I know they buy old debt at pennies on the dollar, and I have old cc debt, that WAS only about 6k, but with interest, and then being charged off and continuing to roll for years, is over 20k on paper, according to them. But I didn’t spend 20k, and I know the agencies will settle for much less than that.

I’m looking at ch. 7, but before I commit to it, I want to know what realistically I could pay the various collection agencies to settle it. I feel that a BK attorney will only encourage me to file, and if I call the agencies, they can legally start hounding me and my parents to get ahold of me (I’ve managed to keep my number etc private for years). Where can I turn? And what % do they usually settle for? Thanks so much.
Awesome thank you both, I’m in CA, that site shows SOL is 4years, and I believe it was all charged off in 2006, so it might be past already, I’ll get my credit report and check.

-So, if paying them off won’t improve my credit score, what’s the fastest way that I can bring my score back up? (I assume getting those debts taken off is how your score goes back up), obviously the goal is to get them off and/or qualify for a prepaid cc or some way to bring my score back up, so I can strive for the perfect score I USED to have etc. If you get a chance, email me at christianatheist80@yahoo.com

Thanks again, invaluable information.

Technorati Tags: 20k, 6k, ahold, bk, ch 7, collection agencies, credit report, credit score, debts, parents, pennies on the dollar, perfect score, sol, yahoo

I’m trying to move into a new apartment but I have a negative credit of 0 from a previous apartment complex I use to stay at. I need to settle this before I can get approved for the new apartment. The credit collection agency is closed for the weekend, but I was wondering, are credit collection agencies usually willing to settle the debt for a lower fee owed? I want to see if I can settle this debt for like 0…is that reasonable?

Technorati Tags: collection agencies, new apartment

I am not making as much as I did a few years ago but I have more debt than ever. I can’t pay all my credit cards and I’m already getting calls from collection agencies. It’s starting to stress me out. My girlfriend and I are thinking about getting married but I don’t feel right about it – not unless I can pay back some of this debt. She has no debt and has complained about mine. Pls help.

Technorati Tags: collection agencies, credit cards, girlfriend

have been laid off for a while. I have a personal loan, phone bills and about four credit cards. All my credit adds up to about 20k. I just got a new job and I am making about 2400 a month. My rent is 600 a month and I have about 200 monthly bills. All my credit went into collection agencies. Does anyone have any advice…Its not so easy just to pay it off because of my other expenses and settlements usually require 2 or 3 payments to pay off the whole debt. My loan alone was 8 thousand dollars. I want to pay all this off. Can you please give me advice how to pay it all off and than gradualy how can i rebuild my credit. Another option is bankruptcy…I live in New York. If I do bankruptcy, how bad would that affect my future. Also, would it affect me inheriting a house? Would it be a good option? I know it stays on my credit report for 10 years but can i still build credit after filing bankruptcy and how soon? thanks.

Technorati Tags: 10 years, collection agencies, credit cards, credit report, filing bankruptcy, new job, personal loan, phone bills, thousand dollars

In a sense, the general US population is growing ever-more in debt with the weakening dollar, prices going up, unemployment, yada yada…..

Does this benefit people who are trying to clean up their credit, from a standpoint of negotiating with collectors for "settled" amounts, and to delete information from credit files, as a contingency to the settlement?

I know that collectors pay sometimes pennies on the dollar for collections, and I would imagine that right now a lot of people are not paying obligations to established collection accounts, so some collection agencies may in fact go belly-up….so does this give consumers who are trying to clean their credit the ability to pay a lower amount to settle debt?

Technorati Tags: benefit, collection accounts, collection agencies, collections, consumers, contingency, dollar prices, pennies on the dollar, standpoint, unemployment, us population, weakening dollar

I lost my job some years ago and incurred a good deal of credit card debt which ended up going to outside collection agencies. Within the last year I have either paid off or settled all my accounts with the exception of two. However, doing this has not helped my credit score one bit. My question is: what is the incentive for paying off these accounts if it won’t help my score? It’s tempting to just let them sit until 7 years are up and then they’ll drop off.

Technorati Tags: collection agencies, credit card debt, credit score, job, score one

I recently paid off all my debt and can say I am debt free. All my debt went to collection agencies but I have settled with them all and now have a clean slate. I know it takes time but how long will it take with a good credit management from here on out to rebuild my credit score.

Technorati Tags: clean slate, collection agencies, credit management, credit score

If yes, do you recommend for others who are in similar debt situation? And if you have settled does this mean collection agencies won’t contact you for collection money again in the future? If they do what are some of the ways to hit back at them and not pay if you have settled the account with the original agency.

For example if an attorney for a collection agency or creditor contacts you after you have settled the debt, will they be able to take you court depite settling?

I want to get an idea because I want to settle my debt but I’m scared to do so since I heard that collection agencies will pass the right of the money owed to other agencies for collection after years have passed. If this happens what should I do? How should I go about dealing with this? I’m scared and confused and need help? Thanks!

Technorati Tags: collection agencies, creditor, debt situation, money

I just settled a debt with a collection agency, instead of 1900 i paid 850. I have a settlement letter stating i am settling in full for this amount and it will show up on my credit report as such. Will this letter protect me from other collection agencies, if they sell off the remaining balance?

Also, they did not mention a 1099c. By law, i should be reporting this forgiven debt. when it comes time to do my taxes next year, if i dont recieve a 1099c do i have to report it? should i report it anyway?

Any help would be much appreciated.
I called the CA and asked about the remaining debt, if i had to pay taxes. She didnt know the answer so she asked her supervisor. She said I dont have to pay taxes, she said there considering it like just paying a credit card and not an account that’s in collections. Does that make sense, I dont get it.

Also, i should be recieving a letter saying my payment was recieved, that should protect me even more from them selling this off, I hope. To me it would be stupid giving me these letters and then selling the remaing balance, because i have proof but who knows.

Technorati Tags: 1099c, collection agencies, collections, credit card, credit report, proof, recieved, supervisor

I have a debt for 911 with Chase and I think it was sold to a collection agency and then resold to another collection agency. this third one sent me a letter yesterday to settle for 274. If I pay this amount who will fix my credit report. the collection agencies have never put there negative on my credit report only Chase is on there and it says charge off since 2006. So can the collection agency have this fixed or not?

Technorati Tags: 911, chase, collection agencies, credit report

I got my credit report so I know who and what I owe. I was going to start next month with the lowest amounts I owe and start paying them off. Now, should I call each one ask for a settlement amount? (Each one is at least 1 year old, so I think they would settle quite easily and nicely.)

Do I ask for something in writing before I pay? So then I can prove that I paid it off. Can I ask each one to make a note on my credit report to either say I paid it in full or to remove it? (and get that in writing?)

Should I contact the original place that held the debt or do I need to contact the collection agency it is with now?

Anything else I should know before I start dealing with the collection agencies again?

Thanks a bunch! I look forward to getting my credit score up!

Technorati Tags: collection agencies, credit report, credit score, original place

I have 2 credit cards with just over ,000 owed to collection agencies. I sent them a letter offering to settle the debt for 20% of what I owe (I wrote the actual $ amount in the letter). I have not heard back from them (I won’t answer phone calls because I was advised to communicate through certified mail). What should I do now? Just wait? Send another letter offering 20% (sent first letter about a month ago)? Send another letter offering 25%? Please help thanks!

Technorati Tags: answer phone, certified mail, collection agencies, credit cards

I want the negative information removed from my credit report. I should of know to have it in writing that they would remove it if I paid the settlement amount.They didn’t remove it just put that it was legally paid in full for less then agreed.The accounts are closed, is it possible to offer the remaining amount/ difference to the collection agencies to have them remove the negative information(this time get it in writing before I pay)

Technorati Tags: collection agencies, credit report

I am trying to fix my credit and one of the collection agencies that has one of my old credit cards has sent me a settlement letter. should i just pay it off in full which is 00 or should i take there offer of 0? If i do settle will it help my credit or hurt it?

Technorati Tags: collection agencies, credit cards

Hey.. I was unemployed for 8 months and got very behind on all my bills, credit cards, loans.. etc..
I have collection agencies and debt collectors calling me at least 15-20 times a day trying to get there money (everyday all day).. I am about to file bankruptcy to get out of this mess.. I tried debt consolidation, its a joke.. My question Is when the creditors call me should I tell them im in the process of filing bankrptcy OR WILL THAT CREATE MORE PROBLEMS , SUCH AS WAGE GARNISHMENT OR SUEING ME ….

Technorati Tags: bankruptcy, collection agencies, credit cards, creditors, debt collectors, debt consolidation, everyday all day, joke, loans, money, wage garnishment

So, I’m in a ton of debt and I can’t keep up with it.

I’m thinking about filing bankrupt.

How does this work?

Do I have to have a lawyer?

How much does it cost (with and without a lawyer)?

Do I have to know all of my debts or can they pull it up for me?

I’m 26 years old…..so I figure if I’m never going to be able to pay off all of my debt, I might as well claim it now so hopefully someday I can start over with a somewhat clean slate.

Also, what all can you claim? I have…hospital bills that have been sent to collection agencies, fees at places like..movie rental, furniture rental, etc, old utility bills, etc etc etc.

Will this hurt my chance of getting financial aid when I go back to college next year?

Technorati Tags: clean slate, collection agencies, debts, financial aid, furniture rental, hospital bills, lawyer, rental furniture, utility bills

I have debt that is about 4 yrs old that I would like to settle or pay off. Some are/were with collection agencies (not sure now where they are because of the age of the debt). The debts are unsecured (electric, cable, etc.) and some are secured. I also had a foreclosure of the same age. While I know that the foreclosure will still hurt my credit score until 7 yrs, I would like to start the process of healing my credit score so that when the 7 yrs for the foreclosure to drop off is up, my credit will be in a better position. My credit score currently is around 574.

I have heard that settling for less is good and paying the full amount is good. I would like to know what is going to help more in the long run. I also heard that getting a secured credit card can help. Is this true? What would my best route be in correcting the wrongs?
Also, where should this process start? Should I ask the collections to validate the debt first or should I deal directly with the main company first?
The electric bills and such, even the total debt (minus the foreclosure) does not amount to much. The total amount is under 00.00.
My foreclosure was over 3 years ago.
I am not sure about the 1099C. I assume that I did receive it but I am not sure if I did anything with it on my taxes (ex boyfriend did my taxes for me then). I am not sure how the foreclosure relates to paying off old electric bills though. I do understand that it will still be on my credit but other than that, I was trying to pay the other old debt off….
Does paying off the old debt lead to more problems with the foreclosure?

Technorati Tags: 1099c, 3 years, best route, collection agencies, collections, credit score, debts, electric bills, electric cable, foreclosure, secured credit card

I’ve heard some people say that the only fair company to use is "Consumer Credit Counseling" but they were charging about 10% of my original debt (which is quite high). Has anyone used those online services that you see on TV? I know there are some companies that allow you to pay off your accounts over time but I would rather get everything settled and not have to worry about it. I’ve tried personally calling the credit card companies or the collection agencies but have gotten no where. Any help would be great!
Or are local attorney’s better.

Technorati Tags: collection agencies, consumer credit counseling, credit card companies

I am currently in debt. I am 21 years old (Yes I know I am too young to be already in debt). Most of my debt has been passed on to collection agencies. I am slowly paying off my student loans and haven’t done anything about my debt with the debt collectors. One of my other debt with my bank, I was able to hold that off because it was almost sent to the debt collectors, however I am making minimum payment on that card/debt. Any ideas on how I can bring my score back up? How I can clear my debt? Thanks!

Technorati Tags: card debt, collection agencies, debt collectors, minimum payment, score, student loans

I have about 6 credit cards way past due. Most of them are in collection agencies. The highest balance I have on any card is around ,300. All together less than ,500. This law firm called me and informed me that they will get a jugdement against me and garnish my wages if I do not settle the debt(this account has balance of around 0) I DO WANT TO PAY BACK. But I have a small job and planning to go back to school!!!Will a judgement deny me a US passport? Do you think they will go to court for such a low debt??? People with much higher debt get away from it. I do accept my mistake though

Technorati Tags: collection agencies, credit cards, job, judgement, mistake, passport, wages

I have three accounts that have been "charged off". Two have been sent to collection agencies, and of those, one has been refered to a law office which is starting a lawsuit against me. But one of the three has just sort of disappeared. I got a charge off letter, but have heard nothing else – no collections on that one.

If I file bankruptcy, do the "charge off"s get reversed?

I have heard that charge off actually looks worse than bankruptcy on your credit report.

Technorati Tags: bankruptcy, collection agencies, collections, credit report, law office

While trying to settle a debt with a collection agency, I was transferred to a supervisor and he started giving me details about my credit history. I told him he did not get my permission to look into my credit report. He then said collection agencies have that right when attempting to collect a debt. I got all his information and told him I would contact him trough a letter. According to him, the call was being recorded? Is he correct? If not, What can I do about this?

Technorati Tags: collection agencies, credit history, supervisor, trough

I have maybe 10,000 in c.c. debt. but I get offers from collection agencies for each c.c. offering less. For example, I owe citi 5000 but they offer me to settle it at 3000. How can I get the lowest settlement offers from each collection agency and settle all debt at 50% off?

Technorati Tags: collection agencies

I’ve made a big mess out of my life by making mistakes I could actually afford at the time. I had a great job making enough money that I could afford my own apartment and a brand new car. Life was great for about 2 years, all my payments were on time, and I had a little extra cash so I could go out with friends on the weekends. I met a guy and he moved in, and everything went straight down the tubes. My boss fired me and didn’t give me an explanation ("something needs to change and we think it’s you" whatever that means), and I found another job immediately but only making about half of what I was making when I got fired. This whole time, I was still paying all the bills for the apartment and car, even when I had a full time roommate because he didn’t contribute a dime for the first 5 months he lived with me. I used up all savings and started to borrow money from family and friends until they all cut me off ( reasonably stating that because I had someone else living there, they shouldn’t have to rescue me and I’m inclined to agree ). so at this point, I’m about 2 months behind on my credit cards and car payments, and my brain snapped and I told my bf that he had to start helping with the bills. at which point, he started "helping" with about 1/4 of the bills for the apartment ( i never expected him to help with the car or credit cards, but I do feel he should have had to help with 1/2 the bills for the apartment, especially since his kids were there on the weekends as well ). I quite stupidly started just flat out ignoring the harassing calls from creditors and collection agencies (hey, I couldn’t pay my bills just to live, sleep and eat much less give anything to the creditors, and they refused to work with me the first couple of times they called). I surrended my 2 year old car that I adored because the creditors told me they had reported it stolen (i don’t even know if they can do that, I was 2 months behind on payments). also adding to the misery, I had co-signed a loan for my brother to get a truck, which he also defaulted on and surrended. So to date, I have ,000 in debt and have no way of paying it back (at least not for the foreseeable future). I do have a job, making less than 0 a week with no possibilty of any overtime and / or supplemental income. last october, I was severely depressed and got behind the wheel of a car drunk, got arrested and charged with a dwi. so now, I have to pay rent, fines and surcharges, my car insurance went through the roof, and my phone bill. at the end of the month, I’m left with about , 0 if I’m really lucky. I talked to a credit counselor to try to get the debts under control, and she informed me that my ONLY option is bankruptcy. I’ve come to terms with the whole bankruptcy thing ( and believe me, I’m not thrilled about it ) but the biggest problem I’m facing now is trying to come up with the money to file for bankruptcy. The creditors are getting more aggressive, I’ve been sued at least twice, and they are threatening bench warrants and garnishing my wages. I can’t afford what I’m living on now! If they garnish my wages, I will not be able to pay for something (most likely fines and/or surcharges) and all of this is going to turn into an even bigger mess.

I’m at the point now where I understand all of my mistakes, realize that I have to pay for them. But I’m also at the point where I am extremely close to suicidal. I can’t eat, I can’t sleep and I can’t concentrate on anything. I’m ill at the situation I’ve created for myself, but I don’t know how to fix it. I don’t even know where to start. I quit drinking nearly 6 months ago after realizing what it had cost me. Is it too late? Am I doomed to be a mess my whole life? It seems like this situation never gets any better, it’s gradually just getting worse, to the point of just giving up completely.
This situation feels completely hopeless. No one has any advice for me. every one just says "that sucks". well, no kidding! I hate to sound so shallow, like money is the only thing that matters to me. I don’t just care about money ( in fact, I HATE IT ). The fact of the matter is that my whole life feels wasted, like I’ll never recover from any of this. I hate no longer being self sufficient, and feel like I will never be able to take care of myself again.

Is there anyone out there that has any advice for me at all? Steps I can take to improve the situation? Or possible jobs I could take on to try to make some extra cash so I can take care of all this with a less than stellar record? I just need some help and this is my last resort. I really don’t know what else to do.

And for anyone who has snarky remarks, IE: you’re on the internet ( so I must have $ right? no, I use my computer at WORK), you made your bed blah blah blah, please keep the comments to yourself. the purpose of my post is a last ditch attempt at trying to get some help, not lose any more of my self esteem, if there is any left.
Thanks

Technorati Tags: 5 months, apartment, bf, boss, brain, brand new car, car life, car payments, collection agencies, credit cards, creditors, enough money, extra cash, family and friends, full time, misery, roommate, sleep, tubes, whole time

I have had two collection agencies recently try to settle debts with me that are very old and do not show on any three of the credit agencies’ reports. Do I have to pay them or are they just trying to make money off me? I have heard this referred to as "zombie debt." Thanks for your help.

Technorati Tags: amp, collection agencies, credit agencies, debts, money, quot, thanks for your help, zombie

How does settling for less than you owe compare with paying in full or not paying at all? Should I settle 3 debts or pay in full only 2 debts in order to raise credit score? All 3 are already with collection agencies. thanks

Technorati Tags: collection agencies, credit score, debts

I want to settle my accounts but collection agencies already have my bank account information and they said that if I settle my debt they will only send me letter after they receive my last payment. Is this a good idea?

And if I settle does that mean that in the future it is still possible that I might receive another call from another collection agency for making the remaining debt due? What should I do if this happens? Can they take me to court if I settled the debt with the original agency? I’m a little confused and scared as to what to do?

Can somone help me what should I do as far as settling debt the right way and what should I look out for? What if I don’t receive a letter from agency that my account is settled what should I do then?

I just need help as to how to settle debt in a smart way so that I’m never again harrassed once and for all. Thanks!

Technorati Tags: collection agencies, how to settle debt, settling debt

I am currently dealing with two collection agencies in trying to settle my credit card debt and wanted to know what is the lowest settlement anyone’s ever gotten. For example, they are currently offering us .40 cents on the 1 dollar(USD), meaning I have a 00 debt and the collection agency is willing to settle for 00.

Is this a good settlement or should I fight for a better settlement?

Is there anything else I should know before settleing?

Any advice will be greatly appreciated!

Technorati Tags: collection agencies, credit card debt

My father owes alot of money to several collection agencies. if he puts it in my name, how long does it have to be in my name before the gov can still sell it to pay off his debt? I live in NC if that makes a difference.

Technorati Tags: collection agencies, money

I just talked to one of the collection agencies about settling. I asked her how much she would settle for. I owe ,000.00 and she said I could settle for ,000.00. I think I can settle for much lower, but I don’t know how to go about it. Any advice would be helpful.

Technorati Tags: collection agencies