Short synopsis: revolving line of credit for $1200, charge-off since 2010, still within SOL, assigned to a CA (not OWNED by a CA) who is not reporting currently. I've been dealing with the OC exclusively. I've written and disputed and faxed and called and DVd my little butt off. All to no avail. I've escalated this to presidents of the company, been put in touch with regional VPs, etc. etc. I had a phone conversation with some manager/executive-type in the Recovery department today and he basically vetoed every attempt I made at a PFD or change in status or ANYTHING. The only thing he told me was that he would settle my account for 50% and then 1099-C me of course.
As I've said before, I'm hopeful that this will at least get me an increase in util % because (besides two secured cards for $500 that I just opened) this is my only revolving account = 120% utilization rate currently.
So, what do you think? Do I pay in full and get a paid charge-off or do I settle and get a settled notation. I feel like there's going to be no substantial difference here since a horrible TL is a horrible TL, but maybe I'm wrong. I feel like I'm at least a little lucky to get a settlement on this one since, instead of settling, they could have opted to SUE me instead. I guess they realized that it's not worth the attorney fees, etc. and it's easier to just settle.
Please help me with what to do and prevent me from jumping off a tall building please.
Edited by jaided, 23 February 2012 - 05:18 PM.