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Thread: Account being charged off?

  1. #1
    StrayStripper
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    Default Account being charged off?

    I called to cancel a credit card only to discover that it is in collections. As I *never* use credit cards (except to order stripper shoes online, haha), this came as a shock. I pay off the balance every month.

    So. I investigated. It turns out that I made a charge in April then paid it off in May. The payment was made through the credit card company's website. They have no record of it but it shows up on my bank statement.

    I've spoken with 3 supervisors and there is nothing that they can or will do. I refuse to pay anything. It's already been paid.

    I want to get a copy of the electronic payment from my credit union, but that will take a while. In the meantime, finance and late charges are accruing, then my account will be charged off next month.

    Honestly, I don't give a shit if it ruins my credit. I pay cash/write checks for everything, including my vehicles. What do I care? Housing is taken care of for me, for life. But, I'd like to know what "being charged off" means. Help?

    Coincidentally, the reason I was canceling my cards was that I had watched "Maxed Out" and saw the vicious crap practices of the financial institutions behind them. They are the middle class killer, just like the lottery is a poor man's tax. I guess it was my turn to get screwed.

  2. #2
    Banned Melonie's Avatar
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    Default Re: Account being charged off?

    if I'm interpreting the credit card company's statements correctly, because of the FUBAR with your online credit card payment the credit card company considers your account to have been in arrears since May. At the point where they consider your account to be 120 days delinquent (i.e. now), the credit card company's procedure apparently is to 'charge off' your """unpaid""" credit card bill as a loss, and in turn to sell it to a collections agency.

    The idea is that the credit card company will immediately be paid 'something' towards your ''''unpaid'''' credit card bill by the collection agency that buys your debt, and the credit card company can then book the net loss and get your account off of their books. From the collections agency's standpoint, they probably purchased your debt for 50 cents on the dollar, so if they do manage to get you to make payments on the ''''unpaid'''' balance, anything over 50% represents income to them.

    The danger you face by not having dealt with this FUBAR sooner is that once your account is 'written off' and sold to a collections agency you will have to deal with TWO black marks on your credit rating. Additionally, any attempts to straighten out the FUBAR with the credit card company are going to become 10 times more difficult after they close your account.

    Eventually you WILL be able to challenge this debt as being bogus, of course. But having to clear things up with two companies, and having to remove two black marks from your credit rating, is extra hassle that could have been avoided.

    Coincidentally, the reason I was canceling my cards was that I had watched "Maxed Out" and saw the vicious crap practices of the financial institutions behind them. They are the middle class killer, just like the lottery is a poor man's tax. I guess it was my turn to get screwed.
    I absolutely agree. As long as you don't have to travel much, as long as you can keep some amount of cash at home safely, as long as you can keep a healthy balance in your checking account, and as long as you have a checking account debit card and a nearby ATM, there's no reason to need / have a credit card.

  3. #3
    StrayStripper
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    Default Re: Account being charged off?

    Quote Originally Posted by Melonie View Post
    Additionally, any attempts to straighten out the FUBAR with the credit card company are going to become 10 times more difficult after they close your account.

    Eventually you WILL be able to challenge this debt as being bogus, of course. But having to clear things up with two companies, and having to remove two black marks from your credit rating, is extra hassle that could have been avoided.
    Thanks, Melonie. It seems unfair that I have to go through all this work to clear something up that is not my fault. My account will be charged off before I can get a copy of the electronic transfer. My account was closed at 120 days in arrears, which was months ago. I wish I'd known about that!

    Most of what is in "default" is interest and fees. The original charge (that was paid) was $50. I now "owe" $200.

    I know it's only $200 but I'm still upset. I wasn't even sent statements! They have my correct address and I was not signed up for paperless. They have my phone number. They could have called.

    I already have 2-3 dings on my credit, one of them being bogus and for the life of me, I can't seem to clear. One more doesn't bother me. What are they going to do? Not issue credit? Garnish my stripper wages? They could sue, but I'd win.

    Had I not had savings, I would be freaking out right now. Thank god for cash and credit unions. Banks suck. I try to be a good girl and pay what I rightfully owe, but this is insane.

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    God/dess gypsy_girlchild's Avatar
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    Default Re: Account being charged off?

    Can't you fax them your copy of the credit card statement? or check it online? I am able to check all my stuff online, if you are able to do this, then they are able to do this, aren't they?
    Please don't lick me, it tickles..



  5. #5
    Banned Melonie's Avatar
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    Default Re: Account being charged off?

    I already have 2-3 dings on my credit, one of them being bogus and for the life of me, I can't seem to clear. One more doesn't bother me. What are they going to do? Not issue credit? Garnish my stripper wages? They could sue, but I'd win.
    all very true. However, the black marks on your credit rating will be there for 7 years. Will you still be working as a full time stripper 7 years from now ? If not, then your credit rating may impact your hireability for 'straight jobs'.

    It definitely WILL impact your loan approval possibilities when the time comes that you want to buy a car / house and don't have 100% cash to pay for it ... or perhaps more importantly you don't have 100% cash whose origins and associated tax payments can be documented to the full satisfaction of the IRS. This is the future risk of dealing only in cash, and that risk grows with each passing year.

  6. #6
    StrayStripper
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    Default Re: Account being charged off?

    Quote Originally Posted by Melonie View Post
    all very true. However, the black marks on your credit rating will be there for 7 years. Will you still be working as a full time stripper 7 years from now ? If not, then your credit rating may impact your hireability for 'straight jobs'.

    It definitely WILL impact your loan approval possibilities when the time comes that you want to buy a car / house and don't have 100% cash to pay for it ... or perhaps more importantly you don't have 100% cash whose origins and associated tax payments can be documented to the full satisfaction of the IRS. This is the future risk of dealing only in cash, and that risk grows with each passing year.
    I've been thinking about paying it. Just to get it out of my hair. The other dings are not current and will die by the time I do want a house.

    $200 is not worth all the hassle, all the hours of hassle when I could be at work.

  7. #7
    God/dess VenusGoddess's Avatar
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    Default Re: Account being charged off?

    ^ But, that is what they are hoping for...for you to just roll over and pay what they want you to. Contact your local Attorney General. Let them know that you've tried to get this taken care of and they are not cooperating, but they are threatening to send you to collections for an amount that has 1) been paid and 2) is mainly late charges, finance charges on an account that was paid...proven by cleared bank drafts.

  8. #8
    StrayStripper
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    Default Re: Account being charged off?

    Quote Originally Posted by VenusGoddess View Post
    ^ But, that is what they are hoping for...for you to just roll over and pay what they want you to. Contact your local Attorney General. Let them know that you've tried to get this taken care of and they are not cooperating, but they are threatening to send you to collections for an amount that has 1) been paid and 2) is mainly late charges, finance charges on an account that was paid...proven by cleared bank drafts.
    They are an evil, evil entity. I just don't have the time or patience to fight for $200. I get worked up when I think about, let alone talk about it. Anger and frustration is not worth $200 to me.

    All I can do is cancel all my credit cards. I feel safer this way. Both my brother and mother have had their identities stolen. I don't want to be at risk. Also, I'm tired of the bs of having a credit card. My student loans and paid-for loans can carry my credit score. I'm not playing the credit card game anymore.

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