I am going to try to resolve some bad marks on my credit by paying off some older debt. I don’t have bad credit card debt or anything of the sort. Just some old bills that went to collections from hospitals, cell phones, utilities, etc. Many of these have been from years ago (some 5+ years).

Now that I am making a decent living, I am finding it hard to obtain lines of credit, and know what my score is. I ordered my 3 free credit reports yesterday, and will be expecting them in the mail shortly. I want to try to tackle these ‘old’ debts to get them off my report, and hopefully improve what’s written on my report.

I read that the first step in doing this, is to write a letter to each company listed on the report, stating that you want to rectify the situation, and to work out a payment plan. What types of things should I ask? Should I propose options? If they respond with a payment plan or settlement amount, do I accept it or negotiate? If I correct these, will they come off

Technorati Tags: bad credit, cell phones, collections, credit card debt, debts, free credit reports, hospitals, mail, report stating that, score

My husband had a credit card with Keybank that went over the 0 dollar limit. Before we knew it there was already 0 in interest tacked onto the balance. We tried to set up lower payment arrangements they said no. We started paying 0 for about 3 months, we just wanted the debt gone. When we got our statement back the balance hardly moved. We were told that was because a majority of interest was being taken off do to being over the limit. So we stopped paying. Now it’s been quite awhile and the card has been sent from collections to a Law firm. They now say the 0 balance is 91 do to extra interest. We wrote back appealing the balance and said we know, from our last statement received from Keybank, that the balance we owe is 0. We said we could pay no more than 0 a month with no extra interest tacked on. We sent a copy to the judge. The law firm sent back saying they will allow 5 a month on the 91 balance with 24% APR. Can they do this? What should/can we do?
Thanks for all your responses. I believe it has actually gone to the judge. I completely understand this is our fault and we have to pay the debt. My questions is how is it possible for them to keep tacking on interest when it’s a closed account. The account was closed at 0 and sent to collections. While in collections they added on an additional 1. We really tried working with them but they wouldn’t take payments. It was either all or nothing. I don’t understand also why the law firm would want to tack on so much interest. OBVIOUSLY we don’t have alot of money that’s why we stopped paying in the first place. We tried reasoning with them so how do they think it’s right to ask for quadruple what the original debt is? I think it’s wrong for companies to tack on so much interest and aren’t willing to try and work with you.
Also we have been only discussing the matter with them through mail. We have copies of everything and have also forwarded every letter we wrote to the judge. I am more than willing to pay the 0 but I think it’s rediculous to pay what they are asking. By the end that 0 credit card will turn into a 00 when we finish paying it off with all the additional interest.
To those of you who feel like making me feel worse than I already do about this.. believe me I know it’s our debt and it’s our fault. If I could go back and just say no to the card offer I would, but I can’t. I have to deal with the situation at hand. We have actually paid off 4 of our 5 credit cards we had together. This is the last one. The other companies were so nice and really helped us pay them off. This one hasn’t been helpful at all. I am not looking for sympathy I am looking for help. If there is anyone who has been in this situation and knows how to at least minimize the damage I am looking for your input.

Technorati Tags: collections, credit card, dollar limit, keybank, mail, money, payment arrangements, rediculous

When my husband and his ex-wife separated, the ex-wife went on a ,000 shopping spree on credit cards.. My husband (being the dummy he is) just started paying off collections as soon as he found out about them. One collection agency (stanley weinberg and associates) called him and told him he could settle his 34 debt for 3800. Again, being the dummy that he is he agreed to an electronic check and never received any letter confirming the settlement. 4 to 5 years later we are trying to buy a house and the 34 debt is still on his credit report. We have no proof that they promised to settle, all we have is the bank statement showing he paid 00. Any ideas what we can do now? We need this off as soon as possible..

Technorati Tags: collections, credit cards, credit report, dummy, electronic check, proof, shopping spree, stanley weinberg and associates

I had three payday loans worth 0. With intrest they were like 00. After my account went to collections, I kept telling them I am doing everything in my power to pay my loan off. Then when I had the lump sum, two of the companies both agreed to settle my accounts in full for the original amount of the loan, without all the interest and high fees. My one loan was 0 and they settled for 8. Then my other loan was 500 and they settled for 400. The debt settlement company wanted to charge 300 and then 50 bucks amount, so anything extra would be used towards the loan. It seems like it would have cost a lot more to use the payday loan settlement company. All they can do in the end is ask for a lower amount.

Technorati Tags: collections, Debt Settlement, intrest, loan settlement, lump sum, payday loan, payday loans, settlement company

I have a few bills in collections and I was just curious if there was a company that I could hire to help me find who I owe money to and I pay through the company.
I would try to settle these myself but its hard to do when you work overseas and dont have readily access to a telephone.

Technorati Tags: collections, money

In November of 2006 my 00 debt with chase bank went into collections. A year later I called a lawyer who told me that if I haven’t been taken to court yet I probably would not. Well almost 3 years later and after the debt has been sold several times, I am being sued by lawyers representing North American Recovery Corp. I was told by Forward Properties (findaccount@gmail.com) that the current owner of my debt was the lawyers and gave me their phone number. I was served papers by the local sheriffs office and am supposed to appear in court on Sept. 24th. The first set of papers said that both parties had to appear on court and then i got a letter from the attorneys today stating they requested from the judge if they could be absent and do a phone conference while I still had to go to court. Is there any way to settle this if the lawyers have it and avoid going to court? The initial balance I owed on the account was just shy of 00.00 and the rest is all late charges and interest. I’m not sure how to attack this, who I should call etc etc, without incurring lawyer expenses of my own. I don’t have a number to contact North American Recovery Corp and cannot find one anywhere on the web. The one search that came up for that name was for another North American Recovery and they said there is another one out there. The debt is orig. from ohio and I now live in florida. Please help me with this headache.

Technorati Tags: 3 years, attorneys, chase bank, collections, headache, initial balance, lawyer, lawyers, phone conference, phone number, several times, sheriffs office

I am looking for how to advice on how to settle old debts and collections that are on my credit report.

Technorati Tags: collections, credit report, debts

I have about 00 credit card debt on about 4 cards total. The debt has been in collections for 2 to 3 years. I have been working on repairing my credit but these 4 cards have done damage because I wrote them off. Should I contact these credit card companies and settle the debt and If I do will that have any effect on my credit score or will the score remin he same or will my score improve because I have settled the debt.

Technorati Tags: 3 years, cards, collections, credit card companies, credit card debt, credit score

First off, I am a full-time college student. Ok, here’s my situation–I’m a little over ,000 in credit card debt. My monthly payments from all my cards combined add up to about 0, and every one of my cards (with the exception of one at 8%) have rather high interest rates (19%, 20%). Most of them are pretty close to being maxed out. Having to make these payments is really hurting me every month. I would like to consolidate all of my cards through a loan from my credit union. HOWEVER, due to having a bill that has been out in collections (0 electric bill) for the past 3 months, my credit score has gone down. I know you’re prob gonna say just pay it because it’s only a 0, but I wouldn’t even be able to pay that right now without ultimately cutting myself short at the end of the month. Would this mark on my credit inevitably prevent me from being able to secure a loan through my credit union?

Also, if that wouldn’t be able to fall through, do I have any other options at all? I am pretty stressed right now about finances and would really appreciate some educated/experienced advice with this type of situation. First hand experience with this would probably offer me the best advice to this predicament–what did you do to get out of debt? Is bankruptcy (which I know absolutely nothing about) even a good option, or is my debt small enough to where there’s still hope for another alternative? Please respond to this i am desperate to get out of debt! Thanks a lot in advance.

Technorati Tags: bankruptcy, cards, collections, credit card debt, credit score, full time, hand experience, high interest rates, maxed, predicament, time college student

First off, I am a full-time college student. Ok, here’s my situation–I’m a little over ,000 in credit card debt. My monthly payments from all my cards combined add up to about 0, and every one of my cards (with the exception of one at 8%) have rather high interest rates (19%, 20%). Most of them are pretty close to being maxed out. Having to make these payments is really hurting me every month. I would like to consolidate all of my cards through a loan from my credit union. HOWEVER, due to having a bill that has been out in collections (0 electric bill) for the past 3 months, my credit score has gone down. I know you’re prob gonna say just pay it because it’s only a 0, but I wouldn’t even be able to pay that right now without ultimately cutting myself short at the end of the month. Would this mark on my credit inevitably prevent me from being able to secure a loan through my credit union?

Also, if that wouldn’t be able to fall through, do I have any other options at all? I am pretty stressed right now about finances and would really appreciate some educated/experienced advice with this type of situation. First hand experience with this would probably offer me the best advice to this predicament–what did you do to get out of debt? Is bankruptcy (which I know absolutely nothing about) even a good option, or is my debt small enough to where there’s still hope for another alternative? Please respond to this i am desperate to get out of debt! Thanks a lot in advance!

Technorati Tags: bankruptcy, cards, collections, credit card debt, credit score, full time, hand experience, high interest rates, maxed, predicament, time college student

i did settle my credit card debt(written off) for half of the amount few days ago,the collection agency says it will show on my credit report as paid,,i heard the bank is in charge to report it to the credit bureau not the collection agency,,,how it will show on my report then? should i warn the ban or the collections?

Technorati Tags: collections, credit bureau, credit card debt, credit report, few days

First off, I am a full-time college student. Ok, here’s my situation–I’m a little over ,000 in credit card debt. My monthly payments from all my cards combined add up to about 0, and every one of my cards (with the exception of one at 8%) have rather high interest rates (19%, 20%). Most of them are pretty close to being maxed out. Having to make these payments is really hurting me every month. I would like to consolidate all of my cards through a loan from my credit union. HOWEVER, due to having a bill that has been out in collections (0 electric bill) for the past 3 months, my credit score has gone down. I know you’re prob gonna say just pay it because it’s only a 0, but wouldn’t even be able to pay that right now without ultimately cutting myself short at the end of the month. Would this mark on my credit inevitably prevent me from being able to secure a loan through my credit union?

Also, if that wouldn’t be able to fall through, do I have any other options at all? I am pretty stressed right now about finances and would really appreciate some educated/experienced advice with this type of situation. First hand experience with this would probably offer me the best advice to this predicament–what did you do to get out of debt? Is bankruptcy even a good option, or is my debt small enough to where there’s still hope for another alternative? Please respond to this i am desperate to get out of debt! Thanks a lot in advance.

Technorati Tags: bankruptcy, cards, collections, credit card debt, credit score, full time, hand experience, high interest rates, maxed, predicament, time college student

We just settled with BOA and Chase at 50 percent instead of going chapter 13. Citibank has not settled. If we let our 3 cards totalling 12,000 go to collections will they settle for less?
Yes, I know we need to file any settlements as income with the irs on 1099 forms.

Technorati Tags: 1099 forms, boa, cards, chapter 13, chase, citibank, collections, irs

I have unpaid Medicals bills that are in collections (about 11, in the amount of 7,000 $$) With 2 positive current loans on credit report. Should I file for bankruptcy? Please offer Pro & Cons. Keep this in Mind I would like to purchase a home within a year or two.

Technorati Tags: amp, collections, credit report, loans, should i file for bankruptcy

trying to buy a home need to repair credit I owe about 4000 in collections what program or letter and how much% should i pay to collection agency or should i contact "original"creditors and pay them?.and will the collection agency stop reporting?..help need it fix in 30 to 60 days

Technorati Tags: collections, creditors

My wife and I both lost our jobs a month ago and now we’ve decided to head to college together.

–> bad credit car loan about to be repoed, 2 credit cards (i already been sold to collections), apartment bill about to be sent to collections, and some medical bills

Can we get enough aid to pay for college and then for my dental school IF we decided to file bankruptcy?

Also, how much does bankruptcy cost?

Will bankruptcy cover all of the things I’ve listed before?

Thanks for your help everyone.

Technorati Tags: apartment, bad credit car loan, bankruptcy, collections, credit car, credit cards, dental school, jobs, medical bills, thanks for your help

I am 25 and want to be debt free. I have over ten thousand in debt. I want to start settling with debt collectors. It been about 5 years since i paid a dime. I want to buy a house in 15 months.What steps should I need to take to be debt free.What should or Shouldn’t i do when talking to collectors. I know i am suppose to get a written agreement saying the acct# and how much I settle for.In the letter can I state that they would contact the bureaus and state of paid in full. How long does it take for credit score to fo up and how long take to fall off. Any other advice will help me.. When I settle with a collections does hurt credit card score.

Technorati Tags: 15 months, acct, collections, credit card, credit score, debt collectors, ten thousand

I owe .000 dollars to two different private lenders. Times are tough at the moment were I had not been able to get a job. I had been searching for a job for the last 2 years and have not gotten any results yet. Moreover, the lender have send my case to collections. The collections people at least, calls me twice a day demanding their pay. I try talking to them to reason, but they just keep calling and calling.

Honestly, for the last year I had not been able to have a decent sleep. I am only 28 years old but I looked 50. Im getting gray hair, and my eyes are tired.
I am embarrass to say it, but I do not know how to use a credit card.
I had never had credit cards or rely on any other type of credit except my bank debit card. I do not owe a house, nor I have plan to buy one soon. I just want to start from zero. The pressure is grater now, hence lately I had been thinking of suicide as the last alternative. Almost all my family knnows about my debts, and they see me as a loser. I do not want to feel like that. I come from a background where we do not rely on therapist for our problems, or any type of sitiuatios, we just deal with them.
I know credit card is our a mayor benefactor for the individual, but at my 28 I had never had the use for it and yet, I had travel to Europe and the Americas.
What should I do? I am tired, sad, and been having this morbid ideas of ending my problems.
Any help would be grateful.

Technorati Tags: 28 years, bank debit card, benefactor, collections, credit card, credit cards, debts, europe, gray hair, loser, private lenders, searching for a job, sleep, thinking of suicide

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.

Technorati Tags: 3 years, bad debt, collections, consumers, credit card, credit cards, credit history, credit report, delinquency, delinquent credit, last ditch effort, location services, mom, money, mother in law, right decision, statute of limitation, statute of limitations

filed bankruptcy in 2004 and stupidly got into a mess with the devil cards again. only bring home 550 a month does anyone have any advice? they are all in collections and trying to do a settlement but was wondering what else the collection agency can do to me besides keep calling me…..nothing else is in my name….thank you

Technorati Tags: bankruptcy, cards, collections, devil

What is the process for debt settlement? I understand that when ur sent to collections ur able to settle the debt with them for a fraction of what u owe. But before that, will u get harrassed by all the calls from the bank about the missed payments? Can the bank sue u? Can they put a lien on ur house or car or take it away from u? Will they garnish ur paycheck? Any feedback is appreciated, thanks!

Technorati Tags: collections, Debt Settlement, fraction, paycheck

10 yrs. ago i received a pell grant and student loan for cosmetology school. the loan has been in collections for years. i know how irresponsible ive been. however im not financially capable of resolving the after-math. im thinking bankruptcy, would that put me back to a place for a second chance at college? any ideas or alternative options?

Technorati Tags: bankruptcy, collections, cosmetology school, math, pell grant, second chance, student loan

I need to consolidate my debts, either by getting a loan (unlikely with my credit) or through a settlement company. I want to use a good one, though, so does anyone have any recommendations? I could easily file bankruptcy with my income and lack of assets, but I would rather pay off the debts. Some of the collections are hostile, now, though, because I have so many different ones after me that I can’t possibly make my payments each month to each of them. This all stems from two hospital trips earlier this year. I don’t even own a credit card, so I’m not financially irresponsible. Just poor and uninsured. Any reccomendations would be very much appreciated!

Technorati Tags: assets, bankruptcy, collections, credit card, debts, getting a loan, reccomendations, settlement company, stems

Long illness, lost job, feel behind in c/c payments, now all in collections, collections agencies willing to settle for less amount, what do I need from them in writing prior to settling as far as account paid. Paid in full as agreed? Should they list not only their account #, but the c/c company name and account ? Help. My credit is trashed and I want to work on repairing it!

Technorati Tags: c company, collections, job

My nephew is a young guy who has K in debt – student loans, credit cards. They’ve went to collections and he wants to file for bankruptcy. He has a stable job, makes decent money but is tired of the collector calls.

I told him declaring bankruptcy would only makes things worse for 7-10 years and beyond, but he wants to throw in the towel because of the collector phone calls. I told him that it IS possible to negotiate with them but he doesn’t believe me.

How can I talk him out of filing bankruptcy?

Technorati Tags: 10 years, collections, credit cards, decent money, declaring bankruptcy, filing bankruptcy, nephew, stable job, student loans

Brief background: Moved from one state to another for a job, which was lost. Income has dropped to about 50% of what it was. We’ve gone through our savings to try and pay things. Bring home pay now covers ONLY new house payment, utilities, groceries, life insurance, and government student loan. Have previously surrendered 2nd vehicle, (1st vehicle is paid in full). Old house in old state foreclosed on and being sold tomorrow. Credit cards remaining unpaid and sent for collections, etc.

My question is this: should bankruptcy proceedings begin or should we continue as is? What, if anything, can our creditors do to us (other than trash our credit – which has already happened). We live in Texas. I would appreciate any suggestions. However please refrain from replies such as "get a job", because we are both working full time jobs and have cut ALL unnecessary spending. We dread the thought of bankruptcy, but see no other alternative.
We’ve done the credit counseling, etc., and the funds are simply not there.

Can they garnish wages for debt in Texas?

Thanks for the replies so far – I appreciate it.
The one vehicle we have is paid in full and is a 1999 Ford Ranger – not new. Excellent comments everyone – thanks!

Technorati Tags: 1999 ford ranger, bankruptcy proceedings, collections, credit cards, credit counseling, creditors, dread, ford, ford ranger, full time, government student loan, groceries, insurance, job, life insurance, texas thanks, time jobs, trash, wages

I have several old debts at least three years old that have been put into collections…haven’t been able to pay on any in years. Looking to pay off but cannot make very high monthly payments so the CCS seems like it wouldn’t work since I have SO many creditors to work with and so little money. The credit counseling pays off the whole balance due which has been greatly increased unecessarily. Looking for some debt reduction and a monthly payment option. Is debt settlement right?

Technorati Tags: ccs, collections, credit counseling, creditors, debt reduction, Debt Settlement, debts, money, payment option

I have many debts from CCs to a car to personal loans. On 2 CCs, I just lost track after having moved, changed jobs, etc. They went to collections just as I was going to try to make arrangements. I understand that settling shows up on the credit report as settled, but it’s tempting to do when it can save me so much, and I can start to get the debt in the past. How much worse would it make things for me in the long run if I settle vs. knock the interest down and pay off the amount in full? Will it significantly affect my ability to buy a car, rent an apt, buy a house, get a CC, etc, any more than if I paid in full? The collectors are calling. What’s the best answer? I want to be on top of my finances again. I’m not used to having a delinquency problem. It’s not me. I want out of debt and to build my retirement, especially when I’m already 34 and have all debt and no real assets or equity after being married to someone who sucks me dry financially.

Technorati Tags: car rent, ccs, collections, credit report, debts, delinquency, jobs, personal loans, real assets, retirement

I have a phone bill with BellSouth of TN that is in collections with CBCS. The bill is from 2002 and showed up on my credit report in 2005. I sent CBCS a settlement letter offering 25% of what I owed. They did not respond so I sent another letter offering the same a few months later. Again no response. I sent a third and final letter trying to settle and no response. I hunted their # down on the internet and called and they guy was very rude and said "No, were not gonna settle. CBCS does not settle!" Has any one else dealt with these people? Any suggestions? I really want this taken care of and off my credit report before next year because I’m going to puchase a home.

Technorati Tags: bellsouth, collections, credit report, phone bill

I have an outstanding balance that I did not know I had until they reported it to my credit bureau. I got in touch with the company who forwarded me to the collection agency in charge of my debt. By the way it is under 0.00. They offered to settle for 60% of the debt owed. My question is, if I do so, will it hurt my credit versus paying the full amount in collections?

What are the reprocussions of settling versus paying the full debt?

Technorati Tags: collections, credit bureau, reprocussions