I defaulted on my credit card.....?

Question

and i have stopped receiving bills and calls. the last bill i received was for 35 dollars which i payed and i have not heard anything after that. i know the total amount i owed was much more then that.... what do i do? is my account settled or do i still owe more. i haven't heard anything for three months.

Answer 1

Number 1 a simple charge off is on your credit records for 7 years and 6 months not 10 years.

I suggest you study up on these issues BEFORE giving erroneous information from now on!

Answer 2

If you have only skipped paying on it for 3 months - you WILL hear from them again.

I would contact them IN WRITING and explain that you want to pay the loan off, and plan to.  And include a payment now.  You can get the address and account # and so forth from old bills and statements.  Even if you can't pay the full minimum payment, pay something.  If your situation will change soon, like you just got a new job, tell them that.  The credit card companies would rather know that you want to and are taking steps to pay the bill, rather than defaulting on it.  It's cheaper for them, and easier on your credit rating.

Answer 3

It's just the calm before the storm. The lack of calls doesn't mean all is well it means quite the opposite and all is wrong.

This is when the credit card company stops calling you and sends your account to a collection agency. They'll be in touch soon.

You're balance will keep going up because it's gaining interest everyday.

You NEED to contact your card issuer and see where your account is. If it's still with them you have a chance to bring your account current by paying up, even though your credit score is probably shot. If it's in collections...pay up and get a 'pay for delete' and hopefully they'll take it off your credit report.

Answer 4

If you know the total amount was more than you paid, then you know you still owe them money.  Get hold of the credit card company immediately and find out otherwise you could be paying huge interest amounts.

Answer 5

You can check several things:

1st: Failure to pay will send it to collections and eventually a judgement, charge off or garnishment. ALL BAD.

2nd. Call the company and have them send you a final bill or statement showing what your balance is?

3rd Run a free copy of your credit at annualcreditreport.com

That will tell you if any collections activity has already begun.

DO NOT ACCEPT A CHARGE OFF on this account.

This is bad and stays on for 10 years. It can be worst than a bankruptcy.  

Answer 6

Take the initiative and call them and work out an agreement with them..The problem just won't go away if you ignore it.....You don't want this account be be charged-off, as charge-offs damage your credit rating for seven years....

If you're having financial trouble, contact your local Red Cross for a referral to the local Consumer Credit Counseling Services in your area.

Answer 7

You need to check your credit report and call the credit card company to make sure you settle that debt. Otherwise your credit score will go down.