I had a debt in charged off as bad debt in 2009. I was never contacted by these companies or the debt company (PRA) so when I checked my credit score report I noticed this debt of 1,300.
I am settling with them for 0. They say that they cannot delete the debt from the credit score and it will be shown as settled less than full.
How bad does that hurt my credit score in the short and long run?
Is it better that I settled?
Ihad a judegment on my report for the amount of 1766.00 when I called they told me the total amount was 4700.00 because of Intrest, but they would settle it and send me a paid in full letter. was this a bad idea, should have I arranged to pay it all. I also paid off some old collections ( 5-6 years old) a couple settled for less and a couple I paid full amount ( fees, orginal charges and intrest) how long will it take to clear up my credit and for my score to improve.
I have plenty of new good credit, I have had a new car payment for almost 2 years and never been late, I have a few credit cards that I pay off each month and so on….
So I have good credit I just had a few older collections that I have paid off, but I have not had any BAD debt new to my credit report in 5 years
I sould have letters from each of the creditors with in a couple weeks and at that point I will send them to all three buerues…
My wife and I are planning on filing bankruptcy. I went back to school about 6 years ago, racked up a ton of debt, and then just before graduating, I got did something very stupid and ended up in a 1 year legal struggle, followed by 2 months in jail, and 3.5 years in counseling/treatment/restitution/fines/court costs etc. The question I have though is this: I had 2 credit cards that were above and beyond their limit, and I told them a while ago to get bent, that I was filing, that was about 12 months or so ago, (it has taken that long to get enough money to file) I also have a rash of medical bills and other assorted odds and ends. But the 2 credit card companies have not sent me a bill in all this time. I don’t know if they went ahead, called it a bad debt and said screw it or what. But those were the 2 largest bills I had, and without those I may be able to dig myself out of the hole I am in. Is there a way I can find out if these are still outstanding?
my mom keeps paying a month to my hospital bills from a couple years ago from a motorcycle accident.She thinks its helping me in some way…. I told her not to because its already on my credit as bad debt and they are probably less likely to settle for a smaller amount if they think they are going to eventually get all of their money. Its the only bad thing on my credit and its hurting my score horribly. what should I do??
My fiance has some bad debt, seriously in the red, hasn’t been payed in…forever kinda debt. With the price of houses around here we want to start looking because we would be spending less the what were paying for our apartment. Because of me being considered a subcontractor and since he makes pretty good money I would prefer to just be the co-signer. Now obviously before anything happens we need to fix his credit score. How low will companies generally go to settle the debt in full and how would I go about handling that? For instance one company offered to settle for 50% which was taken care of I’m more concerned with the companies who haven’t offered anything. Also, is there any working with utility companies like cable to get them to lower bad debt?
OK My mother in law wants to file Chapter 7. She has an Equity Line of Credit that has charged off as a bad debt and a regular mortgage. They want to foreclose on the Equity Line and take the regular mortgage with it. Can she bankrupt the Equity Line and reaffirn the regular mortgage without them taking the house?
I bank with Bank of America and I have a bad debt on a credit card that I no longer have.
My question is??
With this bank I also have a car loan that I’m about to pay off in a few months and also have my mortgage thru them. I will try to settle the credit card debt but would they offer a settlement if I have a vehicle loan and a mortgage loan?
I was unemployed for a year and got a little bit behind on my house payments. I finally found a job that paid half of what I used to make, but was unable to make the entire payment so I applied for a modification from BofA and from WF (HELOC) and was given a temporary modification. However, every month, BofA reports it to the credit bureau as "paying late", even though I am paying on time. Now, WF has raised my monthly payment, which I cannot afford, or they want me to pay the entire ,000 loan in full. They have reported it to the credit bureau as "charged off as bad debt". What are my options? Other than these two debts, mortgage and heloc, I have no other debt. Can they come after me and garnish my wages? Should I file bankruptcy? Should I sell the house on a short sale?
I have a total of ,000-,000 unpaid, charged off, bad debt in total. This amount is for Bally’s fitness, Phone bills, small credit cards, small medical bills, unpaid rent, department store credit, a lot of little things that added up to this amount. Should I continue to establish the few good credit accounts that I have, even still with these excessive bad debts or just flat out file bankruptcy and forget everything. I hear when you file bankruptcy your credit life is TOTALLY over. No one will never give you anything ever. I have a couple of good accounts but 90% bad accounts. Bankruptcy????
I AM 27 YEARS OLD, IF THIS WILL HELP YOUR SUGGESTIONS?
I have an old cellphone debt that will roll of my credit in 2012. I am trying to fix my credit so I called the collection agency today. My debt is 4 and they will settle for 2. They do not offer a delete agreement, I was told they are a fair collection company and cannot do this like other companies. He suggested I settle on it and then dispute the debt (which I already have before). He said that the collection company would then have to re-verify this debt within 30 days and if they didn’t the bad debt would fall off my report within 30 days. He claims that since they have so many accounts they would more than likely not be able to re-verify mine in that timeframe. HAs anyone heard of this or know if it’s true? I would love to pay so little and have it off my credit in a month.
My husband and I recently purchased a house. Right before our purchase we found out about a delinquent credit card. To make a long story short, it was a credit card that was in my husband’s name that he was to use when he was in college that his mom was supposed to be paying for. My husband had no idea that there was a delinquency until we were notified by our lender. The account has been closed since 2002. It states on his credit report that the "account closed at consumers request, charged off account, bad debt; placed for collections; skip." We do not want to bother his Mom about this. After no communication with Discover, for 5 years, we have now received a letter from Northstar Location Services, a collection agency (not from Discover), for a settlement amount which is 40% of the debt. What should we do, contact Discover, deal with the collection agency, or something else? I realize everything needs to be in writing beforehand, but can anyone advise me on this at all?
I will check out your other posts, Studly, thanks…as far as my concern with it, it is mainly because of the recent contact with the collection agency now after so many years. We were still able to get the loan for our house, so I am not really concerned about that part of it. Since it "technically" wasn’t our debt, but my mother in law’s, the bank didn’t really care. Actually the amount was pretty significant, 00 with an offered settlement of 00, which is why I’m extremely surprised that we were not contacted before about this. I believe the statute of limitation on credit cards is 3 years in our state. I know they can still take us to court over it but its probably unlikely since the statute of limitations has run out. I just don’t want to settle on an amount and still have it show up on our credit history for another 7 years. I think this just may be a last ditch effort by the collection agency to get some money and I just want to make sure we make the right decision.
I am about 30,000 in debt, mostly from credit cards.
I was married already when the debt occured but they are all in my name, not my husbands. This weighs on me alot. I stopped paying on them about 3 years ago. It got very over whelming.
We are wanting to buy a house in about 2 years. I dont know what to do file bankruptcy, offer a settlement, or continue not paying. Alot of them are "charged off as bad debt" or in collection accounts"
What is in the best interest for me and my family?
Take home pay is about 30,000 a yr. We still have to save for a down payment on a house. We have rent, insurance, gas, electric, internet, tv, phone and all the obvious, normal bills to pay too.
I will answer all questions. And I Thank You for any advise any one has to offer.
I owe about 22,500 in debt, and got a letter to settle for 15,700. It is extremely tempting but what are the negatives of having to file a 1099C if I continue to have good, regular income? I had extreme debt & bad luck paying it off, then got an awesome job and sold some stock so I am in the clear. Should I take that 7K discount or will it bite me bigger than that in the end? What I mean is will it bite me by either having that on my record, or paying more taxes? Thanks for the replies – I am trying to research online also. 
Do 1099C’s go on your credit report as bad debt? I am so naive…! Or showing that you have a 1099c and settled is a plus? Should I get bakc in the game for the long haul and pay that extra 7K? (worth not tarnishing my credit further?)