Re-aging Account

[RepairCR]

Hello Everybody,
I'm new to this forum and forums in general, so I apologize if this question is not in the right place.

I found this website about a week ago and am trying to read everything I can about credit repair, but some things are still confusing. I did the first step of opting -out and will be ordering my CRs this week.

My first question is about a letter I received from a creditor. It states that they are getting ready to CO the account. I can't afford to pay the settlement amount, let alone the full amount. I was reading the Credit Blog and it mentions Re-aging an account (Rebuilding Your Credit Score: 3 Quick Tips Jan 8, 2009). Is this an option I should consider? If so, what is the process and what is the success rate?

I appreciate any help you can offer.
Thanks!

[Trish]

I'm not too familiar with the re-aging process but I do know that some companies offer it.
You will need to contact the credit company and see if there is ANY way to work out a payment plan. Ask about re-aging. From what I've read, they have to see a willingness to pay and at least 3 consecutive on-time payments before entering an agreement to re-age. If the company does offer this it is definitely a MUCH better alternative than letting it charge off.

If this is for a significant amount of money......they could (and more than likely will) turn around and sue you which can make the debt as much as double...

[RepairCR]

Thanks Trish for responding to my question. I just want to be clear on the last point you made.

"If this is for a significant amount of money......they could (and more than likely will) turn around and sue you which can make the debt as much as double... "

Did you mean that this is what they could do if they CO the account? It's $9,000 + and I would sure hate to see that double.

Thanks again for any imformation you can offer.

[Trish]

Yes...

I've had the pleasure of being sued over a 4K debt which.....after court costs and the highest interest rate possible.....ended up being just over 8K. NOT good.

They served me about a month before it was to go out of SOL.
So, if there is ANY way for you to keep it from charging off and/or keep it from going to court.....take that route.