I think you might be forgetting about certain debt settlement programs. The way debt settlement programs work is that they take over handling all communication with your creditors for you, then they set up a saving’s account for you to put a pre-determined amount of money into each month to go toward paying a “settled” amount to your creditors after a certain time period, say 2 years. What happens in this time is your accounts to get charged off unless for some reason the creditor is ruthless and never charges the account off and just continues to try to collect, which is unlikely.
But, if you go through a legitimate debt settlement agency and you get it in writing before you sign the contract that once your debts are settled with the creditors, that these charge offs will be stricken from your credit report, it is possible to do it that way as well. Some creditors will not be willing to do this but if you know your stuff and “harass” them as much as they harassed you, then you might get your way. I’ve found that the best way to deal with creditors is to call them as much if not more than they call you and call the same person over and over and over again. Get a supervisor and talk to them. Record every call. Speak professionally and don’t let them upset you. Keep calm and collected and stay on top of your emotions.
If you can do this consistently for a pretty long time, you can often wear a creditor down enough that they will eventually do for you what they were putting so much effort into getting you to do originally. This is only possible after you’ve settled your debts and paid them off but you must get a guarantee in writing from either the debt settlement agency (not many of them will take this part of the deal into their own hands so it’s most likely up to you, but they will communicate this for you and make it a condition of the settlement, say be willing to settle for slightly more money on your behalf if they are willing to guarantee in writing that they will take the charge off and late payments and so forth off of your credit report and if they do not, then they will not receive as much as they want).
This is all a big process but in the end it’s worth it if you’ve fallen on hard times and can’t pay your credit cards and your accounts do get charged off. I’m dealing with this right now and I’ve been doing quite a bit of research enough to learn that if you keep your cool when dealing with a creditor, you can almost always frustrate them into doing what you want in order to get what they want, or if you don’t frustrate them, by simply being courteous and professional to them, they’ll be more willing to give you what you want since you aren’t acting like every other deadbeat piece of trash they have to talk to every other minute who doesn’t pay their bills.
Not everyone who doesn’t pay their bills is a deadbeat. I’m not, but I’m a college student who hasn’t been able to work because of a car wreck and while I’m seeking settlement my cards are going into charge off status which I really can do nothing about except tell this to the creditors every time they call… most don’t listen because they think it’s an excuse. The truth is, that I intend to live a cash life after I’m able to work again, after having back surgery, and whether or not I have to spend months or every a couple of years slowly fighting the creditor battle, I’ll do it but in the meantime, I won’t need to worry about credit because I intend to work hard enough to pay for most of what I need with cash.
That’s the only best way to do it anyway. Granted, credit is a good thing if you’ve got the cash to back it up, but lets face it, if you had the cash in the first place you wouldn’t need the credit to begin with and you wouldn’t have gotten into this mess. I think the only true way to get out of this mess is to let a debt settlement or credit counseling bureau handle the harrassment and you just change your budget and your lifestyle in order to make yourself more money and spend less. It won’t be easy to let go of some of the comodities you might have enjoyed while living on credit, but in my opinion, the biggest commodity of living a cash life is being stress free. I dunno. I’m a stupid poor college student so what do I know anyway right?