If I settle all of my debts, which are about 11 different items, will my score go up or do I have to wait 7 years for it to be cleared? If the score will not go up by paying off those collections, how do I get it to go up?
Can i reset the 30 days, telling them i can’t make the full payment within this time frame, but rather settle next month instead ? can i call them and do this ?
it was a sears card 00 max. I guess interest grew to 00, with 6 months no payment with Sears, and then 31/2 years collections. It grew to 00 total after roughly 4 years.
What should the settlement be ratio? Does 00 sound alright ?
or they can settle for less ? i have only 0 ?
Does settling credit card debt affect my credit score ? Currently paying on Student loan, monthy.
This would up my score, wouldn’t ?
I got a letter today from Midland Credit Management, asking for a debt in the amount of ,181.56. The Debt is from Aspire Visa, a card I used to have .. I could not pay it all off since I lost my job and i’m having trouble finding a new one. I can’t pay off this debt in this amount .. it originally was NOT over ,000, it was 0. They added on all these late fees / interest when I could not pay over a amount of time. I tried to make small payments, but obviously they didn’t help, it just got larger and larger. The account has been in collections for a while and so, it doesn’t matter how much I pay, it’s still not enough.
They sent me a letter saying:
"This letter is to inform you that Midland Credit Mangement, Inc. Is Considering forwarding this account to an attorney with the intent to initate legal action to settle the debt.
Please call our office immediately at 800-939-2353 to make arrangements to pay this debt and prevent any legal action on your account"
What do I do?? I cannot afford this .. I have absolutely no funds, and there no point in calling telling them that because well, what are they gonna do?
I’ve told them that I can pay it when I get a job, which I am currently looking for, but if the case goes to an attorney, what are they gonna do? even if I will have to go to court, that’s still not going to get them money .. because I don’t have it. I also have no assets, no car, no house, or anything. So what can they do?
I’m really worried. I am still trying to find any job I can, but even if I do, it will take me a while to save up that much money.
Thanks for your help.
oh, and if you’re wondering, i’m posting this from my aunt’s house, I cannot even afford my own internet. LOL
CAN they take me to court though, over this debt??
Here’s my problem… I am 22 years old, and I went to college for 2 years. during that time I racked up some pretty large bills that I couldn’t handle. I have about 7500 dollars charged off and in collections from credit cards. 2200 of that I have a judgment against me for and they said that they could garnish my wages soon if I don’t pay it off. I had a repossession 14 months ago and owe Wells Fargo ,000 to pay it off. Last but not least, I subleased an apartment to a stranger 2 years ago and I moved out of town. Now I have found out that that person stopped paying the rent and that because I subleased the apartment I am responsible for the rent that was not paid which come out to about 00. So, all together I owe about ,000. I have called all of the creditors and asked what it would take to settle. After calculating that all up it comes out to about ,000. The only thing I have paid perfect is 2 student loans and that’s it. I have no car and I cant get a car loan. I have been rejected for an apartment because of the judgment on the sublease issue. Basically, I am better off dead but I cant bring myself to do that. So I have to decide what to do….Is bankruptcy the way to go?
I wanted to know what my options are in terms of settling old credit card debt. The debt was charged off in september of 2009 and now they are looking to seriously collect as I recieved an official "summons" with no court date. I called the lawyers office who are repesenting the creditors and they said I can still mediate the account by writing a letter stating how much I can settle for or how much can I pay monthly on the account and they will report to the court the agreement and cease legal action. Is this really the case? or do i automatically have a judgement/lien against me being the fact that they took the step to start action with a summons. Called this morning and he said it is just the initial step. How do I approach this?
Should I write a letter to settle the account? For how much?
Should I pay monthly and then settle later on or pay in full over time?
I cannot afford to pay in full up front. Just graduated in 2008 but just started working full time.It is an old debt and credit cord from my college years coming back to haunt me. I use to make regular minimum payment without missing a beat until mid last year and then they charged it off.
Now it is at a collection company who is now being represented by a collections attorney company.
I am interested in pay for delete off my credit report but do understand that it would remove my oldest credit account on my report which would negatively affect me. How should I apporach this and what should I state in my general repsponse letter to them?
the account is about ,000 from student credit card from bank of america. It is now with cavalry portfolio after going through FIA CArd services.
I just could not afford the payments at the time
Does the summons and/or me sending a settlement letter to them after the fact show up on my credit report as a consent judgement or just a charged off account being paid on?
I have things in collections and want badly to get my credit back up. Every now and then I get offers in the mail to settle the debt for a lesser amount….Are this offers something to take advantage of as a means of improving your score?
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?
Hi,
I have two tickets from almost 3 years ago that I forgot about/never paid, and now the DMV has suspended my license!
They say I owe them ,800 and that the file is now with collections. The person I spoke with says that I must pay every cent to them in full and that they’ll never lift the suspension.
Is this true? Or is their debt collector trying to do a good job?
I looked online but can’t seem to find a resource to resolve/settle this debt. Most debt settlements will let you pay like 50% and will remove the debt. This happened 3 years ago!
What can I do? Must I pay them nearly k for two tickets I forgot to pay 3 years ago??
Thanks for your advice.
Charles
The tickets are 1) a cracked windshield ticket and 2)driving without vehicle registration(or possibly insurance)
No traffic tickets or anything very serious.
Thanks!
I am in a huge amount of debt probably ,000. All of it is in collections and I’m finally in a position to start paying these off. I have gotten many offers to settle some of my debt with the collectors and only pay 40% to 60% of what I owe. The rest I was planning on using a debt consolidation company for. I just want to know what are the pros and cons of doing this. Thanks for all of your help….
I’ve been reading a lot about this because I’ve been trying to figure out how to go about settling my debt for much less with all my credit card companies and then just paying them off in full with the amount that’s left after the settlement (they are all in collections and have been for months). What I didn’t know until I started researching this, was that in some cases you do have to report this as income on your tax return. I definitely DON’T want to have to do that. So, two questions. One, what are the guidelines for being eligible to NOT have to report it? And how could I be 100% sure that I won’t have to fill out a 1099? Who would I talk to professionally about this before I decide to pay the debts off, and would I have to pay for their services? I need to do something about these cards soon, whether it’s pay them off or make a payment. Second, if for some reason I would have to report it on my tax return because I wasn’t eligible for not having to report it, is there anyway I could pay it off in full without negotiating a settlement, but still have them lower it? What I mean is, have them possibly take off all the fees that have accrued over the past several months, but not necessarily cut it down to 30-40%, so that it won’t be a settlement that will have to be reported.. so that the lump sum I pay them will be less than if I had to pay what the bills say are due right now. Also, any tips for negotiating with these people? I’ve never done this, only heard and read of several people who have. What do you say, how do you negotiate, how do you tell them you can "only pay X amount", etc. etc. and if I did settle in the end, how would I go about obtaining that statement that I needed to say from them that it was actually settled and paid in full? Do I make sure I get that before I pay or after?
Okay, also, so regardless of whether they settle it for less than 0 or more than 0, I still have to report it as ‘other income’ on my return? And if the amount I settle for is LESS than 0, I just don’t have to pay any taxes on that?
Im in SLC,UTAH. I have about 3k fines from court going to collections. Can i file chapter 7 on it?
married couple. both are 38. we have a child due in June.
We live in Vegas and want to move and get an affordable home. We do not own real estate. She has k and I have k in debt, both accounts are in collections. The only asset we have is 55,000 in a retirement account.
I filed Chapter 7 in 99. My current income as insurance and financial advisor is too high for 7 here in Vegas. Right now it is around k but can get much higher.
A chapter 13 concerns me because of the 3 years of payments, its effect on my credit and potential to get another good job should we move, and we may not be able to get a house should we move.
I could liquidate the retirement and pay off the debt and have about k left after taxes and early withdrawl penalties. This would also include the tax liability for the k I took from my account last year.
As a financial advisor, I know that the withdrawl we took last year was stupid.
MOM is giving me 50K for home purchase.
BK or pay?
I have 4 credit cards in collections, with one garnishing my wages. If I file for bankruptcy, will it help at all? Also, will it cover my college loans?
I have some collections that are coming off in 2012, but wanna repair my credit before that. Would it be more beneficial to file bankruptcy now or to just let them fall off in 2 years? Thanks
I’ve had about 6 accounts go into collections. They are all hospital bills. I thought at the time my insurance covered the majority of those visits seeing how I had coverage but I guess they didnt. My credit has been severely ruined b/c of these accounts dispute the fact I have a mortgage, auto loans & credit cards all in good standing. I want to settle the collections accounts but I’m curious on the repercutions of settling. The oldest account is from 2002 & the newest one being in 04/2006. They are relatively small totaling only about 00. What recommendations do you guys have? I really dont feel I should pay something my health insurance should have paid. But I want to fix this since I’ve ignored it for so long. I’m clueless when it comes to this stuff! Please Help!!
I have an Outstanding Auto Loan that is ,000 and 4-5 Credit Cards that went to Collections and the Amount is about 6-9 Thousand between each other.. Please Help I’m Trying to File the Right one But I’m Not Sure what one to do -Thank you very Much
Sacramento, CA
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.
I have 2 balances 6,900 that is in collections with a law firm > threatening to go to court. They are offering to settle for 3,500. The other credit card is 6,600 and is not in collections – they are offering to settle for ,300. Does it hurt your credit & for how long if I Settle my Debt?
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
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.
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..
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.
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.
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.
I am looking for how to advice on how to settle old debts and collections that are on my credit report.
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.
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.
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!
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?
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.