What is the minimum percentage one needs to pay for a charge off credit account?
Answer:
It would probably depend on if it is with the first collector, second collector or if it is with a junk debt buyer.
The following are examples of what they MAY have paid for the debt:
If it is with the first collector, that collector may have paid somewhere around 50% of the debt.
If it is with the second, maybe around 20% to 40% of the debt.
If it is with a junk debt buyer, they probably purchased it for five cents (more than likely less) per hundred or per thousand of the debt.
Have you sent a debt validation letter to them yet?
Have you looked to see what the statute of limitations (SOL) for collecting in your state is yet?
Have you ordered your credit reports yet?
If you answer to those questions, I would recommend doing them first.
Check out the site I've listed. Do some reading in the newbie forum first and then in the credit forum. You can find the SOL for your state, and learn what you need to know about debt validation, pay for delete, what percetages to offer etc.
Since it is already charged off there IS no minimum except what you want to pay
And pay it off in a hurry cause it will be on your credit file for at least seven years and each day makes that seven years longer.
Pay that sucker off!
$20 is the min you can pay.
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http://www.bestcreditrates.net
If you want to settle the debt you owe call the company and get the agreement in writing before sending any money to them. Most will usually take about 50-80% of the amount owed.
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