You can also try to negotiate with the credit card company. You may get a 10 to 20% settlement.

Will I be able to obtain credit in the future if this r9 account remains unpaid ? I assume not but maybe I'm wrong. I do realize that it will drop off in 6 years but I was just curious if there is something I can do now to better my credit score. Will I be able to get a mortgage or do I have to wait another 5 years. Thanks again

Once a debt is written off or charged the date of last activity freezes. When you decide to settle your debt in the near future; the only thing will be added to your account is settled or paid in full.

If you have a credit card that shows a R9 rating, that means that this account has been written off or charged off as a bad debt. It has, in all probability, been assigned to a collection agency to collect. Any payment made on this account whether it be in total, negotiated or a monthly payment will establish a new "date of last activity". All "tradelines" with both Equifax or TransUnion that contain negative activity will purge from the system 6 years from the "date of last activity".

You will have to contact the collection agency to see what negotiated amount they will accept. I would suggest that the negotiated amount should not exceed 50% of the original amount. It is highly unlikely that they will accept monthly payments but there is no harm in asking.

----------------------------------------------------------------------------------------------------------
Educating one Consumer at a time

Not sure if I'm in the right section or not but I need some help and hope someone can help.

I have one bad credit card account that is r9 and in collections. I owe about $10,000 dollars and have not spoken to the collections agent who keeps calling. I lost my job and this is the only creditor that I have not been able to pay.

I might be able to borrow money and come up with some type of settlement or am I able to pay monthly with this creditor. It has been in collections for 18 months. What do I do ? My credit is already screwed and rightfully so but what is the best way to proceed. I understand it will take 6 years to remove but if I start paying the collectors will they start to show on my credit report too ?

Thanks in advance for the help