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Need help about Charged Off Loans
Last Post 21 Apr 2016 01:35 AM by Bells. 9 Replies.
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XIArcherIXUser is Offline
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XIArcherIX

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18 Apr 2016 12:48 PM
    Hello, I just had a question about a charged off loan. I have already passed my Asvab and MEPS Tests. Everything was going well until they did a credit check. About 8 years ago when i was trying to go to college, my father said to take out a loan and he would pay it back. He never did and the loan was charged off. The account is scheduled to continue on record until may 2016 (next month)  I sent a copy of my credit report to My Recruiter. He said they are not going to accept this and they will documents from the loan company showing that the account is closed. My mother is saying not bother paying it back since it's Charged off and will be removed. I am unsure at this point in what to do and request advice. Everything else was fine it's just one single that's holding up me from going to boot camp.
    Old Guard2User is Offline
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    18 Apr 2016 01:34 PM
    Charge off's are still a disqualifying factor. I don't know what happens when something falls off a credit report. But it is SCHEDULED to come off next month. I have to say, rarely do those things time out like that. It could be around yet for years on your credit report. How much was the student loan? Can you pay it off? I don't think your mom is providing you with the best advice, not according to CG standards anyway.
    Sector NY, Staten Island
    XIArcherIXUser is Offline
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    XIArcherIX

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    18 Apr 2016 01:48 PM
    It was 1,118 USD and yes on my Credit Report it says the information is generally removed seven years from the initial missed payment that led to the delinquency.  It was opened in June 2008. I can pay it off but my mother keeps saying not to. Since it comes off next month. Which is why i am getting confused about this. I am 27 years old and i turn 28 in September which is why i am sorta in a rush to get this taken care off.
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    18 Apr 2016 03:29 PM
    Generally removed. There is your issue. Wouldn't it feel better to just pay it off, know it is done and not have to worry will it be there, won't it be there, will it effect employment chances?? Granted, your father didn't live up to his promise to pay it back for you. But you were an adult when you signed the loan papers and now you aren't living up to your promise that it would have been repaid. If you can afford it, I would pay it, get a letter acknowledging it is done, satisfied in full and then enlist without any worries. I'm a mom of a Coastie. I give my advice to him all the time. If he takes it or not, is up to him. He is an adult and needs to make decisions for himself. If he felt my advice was steering him in the wrong direction, I would greatly hope he would say mom is wrong and I'm doing this my way.
    Sector NY, Staten Island
    AirDale13User is Offline
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    18 Apr 2016 03:30 PM
    Unfortunately you need to decide if you want to wait to see if it falls off or pay it off. If it does fall off it won't show on a credit check and you should be fine. Decisions, decisions.
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    18 Apr 2016 03:32 PM
    Understood, thank you for your time. I will pay it back tomorrow.
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    19 Apr 2016 07:23 AM
    Don't forget to get something in writing saying it is satisfied, paid in full. Without that, it could still hold you up. Cash doesn't leave this hand until there is a receipt in the other hand!!
    Sector NY, Staten Island
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    20 Apr 2016 12:52 PM
    Thank you so much for your advice. I paid the loan off and was able to get the paper work sent to my recruiter. He was able to clear it and my boot camp date was set July 19th 2016.
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    20 Apr 2016 12:54 PM
    That is really awesome!!! Congratulations. Now just start studying that required knowledge and prepare for the physical fitness portion and you'll be great.
    Sector NY, Staten Island
    BellsUser is Offline
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    Bells

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    21 Apr 2016 01:35 AM
    Ya, that is definitely something you wanted to take care of. Being 27-28 years old, a 1100$ bill on your credit report should have been an automatic decision to pay. You are an adult about to work for the government, let's try and do what's right instead of playing the system
    Take what you like and leave the rest behind.
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