hello bogey,

how is it going? are you still having the debt you owe before or getting closer to paying off your debt completely? i hope everything is in place now especially on your credit report.

by the way, when you applied for the loan, did the loan broker approve it or the debt you had with your credit card gave you a denied application?

I contacted the loan broker who is being very helpful, kind, understanding and professional.
Much more so than my bank.

I never knew there were so many places to borrow money from.
It's been a real eye opener and learning experience.

They said that the report shows R9 and has been written off, but is not in collections nor is there a judgement against me.

They say they will even help negotiate with the original creditor for a debt settlement.

I understand that the item will remain on my credit report for an additional 6 years, but I figure it's time to face the music and try and get this behind me and start over.

Sooner or later the original creditor will get a judgement against me and I think they are more apt to negotiate a lower settlement now rather than later.

I would recommend to get a copy of your credit report with TransUnion Canada and Equifax..

This way you'll see exactly what and how the creditors, credit bureaus etc are reporting about you.

Do you know if they got a judgement against you. $20k is enough for a bank to take out a judgement.

This is going to stay on your report for 6 years total.. If you pay it off now, it will stay on your credit report for another six years after that.

It's important to know what's being reported about you on your credit report.

Monty,

debt is 2 yr. old about $20K
my bank mgr. didn't go into details as to how the debt was written off except to say that; "that's almost as bad as bankrupcy"

I would assume R9 and that it has gone to collections

I have not seen a copy of my credit report

Michael K : How old is the credit card debt that shows up as written off.?
Have you seen a copy of your credit report. How is that debt reported?

If a debt is showing up as R9 - bad debt, it also means that it may have gone to collections.

how much is the amount of the credit card debt that was written off?

I am finally dealing with a credit card debt by looking at getting a loan by using my home as collateral.

I don't know which collection agency has my file since I haven't been called by one. Should I just deal with the original cc company directly?

I am self employed, but the modest home is fully paid off.

I am close to securing a loan, but of course my credit card deliquency shows up on my credit bureau.

My bank needs more info. to approve me, but did say that my credit report showed that my cc debt had been "written off" which he said was bad. The bank would need the credit card deb paid off in full and then give me any extra money.

A high risk loaner said that I could negotiate a lower settlement on my debt before accepting their loan offer.

If I get my loan approved, how can I negotiate a lower settlement on my credit card. I would need to do this before getting the money from the loaning institution. Would paying it off in full get me better credit rating int the future? Or, does a negotiated settlement count just as well as payment in full?

Should I negotiate on my own or get an intermediary? If the latter, anyone know of any? Monty, do you do this? Are you successful?

Any help would be appreciated.