I have a credit score of 504 and i have a lot of old hospital against my credit. I don’t have much money. I want to sell my house and buy another one. Do I try to repair my credit myself or just file bankruptcy? Before or after buying and selling?
Thank you for your help.
Carried x amount in debt. Amex offered to settle the bill for about 65% percent of the balance payable in one lump sum within 30 days. They told me it will affect my credit score somehow but wouldn’t get into specifics. I want to know what happens to my credit score if I do this.
Let go from my f/t position and am now working p/t, but not making any money! I am currently 5 months behind on my mtge and have over 30k worth of debt that I can no long afford to pay. I have checked my credit score and it is 578..just 5 yrs ago I at 800. I am seriously considering filing for bankruptcy(chpt 7)…at this point I feel as though I will have nothing to lose. What impact will this have on my life?? Will I be able to purchase another home within the next 7 yrs or will my credit be ruined forever?? Will I even be able to get an apt or should I begin looking into shelters for myself and my 10 yr old son. LIFE!!! HELP!!!!
Thank you to everyone that took the time to answer my question. I was able to feel the sincerity and effort in your answers!! Again, thank you for giving me a different perspective. Ugh…LIFE!
So I opened a credit card as a freshman in college (2008) and ended up losing my job and never paid off the debt. Collection agencies have been blowing up my phone and sending letters trying to collect the almost 00 that I owe. I am presently unemployed due to health issues and have no way to pay off all the debt now. They are offering me the option of settleing the debt but i dont want it to ruin my credit score. what should i do?
I have no other credit cards in my name, only the hospital bills i have been paying on from three surgeries and the hospital stays and what not. will paying these bills on time and in full help my credit score?
I have tried it all and can’t qualify to buy. I have ongoing medical bills, unpaid medical bills, charge offs, apartment judgements (2), old repossessions, a secured card that stays maxed out. I am caring for my family of 6 on my income only which is around K a year. I usually have trouble just paying rent, food, car note, fuel, insurance, electricity, water and cell phone and internet (I use it for work).
I don’t even pay for gas service in my house until winter b/c it is only used to power my heater. My student loan debt from my bachelors and masters programs is huge but I have it consolidated. I don’t have a home phone, cable or any of that frivolous stuff. Yet in all honesty, I cannot see myself raising my credit score enough to buy because everything I try I can’t keep up (like the secured card). I max it out on food or gas every month.
Now you know my financial story, would bankruptcy help me? Someone told me not to file because I won’t be able to buy a house for 10 years, but at the rate I’m going I won’t be able to anyway unless I have a rich uncle or a genie.
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 ?
Hi every one, hope you all having nice weekend!
I have recently done my credit check for some thing, and i found out how bad my credit score is. I mean when i was teen and few cards were stolen back in 2005, my credit got bad:/ and i didn’t make payments on time. Plus i have one medical bill from 2003 and Fitness center bill.
*So all together my total collection balance on my credit report is ,030.
Which i should pay, and even with bad economy and having less money and more bill, i can try to add this bill to my paycheck too. But i need some help from ya all. If i can get any toll free # to collection dept. Or how do i contact them. I have no record of previous bills or statements. All i have is Credit report from TransUnion.
Any help will be greatly appreciated.
Any website or any help will be great!!
Thank you much in advance.
I did report the cards, that were stolen. They got stolen at Theme park, i was young and frighten cause that never happen to me or someone i knew. The security at the theme park helped looked but nothing. :/ i did called c-card companies the next working day and canceled the cards. There were few purchases made. I paid for couple, i was student at that time, not enough $$ plus i procrastinate too. But now i want to pay it all off to fix my credit.
I purchased a Condo in Florida (investment property) at the height of the real estate market. The purchase was made with a friend as a joint owner. As luck would have it, my partner lost her job a couple of years ago and cannot pay her half anymore and is proceeding into bankruptcy.
Obviously, I am liable for the loan and am searching for any alternatives, either short term or long term. The Condo mortgages along with my personal residence mortgage is 48% of my gross pay. At this rate, I’ll eat up my savings within six to nine months. I am current on all payments. The value of the property was financed at 90%, with a mortgage and HELOC. Both are interest only loans. The current value of the property is 72% of the loan amount.
This means the value of the property is currently about 65% of what we paid.
We have been renting the unit as a vacation rental, but only have been able to rent it about 25% of the year. It generates enough income to cover about 20% of the cash outlay. Long term rental prospects are slim.
Any thoughts on how to either keep the property and minimize damage or is foreclosure an option I need to consider down the road? Is a loan modification possible, even on investment property? My credit score is very good at 805, so I guess I would sacrifice that as well.
I’m not looking for an easy way out, I just want to understand all my options.
thanks
The condo is in Panama City and I am working as an engineer in Georgia about 350 miles away. So, a business in the unit is not really an option. I guess another investor is an option. 50% ownership at 25% of the cost. That may work.
The the intent was to rent about 200 days a year, however, the rental market in this area was saturated with new condos, thus only able to rent about 3-4 months a year at best. Additionally, the with the hurricanes several years back, the insurance and property taxes more than doubled, which was not anticipated.
It’s been about 3 years since I had to break a year apartment lease to move for work. I tried to talk to them to work something out and they said sorry you have to pay for the last 3 months of the lease. I didn’t have that kind of money to fork over so I had to just leave. Now they have ruined my credit score saying I owe them ,600. My rent was 0/month. I can’t get a house because of this so my question is what do I need to do to get this off my credit report ASAP? Credit lawyer? If they started renting the apartment I was in say the next month, are they allowed to collect from the new tenants and me at the same time? Is that some kind of double payment? Thank you in advance for any advise you guys & girls have!!!
-I hate the US credit system! Help!
I called creditsolutions a minute ago and they told me that they are not a consolidation company. I told them that I have a debt for 16,000. They told me that they can get my debt company to settle for 9,800. and they charge a 15% fee. Does this sounds okay. Please recommend me to some other company but not consolidation I do not want to consolidate I want a debt settlement company. That I would still pay, I heard when these consolidation company pays for me It haunts my credit score.
Please refer me to some website
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?
We are having trouble making payments. We have reduced what we buy. how often we go out, and even our phones and cable are on the lowest plans. This debt is just to much. The credit score we have is great but I’m afraid to mess it up. I don’t think bankruptcy is for us. I just heard that either of the alternatives can be just as bad… I really need some advice. Never been in a situation like this before!
hello…
I’m a 22 years old single mother and I’m in debt. I have so many pass due bills like cell phone bills, traffic tickets, etc… my credit score is like 300-350. i don’t wanna file bakrupt and i don’t have the money to pay all these bills. Are there any alternatives to filling bankruptcy. Please help
WOW… HOW RUDE
I filed for Chapter 13 to keep my home. I was out of work for over a year and things really went bad. I am back to work now making about 75,000. I have ,000 equity in this house. Because of the Chapter 13 my credit score took a huge dive. Any suggestions? Home appraised for 0,000 and I owe about 163,000. Help!
I recently declared Chapter 7 Bankruptcy. I re-affirmed my Auto Lease. Will this help to re-build my credit score? I’ve heard the "get a credit card and use some and pay-off or keep 10%" idea. But can the lease have the same effect without having to open another credit card agian? I am looking for the easiest way to build credit without a credit card. But if i have to, i guess i will.
After one pays a credit card debt settlement, will your credit score change at all?Will it stay the same, go up or down. Please ONLY answer if you have experience/knowledge about this.Thank you and God bless
I have about 23,000 in unsecured credit card debt. I recently lost my job and had to take one making a lot less per month. I went a debt consolidation program that got my payment down to about 700.00 per month. The problem is i am only bringing home net about 1200.00. I then have a mortage utilities and insurance etc so i am running in the hole. Is debt settlememt a good alternative. I do not want bankruptcy . I know settlement will hurt my credit score but at this point I need a way out. I have heard that settlement companies make you hold off on payments and the credit card companies will keep hounding you? Is this true? Does anybody have a suggestion to my dilema
okay i’m thinking about going bankrupt because i owe some money to a few different things. my problem is i have 2 credit cards and i owe money to a bank and they have all gone to a collection agency. can i still go bankrupt? and if i can what do i need and how much money will it cost. i live in New Jersey if that matters. also i heard you have to be in a certain amount of dept to even qualify if that is true how much? thank you.
i don’t really care that going bankrupt will hang with my credit score because it is sooooooo bad right now its going to take years to get it good anyway…i literally have NO good credit…im not gonna lie i messed up i was younger when i did all this and it was so stupid but its done. i just want to pay one thing and be done with it all.
I owe money for things like medical bills or unpaid phone bills from years ago. How can I find out what I owe so I can start paying it off. Most debt solution places only settle credit card debt. Also one one debt my social security number was not right. Will i still be connected to that debt? I have no credit card debt and Id like to pay off these small debts to get my credit score up
I just reviewed my credit report and noticed that there are two medical bills on my report. The agency that currently has my account has offered me a settlement and is sending me a statement in the mail. I am in the process of trying to straighten out my credit score and before this medical debt showed up things were greatly improving. I would like to know if I was to settle the medical debt, would that be worse for my credit report and credit score.
Thanks in advance for your response.
Several years ago, I was under-employed and drowning in credit card debt. I chose to go the debt settlement route. I was never comfortable with the process. Recently, I have come into a sum of money which can eliminate that full amount of debt with no settlements. Since my credit score is fairly low already, should I take advantage of the relationship with the debt settlement company and pay less? Or would it be better for me, and my credit, to pay off the full amount?
I here adds all the time that you can settle credit card debt Yea it hits you credit score but how risking is this It says in every card card agreement that it you miss even one payment you get charge a late fee like to and you APY goes to storming very high like 39.99% which make it take even longer to pay off and and increased payments.
Can and do credit card company’s sue garnish wadges bank accounts?
Take they you house or car even thought it is unsecured.??
Yes I know they can run You cread report. and Call you to no end.
I recently closed a small business and left my home state of FL. Well, I finally got around to having my mail forwarded form my PO Box and received a letter from AT&T that I have a past due balance of .27. I called AT&T today (1/12/08) & tried to pay the bill but received a message that the debt has been sent to a collections agency (American Recovery Services) (The letter was dated 12/7/07). I don’t think I owe the money, (I thought the last bill was paid in full), but I’m willing to pay.
1. What is the best way to contact the collections agency to settle (by phone, mail)?
2. Is this debt already on my credit report as of today?
3. Should I get anything in writing before I pay, if I pay over the phone?
I’ve never had anything go into collections before, and I’m really worried about my credit score. Thanks
I tried reading it online, but couldn’t understand exactly what it meant. Does something fall off your credit after 4 years? And from when do they start counting the 4 years? My credit score is 608-570-565 and I’m trying to settle my debt cause i’m looking to buy my first home. Any feed back and help would be very appreciated. THANKS
Hi.
I have a very good credit score. I have never made a late payment on anything in my life. However, I am foreseeing disaster and see no way out of it. My debt is about 17K in credit cards and student loans of about 10K so a total of 27K. I am not worried about the student loans, since I am in school and so they are currently "on hold" till I finish and when I am expected to pay them its only like 0 per month for ten years. However my credit cards are getting worse and worse and the only way I can make myself stop relying on them is to wipe them out. Unfortunately I have practically zero income (about 0 per month) and I am in college and live with mom. I am 24 years old. This is pretty sad, I know, but I think I have to file soon. Its a shame because my credit score is about 720. I just leased a new car, which is under my name, but again, family is supporting me. So… I feel that I should just file bankruptcy (chapter 7 is what I am thinking) and just live off what I earn for thew next ten years. I own nothing of value, and am on my mom’s lease, and also want to know if they will take away my car when and if I file.
Please, I know everyone says its a "last resort". I am viewing it as such. So if it comes to this, what is the best way to go about filing and hoe much will it cost me financially and also how long does it take? Will my debts be wiped clean? I heard that student loans don’t go away, which is fine by me. Its the credit cards that are about to crush me. I need real advice, not just empty worthless criticism. So please ONLY ANSWER IF YOU HAVE RELIABLE EDUCATED ADVICE.
Thanks guys. Happy holidays.
What did you owe, and how much did they settle for?
I owe ,600, how much should they settle for with a 22.99% interest rate?
Also, does settling hurt your credit score?
I had to file for bankruptcy in 2006 because of medical bills. I was wondering how long it will show up on my credit file. I am trying to improve my credit score and it is up to 685, but I think it would be higher if the bankruptcy wasn’t on there. Thanks!
I am very deep in debt, mostly on one credit card. Should I hire an attorney to negotiate a settlement for me with the bank? If so, how will this affect my credit score?
I care about my credit because I would like to buy a condo within the next year or two.
I have about 15,000 worth of debt at the moment not including my vehicle and home. I am told they cannot seize these things as long as you can make the payments. My problem is credit cards. I have been unemployed for a while and keeping up minimum payments but they have increased my rates by 50-80% on most of my cards even though I hadn’t missed a payment and my credit score is almost flawless. They say rates were raised because I am currently high risk because I am unemployed. I have done everything I can to keep up the minimum pymts until now. Long story short I haven’t been able to pay the last couple of months and it is starting to pile up. I don’t know if I should file for bankruptcy and start over or try to negotiate a pay off with the creditors. I don’t want to ruin my credit as I worked very for it but it is going down no matter what at this point. This is a total nightmare.
I am currently being sued in civil court, and have no money for an attorney, the case has gone on for a year now in federal court, and have basically lost my business because of all the time I’ve put into defending myself from something I did not do, and am being "lawyered" to death by 6 lawyers. Because of all this, even if I "would easily win" if I could afford an attorney, I will have to file bankruptcy (chapter 7 for me).
Therefore, relating to an ONGOING CIVIL case and a need to file BANKRUPTCY, here’s my QUESTIONS if you would please use the same numbering system to answer them so I can keep track (thanks thanks thanks):
I would LOVE it if filing the bankruptcy would END the case so I could go on with my life, find another job, build another company etc. I read a lot of yahoo answers and one said “If they haven’t gotten judgment against you … then your bankruptcy filing can and will stop the case.”, but I need to be sure.
1) is there any ADVANTAGE to me in filing bankruptcy BEFORE the judgment (now is preferred so that I can go on with my life which has been destroyed)?…. and what will opposition do if they know I’ve filed for bankruptcy? Will they attempt to continue the case when they know the bankruptcy will go thru? If so, why would they continue the case?
2) Since I’m going to be filing In advance" of the judgement, can I "claim" the "injuries" they haven’t yet enumerated " …on my petition for bankruptcy? …or do I just “list the case” and say “amount pending”? THANKS.
I know about the "automatic stay" (keeps creditors (I currently have NONE and a perfect credit score I’ve worked hard to build all my life) from coming after you etc).
3) After I file for bankruptcy (I know it takes so many months to go thru), these additional related questions, thanks:
3a) what happens to the current civil case?
3b) what do i tell the judge? Do i have to tell the judge or just inform the other side?
3c) will i still have to finish the case (expected one more year of my life)?
3d) if we’re currently in discovery, will it / can it stop discovery / subpoenas etc?
3e) ….or…does it just “suspend” the case until the b/k procedings are over? …or does the case just continue on in real-time?
Thanks so much for answering all of these "sub-parts" to my ‘compound" question. 
They’re really important to my life and my families lives.
Ryan K,
That was totally useless. I can’t believe you actually answered 195 other people. You’re a joke.