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CalAttorney2
CalAttorney2, Lawyer
Category: Consumer Protection Law
Satisfied Customers: 10244
Experience:  I am a civil litigation attorney representing individuals and businesses.
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Would I be able to negotiate a charge off account with

Customer Question

Would I be able to negotiate a charge off account with Verizon and get it removed from my credit
Submitted: 1 year ago.
Category: Consumer Protection Law
Expert:  CalAttorney2 replied 1 year ago.

Dear Customer,

Assuming that this account actually is yours, you can try negotiating with them on this.

When trying to settle a debt, creditors generally prefer lump sums over payment plans. They are often willing to accept an amount less than the full debt (the trade off is that they get a quick payment and don't have to worry about ongoing collection costs or administration). If you do not have the ability to offer a lump sum for something the creditor will accept (some will accept a small portion, while others want close to the full amount), you can try a payment plan, these are less satisfactory to the creditor (especially if they have a lien on your property already), but if you are willing to offer something with a reasonable chance to get the creditor a large amount of their debt back, you are likely to get them to accept it.

Whenever working with a creditor, make sure that you keep your communications in writing (if you speak to someone by phone, promptly send a confirmation letter to summarize your conversation), as this will help to ensure that there is no confusion later on, and you will be able to enforce your settlement against any future collection efforts.

If this debt is not yours, open up a dispute with them on the credit bureaus (reach them via the FTC (government) website to avoid a fee) and file a dispute - but make sure that you are actually disputing a valid claim (the account really isn't yours - you didn't open it up (or didn't allow someone else to open it up using your information)).