on your credit score. save and rebuild your credit score. then move on.
Thank you sir for your info, you have saved me 20K + lawsuit that was eventually coming because of this info I've called the bank that I had a issue with and made arrangements.
The balance was paid when we signed for it you guys. We are the creditors don't let anyone tell you any different.the banks don't lend money.. and negative reporting is illegal ..learn consumer law
A charged off account that’s been sold. Has to say sold for less or has to be deleted. And the balance has to be zero. And collection mostly they won’t have all documents on that account so that won’t be hard to delete
I just don’t freaking get why in this day an age they can’t flipping give me a warning. I didn’t even know this was a thing! I was fully planning to pay my card off soon and if I’d been given an email warning or an app warning I wouldn’t be in this mess! 11 years of being 700+ close to 800 and 6 months gets me screwed?!
your fault for not contacting them and working a payment plan. you can't just ghost a company and expect nothing to happen.
They can’t sell your information without your knowledge! Dispute it!
Very true on all you have said, but one thing a collection agency has to do is proof they own the debt, and there is all kinds of legalities they have to abide by to prove to you that they are actually the real debt owners… ex: you sell a car, the car needs a title and has to be signed… if not signed or having proper documentation to support it is invalid…. But collection agencies can out off the blue contact you and say anything they want without proof of ownership is ridiculous!
I currently have lots of charge offs, damm. Well thanks for the vid.
What about filling bankruptcy chapter 7??
Dispute them every 30 days until they fall off.
after charge off and account sold to collection agency . who is reporting now . but on report it says the original credit . but they already sold how come they still reporting it
Scam sounds more like the "legal term" 🤣 They get a tax deduction but you still on the hook.
So if it’s a car it gets re-Po’ed they keep the car and you still owe them?
What if the account is charged of but not given to a collections agency (at least not yet). What is best to do?
Did you get a response? I got notice of a charge off today. I was actually planning to pay it this month. I’m wondering if I should even pay it now if it’s just gonna stay on my credit for 7 years
If you got your loan or credit card through a bank or credit Union, call in or visit a branch to see if they allow you to dispute the impact to your credit report (especially if you have already paid the charge off in full). I’m not totally sure about the process, but the place I work for has a department that assesses disputes when letters (electronic or handwritten) are received.
Im getting calls from a debt collection agency. They claim that the original lender didnt sell them the loan. they are only helping them collect? Does anyone know if this is true?
its a lie
The collection company does not report to the credit union on purchased debt. You did not enter into an agreement with the 3rd party collector.
Collections do in fact appear on your credit report
He said the collection company. Read to understand. Meaning not the original creditor.
Discover chargeoff is in-house. Credit score improves only after 7 years deletion.
I have a charge off of $806 with them that’ll be 2 years old soon… they won’t erase it until SEVEN years pass?? That’s ridiculous. If I wanted to finally pay it off now, they won’t take it off my account??
Ok a loan co. I took out a small loan, I offered them a partial payment (my sister passed away) they refused it, I refused to pay anything else another loan co. Took m
But I had a charge off and my credit score went up and my credit is in better standing now I was loosing credit points on a consistent basis when it was delinquent once it was charged off and account closed my score went up dramatically by over 150 points
Same thing happened to me, I like to think of this as the calm before the storm...
Me too . Not that much but it did . I would still try to get it off though. Like they said I think it’s the calm before the storm
Maybe the charge off closed your account which raises your average credit age? Also, was it a negotiation or you just stopped paying?
Negative marks on your credit report affect it less and less as time goes on. Before it was charged off, you were probably being hit each month for missed payments. After it's charged off, you are no longer being expected to make monthly payments, so now you just have the one time charge off being reported, and nothing after. As mentioned before, each item on reports carry less weight in the credit scoring with time.
I have a big issue with this. I bought a car from the Hyundai dealership years ago, and then after 2 years the car died on me, so I took it to the dealership to get it fixed and they told me they were going to fix it and that they would call me when it's done. Weeks later the dealership called and told me that the person who was fixing my car took the vehicle for a test drive and then had an accident so they took it to the Auto repair shop. 3 days later I received a total loss letter I spoke with the dealership team and they said they were going to put the gap insurance on the car and that that would pay off the reminding of my car loan, so I stopped paying them but I kept receiving monthly charges. The insurance took like 7 months to pay off the remaining of the loan. Now I have been dealing with the charge-off even though it was;t my fault because I was told that the insurance was going to pay off the loan so I didn't need to worry about payments. Never again will buy a car from Hyundai.
Dispute it every 30 days until is gone
My debt, they closed out my acct.but for the last 4yrs they have been charging me interest can they do that
If it’s 4 years old u have 3 options. 1) don’t pay it and wait out another 3 years and it will be off your credit report 2) file bankruptcy and wipe it out or 3) settle it for 25 cents on the dollar
If your account has been closed or charged off, interest can no longer be tacked on to your balance. If they have been continuing to add interest, you should absolutely dispute it with all agencies that the account has been reported to or dispute it with the original lender. If after you have disputed those reported balance errors and they have not been corrected, you can file a complaint with the FCRA. You can also hire a consumer law attorney and sue as you now have grounds to do so based off of your disputes not being resolved and being reported inaccurately on your credit reports. Check out a youtuber, "Mike the Credit Guy". He goes in to great detail explaining multiple situations that could apply to you and help you through your situation. He could also provide you with an Attorney if you choose that route. Hope this helps you..
Can you do a video on getting a chase card after you had a charge off with them in the past. Maybe how to talk to them on a reconsideration line or something?
hey Adamanswers, I wanna learn how to fix my credit and come up. Thank you for your help!
dispute all the bad things on it every 30 days they will eventually fall off.
My credit report keeps showing charge off and it's constantly being updated although I haven't paid in over 7 years 😔
That happened to me also does it still drop off of the credit report seven years from the original date since it continues to update can someone answer please
You need to just dispute it with your credit it will fall off eventually, Yes it comes off after 7 years but.i cant tell you how many times it doesnt fall off on its own unless you notify them.
@@babycakes670 It should drop off after 7 it doesnt always get done automatically make sure you dispute it.
I’m dealing with the same thing we have to keep disputing every 30 days and after ask what has been modified or updated
@@babycakes670 I joined Credit Karma and fixed my credit with anything over 7 years. There is a dispute section where you can request to have negative information removed due to being over 7 years old.
Hey Adam! 3rd youtube acct of yours I have subscribed too haha thanks again for all the help!!! Do you do this for a living?
I opened a loan for 4000 through Mariner finance and it became 6000 and they said they added interest on right away apparently. I went through identity theft by my own mother in 2021 and couldn’t pay anything so they charged it off and now it shows the balance going up every month? Why?
Thanks! Great explanation!
Or you caught them in several fraud transactions...and they charged it off thinking your not going to take them to court..
What if you paid it and they still put charge off
Means it was already charged off before. Only pay if intended on getting more debt
Dispute it.
And always before you pay make sure they give you something in writing saying they will remove it once is paid
Always ask for a written letter when dealing with paying a charge off.
How come my credit went up 120 points for chargeoffs
😮what)))))) wow
Is it legal for both the charge off AND collection to be on the report. Shouldn't just the collection be ?
you did not sign agreement with collections look above read a lady explained it
Is it legal not sure are there millions of reports with errors on them yes. I’ve had address listed from states I never lived at.
I have an issue with a closed account I was a joint owner of. The primary owner started missing payments and it went on to be charged off. I called them and they gave me a settlement balance to make the outstanding balance $0, but told me the payment history would not change even with this payment, nor delete the account off my report. How can I remove these missed payments or account from my credit report so it stops showing as late/charged off.
Dispute it on your credit report
Getting your credit fixed. Can remove the charge off?
Doesn't the creditor get a tax write off for a charge off of your debt? Therefor, it's not yours anymore correct?
Did you run it up? It’s yours
Test
Yes, and No if the debt you owe is more than $600 you will owe taxes on the debt as it becomes "Taxable Income".
Thank you for answering this objectively from different angles. I have a credit card balance showing collections/chargeoff on all three reports which is factoring into my utilization at 136% so it’s hurting me bad. The report says the name of the Creditor but a collection agency is the one contacting me and sent a settlement letter. If I settle will the original credit remain on my credit? I’m co fused here.
you have 2 options pay the collection agency but first tell them you will only pay 25% of the amount due also that you want it in writing that once you pay it off it will be removed from your credit make sure you have that before you make the payment. Second option reach out to your credit report and dispute it and do it every single 30 days until it comes off.
I have accounts a decade old that are NOT Chrged off but still in collections
I was given a IRS tax form that the credit card company did A charge off. I had to include that charge off in my annual income. Which I did and paid it which put me in a higher tax bracket. However, I did negotiate a settlement on the credit card before I got divorced which I forgot about.
Can I go back to the IRS and say that AX settled with me and then charged it off. Why would they do that because they can? Is there some type of insurance they have with the federal government?
Look into IRS Form 982. Its an Insolvency form. It may help you if that debt is considered taxable and you still "owe"
What happens if you negotiate with the creditor for a lower amount?
buddy you want to pay in full if you can or make payments for it because if you pay the reduced amount on your credit report it will say paid but settled for it's ok but loan officers kinda look at that as bad.. it's better to pay in full according to my loan officer..
paid but settled for wont remove it completely too so your score will improve but it wont jump alot if you settle for a smaller amount.
I actually had a debt cancel and the creditor sent me a 1099-c form however they continue to report the debt to the credit. What can I do in this case.
@@Eben18 you need to contact the creditor to make corrections. Most of the time they will work with you especially with the way the world is now. The creditor more then likely didnt cancel the debt you need to be nice and humble when on the phone as hard as it is to deal with some of them. But they dont want you to default I guess you can say. Try that method and see how it goes lemme know. BTW I'm just going off experiences I'm by no means a pro
but I do have a great advisor now I was terrible before went from 523 to 685 in 2 months with his help and I'm about 13 years of dealing with credit I was a bad boy when I was younger an idiot. didnt pay my shit but learned the hard way we gotta grow up haha good luck man let me know if you have any more questions
They ruined the credit worthiness then they sell it sounds like Mafia
Yeah like GM automotive was going to file bankruptcy but uncle Sam bailed them out. Meanwhile we get hell unleashed on us for owing a few thousand dollars.
Hi Adam, thanks for the detailed explanation . If there is a charge off on my account, will I be able to open a new checking account?
Kia Motors Finance, real thorn in my side - I don't think they sold the debt. Hopefully they remove if I pay
Does it say closed?
Omg I’m having the same problem with kia, I got into an accident last October someone hit me from the back and I’ve been paying every month until gap kick in and they put it as a charged off
@@dionsulcer4896 if you have proof that you paid you can dispute it
Thats bullshit. They cant put two different accounts for the same account on your credit report.
yes, yes they can. the collection agency or party the debt was sold to, and the original lending party
@@TeenDream888 false, they only report to the original lendor
it'll still show up as both accounts even if the loan is only being paid to the one party. the original lender will have, in this case, sold the debt to a third party or had a third party working to collect. maybe this varies by state, but where I'm at that's how it can work.
Never heard of that before. In wa state atleast if you pay the 3rd part creditor they dont report to the beauro. It just says "settled"
They can once is sold but you can also ask to have it removed
I have a closed account but it’s still gaining interest how?
Because interest accrues on an unpaid loan/credit balance, as part of contractual terms outlining provisions for interest. It happens when you don't return the money, in full, by the due date. Even if your account is closed, if there is still a balance that goes unpaid, it will accrue interest.
...I assume you would have known about this when you read the contract you signed prior to opening the account? You DID read the contract before you signed it, right...?
How long do a charged off stay on your credit report
7years
Thank you for this information,, but I would like to ask you something, if I get charge off, do I need to still pay for this debt to whoever buy this debt from de creditors?? Or better if I do after getting charge off do I need to do bankruptcy??
I had a credit card charged off after we went to court about the credit card and now is been charged off and is been abt 5 years plus. Now I just went back to the bank that the credit card was with to do business with again but they telling me that credit card that was charged off needs to be settled with the other company that the card debt was sold to. So question is do I have to pay this debt or call the company and settle that debt so I can have a good business terms with that bank again or what should I do please.
How can you find the first delinquent date?
Dont bother looking just dispute every 30 days
Great explanation. Thanks!
You mentioned garnish of wages... I got these charge offs because I became disabled... my question is can they garnish my SSDI payments
No
Only IRS and Student loans gan garnish you
@@Mujahideen_khinzirand also things like child support and alimony. But no, credit cards and unsecured debt can’t garnish wages. You are correct.
If I pay off a charge off car loan will it raise my credit back to where it was? I had a car accident that totaled I wasn’t aware that gap didn’t cover the remaining balance.
Did you ever get an answer for this? I am in the same position.
@@kittencotton2343 after all the research I decided to leave it alone because it's reporting a 0 balance on my credit file. And I got approved through navy Federal for a new car loan with zero down and 4.3apr so it's not effecting me too much.and my credit score keeps going up every month into the 700s. Hope that helps.
This is the exact problem I’m having.
Paying it off will eventually raise your score but it will happen over time and that is if they actually remove it from your credit report, having a charge off in collections once paid will show paid that is all but if you dispute it yourself it will be deleted completely then the score will rise and much faster than before, also if you are going to pay only pay 25% or less of the amount owed and make sure they give you something in writing stating that it will be removed once paid.
Hi, what about if I am an authorized user on a charge off account. How do I get off that situation. Someone help please!
Contact the bank and ask them to remove you from the account. Since you’re an authorized user you can remove yourself from their debt
0:48 not true because the debt collector states they doing it behalf of the creditor. 4:10 now this the proof , to never give out your phone# and email, it should be against the law sell people personal information.
So if I pay it off will Img score go up
Once is removed yes not once is paid
Good info !
If the deth is not charged off what to do?
Great video man. I wish I had info like this back when I was struggling. I had to learn all this shit through trial and error, and I just watch these videos now to refine my skills and confirm what I’ve learned over the years. You put it very concisely, can’t believe how stupid people are to where they don’t/can’t understand still
Awesome redefined
Thanks
If statue of limitations is 4 years in my state can I contact the credit bureau to have the charge off remove or how would I handle the situation?
Thank you!
I would for sure!
Can you dispute a charge off if you haven’t waited 7 years?
Yes you can. You can dispute any negative remark on your credit report. However... It doesn't guarantee that it's going to be removed.
Yes every 30 days.
Great explanation can I get the bank to put it in writing that it won't be sold to a another creditor if they give me a charge off and I pay the charge-off money
Last month after 30 days Verizon referred my account to collections after I switched to spectrum. I owe like 400 and they are calling me from collections. I’m pissed at Verizon for doing this I was going to pay then but they sent me quickly to collection. I already have a house and a car, should I pay it or can I get away with just saying screw it.
It will come to credit report if there is no payment.
How about a 1099C ?
if i decide to pay the collection, but they already sued me, constable already served me court paper, do i have to answer that paper ?
Yes, Call the Suing Parties Attorney and negotiate with them to avoid going to court.
@@2jzk it's better to dispute at that point all the way through court he will win with the correct. Laws. The attorney for the original creditor is just a debt collector known as the defendant when you counter soon and they will look at your case first.
@@richardmartin6744 yes, but he has to answer the served papers he can't avoid court unless they negotiate outside of court.
My suggestion is file chapter 7 bankruptcy then start fresh
That good if you have stock, I would lose them in a chap 7
Audit them with a W4 sandwich
I keep getting letters from them
Learn consumer law . They are t even aloud to send anything with their name on the outside of the envelope..
It's all fraud...the error is the banks never lent you a dime!!!!
Dispute it on your credit every 30 days until it falls off.
Can i be in jail with this? I owe more than $17,000 of debt and i cant afford to pay this anymore. I rsther he in jail with this if i cant to be honest.
Nope, you won’t go to jail over unsecured debt. Honestly if you really can’t pay it, just declare bankruptcy. It won’t hurt your score anymore than a charge off would.
Research how to dispute all charge offs and you won’t have to pay anything. This video is a whole bunch of bullshit. Once they sell your information to another company they have violated the law. Look it up! There’s so many company’s that break the law everyday!! Just bc we (the consumers) are not properly informing ourselves of our rights. I disputed every negative account from my credit report. Everything is in great standing now. 👍🏼 but Luke I said, do your research!! You’ll thank me later @chrisvega3139
Lies liesss a debt collector can not go after you that’s violation by law !! You never sign a contract with the debt collector so it can be removed !! Stop telling these people lies ! Also before the creditor try to put anything on your consumer report they have to send disclosures form n also notify you if you want your public information reporting so not guys he lying don’t believe anything please read the law
can you elaborate on the disclosure form ....thank you for your post
Disclosure form they must send to you to opt out meaning asking you if u want your information published on your consumer reports, it’s a lot of ways to get a charge off your consumer report. What I used to get mines off is a 1099 which is something the creditor must send to u because a charge off is a charged off debt that u never paid so they write it off to irs so once it’s written off it’s income so income cannot be on your consumers report so it must be removed .
Some lenders can garnish your wages, ask me how I know.
@@Charr9TVhow did you learn about the disclosure forms? Also, where did you learn to use the 1099? I def would like to read & study those consumer rights.
This is what I gathered researching this strategy:
Regarding the strategy involving a 1099-C form:
1. 1099-C Form and Charged-Off Debts: The IRS Form 1099-C, “Cancellation of Debt,” is issued by a financial institution when a debt of $600 or more is forgiven or considered uncollectible. This forgiveness is considered taxable income by the IRS. The idea behind using a 1099-C form for removing a charge-off from your credit report hinges on the concept that once the debt is reported as forgiven (or written off) and acknowledged as income, it theoretically should not also be reported as a collectible debt affecting your credit.
2. Impact on Credit Reports: Generally, credit reporting agencies list debts and how they are handled, including any charge-offs. The appearance of a 1099-C on your tax return does not automatically remove the charge-off from your credit report. Credit reporting agencies and the creditors themselves have procedures based on the Fair Credit Reporting Act (FCRA) and IRS guidelines.
3. Disputing Charge-Offs: If you believe a charge-off on your credit report is inaccurate, or if you have paid off the charged-off debt, you can dispute the entry directly with the credit bureaus (Equifax, Experian, and TransUnion) by providing documentation, including proof of the 1099-C if applicable. The credit bureaus are obligated to investigate disputes and correct or remove inaccurate information.
4. Opt-Out Disclosures: These generally relate to whether a consumer’s personal information can be shared with affiliates and non-affiliates of the financial institution. Opting out can limit certain types of information sharing but does not directly relate to how charge-offs or other negative information is reported to credit bureaus.
5. Legality and Ethics: It’s crucial to approach credit repair ethically and within the confines of the law. Misrepresenting your situation or filing frivolous disputes can backfire. If you’re considering using a 1099-C or any other method to challenge a charge-off, it might be beneficial to consult with a credit counseling service or legal professional who can provide guidance based on your specific circumstances.
Remember, improving your credit takes time, and the most effective strategies involve managing debts responsibly and correcting any inaccuracies in your credit reports. Strategies that seem too good to be true often have pitfalls, so thorough research and professional advice are key.
15 U.S. Code § 1681a - Definitions; rules of construction (2)(A)(I) states that (2) Exclusions.-Except as provided in paragraph (3), the term “consumer report” does not include-
(A) subject to section 1681s-3 of this title, any-
(i) report containing information solely as to transactions or experiences between the consumer and the person making the report, in other word any negative accounts, late payments and charge-offs are illegal to report by federal law. you can get it off start studying consumer law
Exactly
Wow I didn't know this! Thank you!
Thanks for sharing this code! Can you suggest more consumer laws/rights to study to get charge offs removed?
Lots of wrong information this guy giving !!!!
Care to share?
Most definitely
??
No collection has any business with your social security number!!!!
What a white wash recording
What’s the reason for this man. Instead of learning something you come with some bs.
😂
I had a credit card charged off after we went to court about the credit card and now is been charged off and is been abt 5 years plus. Now I just went back to the bank that the credit card was with to do business with again but they telling me that credit card that was charged off needs to be settled with the other company that the card debt was sold to. So question is do I have to pay this debt or call the company and settle that debt so I can have a good business terms with that bank again or what should I do please.