What do i pay to a creditor the orginal amount or the charge off amount?

Question

What do i pay to a creditor the orginal amount or the charge off amount?

Answer 1

whichever amount the account has been settled in.

Answer 2

You pay them what you legally owe them.  And you won't know that until they have validated your debt.

When a collection agency purchases an old debt, they are buying that debt!  NOT your contract.  They are not entitled to continue to charge interest or late fees.  There is lots of case law supporting this.  

Yet not only will these scum do it, they will also tack on their own collection fees and legal fees.  If the contract does not specifically say you must pay these fees, the you don't owe them.

Again, Collection agents are NOT buying your contract, so those fee are also not allowed.  

Therefore, you pay off the charged off amount.

Answer 3

Charge off will settle the account. But your credit report will say "account settled", so they will know that you didn't pay the entire amount but rather made an arrangement.

If you pay the initial amount , your credit report will say "account paid". So you paid entirely what you owed.

Answer 4

You need to negotiate a settlement with the creditor but this is sensitive. Most creditors try to rope you for extra fees and interest.

I own a credit&debt consultation business,

I am always available to answer any questions anyone has about the topic of credit&debt.

Feel free to email me at [e-mail]

Aaron

Answer 5

Contact them and ask them how much to pay the account in full.

Answer 6

www.FICSMYCREDIT.com