College Student with Bad Debt Write Off Question!!!?

I was seriously delinquent on a Bank of America credit card while I did a semester in China studying abroad. I know it was stupid but I figured i would pay it when I was back. The credit card is now $1,100 and I received a letter from the Card Services collection agency saying it would be written off as a bad debt in October. The only problem is--it%26#039;s November!!! I didn%26#039;t receive this letter until this month so now it is probably being written off as a bad debt. I%26#039;m only 20 and I need to work on repairing my credit history!! What am I going to do??? Can they remove it!

College Student with Bad Debt Write Off Question!!!?

Nope, it will be reported to the credit bureaus as written off to Profit and Loss (P%26amp;L).

Written off bad debts are often bundled and sold to Junk Debt Buyers (JDBs) at deep discounts. JDBs have the right to report you to the credit bureaus, attempt to collect the full amount plus any fees and interest, they also have to right to take to civil court and sue you.

The good news is that JDBs sometimes will negotiate a settlement with you for the fraction of the original debt. If you should get a settlement offer from a JDB, negotiate a %26quot;delete for payment%26quot; agreement with them. That means, they agree to delete derogatory trade lines from the credit bureaus. ALWAYS get such an agreement in writing before you pay a JDB anything.

Hope this helps.

College Student with Bad Debt Write Off Question!!!?

Send some money directly to the Bank of America address handling this card. They%26#039;ll apply it to the charge.

College Student with Bad Debt Write Off Question!!!?

Call and speak with the credit card company or the company that bought the written off debt. Many times you can work out a deal, but getting it off your credit report will be the hard part.

My sister had a medical emergency and contacted her credit card company after 4 months of being late, and stated her situation. The credit card company is willing to clear her credit report and accept partial payments, instead or writing it off.

Good luck to you.

http//www.cardrewards.net

College Student with Bad Debt Write Off Question!!!?

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