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

Should my boyfriend file bankruptcy? He has ,000 worth of debt, mostly medical bills from a car accident and appendix surgery. He said he checked it about 6 months ago and he had a credit score of 560.

Thanks.

I have really good credit, if we get married will it affect mine? We were both wondering this, we want to buy a house.

Technorati Tags: appendix, bankruptcy, car accident, credit score, medical bills

I made some bad choices in the past regarding my use of credit cards and have spent the last few years making it better. This includes settling my outstanding balances on the credit cards that I had defaulted on (it’s only fair to pay back what I owe, in some capacity, right?).

Today I received a very pushy call from Creditors Interchange telling me I owed several hundred dollars for a credit card that I payed off through settlement last year. I was calm and checked my paperwork while on the phone and sure enough, I have records of the settlement.

The unpleasant man on the phone informed me that I owed monetary payment on the interest rate (and threw out a 20% rate) that had accrued on the debt. I informed him that I had already settled the debt, but he seemed adamant about what I owe and threatened me on the possibilities of ruining my credit score and kept insisting on bank account/credit card payment information. I refused.

Thoughts?

My impression is that settling a debt effectively closes the door on future amounts that I may owe in the future for the card? In a sense, double jeopardy?

Technorati Tags: choices, credit card payment, credit cards, credit score, creditors interchange, double jeopardy, interest rate, jeopardy, monetary payment, paperwork, possibilities, unpleasant man

Here’s my situation. I was on the top of the world before I even turned 21. I worked so hard to accomplish my financial goals of basically owning my own house and own vehicle before my 21st birthday. Some where down the road I got lost… The great job I had to get the house, I had to eventually step back from to take a slightly lower paying job that offered insurance. To make a very long, struggle-filled story short. I lost everything. And when I say everything, I mean everything. My then fiance` and I split, needing to find our selves again. My new job wasn’t what I thought it was going to be. I inevitabley lost my house, my car, and had to stop making payments on all my credits cards because I quit my job to move across country (with my now husband) who is an Active Duty Marine (now deployed ). I know this is all over the charts, but since my husband is now gone, this is giving me a lot of time to fix/figure out our financial situation. Since my credit score is basically at the lowest point possible now, which bankruptcy should I file for? How does Chapter 7, 11, 13 etc work? My husband does make a decent amount of money, specially being deployed now. But really only enough to pay the bills and pay down his credit. Any and all information on this would be great.
Thank you so much!

God Bless our troops! God Speed be with you. Hurry home!!
Thanks KMcG. Yes – I am aware of th 7-10 year rule with bankruptcy. We’re even considering staying in the military (boo) to bandage all our debt.

Technorati Tags: 21st birthday, active duty, amount of money, bandage, bankruptcy, chapter 7, credit score, credits cards, duty marine, fiance, financial goals, financial situation, god bless our troops, god speed, insurance, new job, struggle, top of the world

I have been a single mom for 9 years. I was using several credit cards for things we needed and actually was doing well making payments until the credit card companies began to increase their interest rates and amounts owed per month. My credit score was perfect. I never missed a payment. I began to be unable to pay what I owed due to increased monthly demands from the credit card companies. I spoke to a representative from Armored Debt Center who convinced me that they would settle my debts for amounts less than I owed, therefore giving me a chance to get out of credit card debt altogether and I agreed to pay 8 per month for them to do so. It seemed like the right thing to do for me and my family’s future. I have put a lot of effort into making that payment every month starting last October. Armored Debt Center told me not to answer calls from my creditors and sent me a script to basically get off the phone without telling them anything. I followed this advice. They tell you to tell the debt collectors that they are only to communicate with you in writing and then you are to fax everything to Armored Debt Center. When the first credit card company took me to court, I followed Armored Debt Center’s instructions to go to a particular website and retrieve documents to fill out. It was a website that anybody could have googled, not affiliated with Armored Debt Center. It was difficult to figure out what I needed to put on the documents that were to be sent to the court. At one point, I called Armored Debt Center and was told that they “cannot give legal advice” so I was left to figure things out on my own. I was told by Armored Debt Center not to worry, that this was part of the process. I filed everything the website suggested with the court. Prior to my court date, I called Armored Debt Center and was told nothing more than, “Don’t sign anything”. Judgement was awarded for the full amount, plus interest, plus court costs to the credit card company. I continued to keep in contact with Armored Debt Center and fax them everything that was sent to me. It would take up to several weeks for them to call me just to state that they received my fax. They have a well-rehearsed spiel that they give on a continued basis stating that “This is a process. Don’t worry. Keep faxing us documents sent to you. Don‘t give any information to debt collectors when they call you. Use your script. No further action is needed at this time.” They led me to believe that they would be settling with the debt collector “after my next payment”. This went on for several months with no settlement. Armored Debt Center did not settle my 44 debt with the very first credit card company that filed, after a full 12 months of payments at 8 per month. I had given them 96 of hard-earned money and they had not settled anything. Every time I would call, I would get the same run-around, rehearsed speech and be coerced into continuing the program. I would explain that other credit card companies were getting ready to take me to court. Now, the court has allowed the debt collector to garnish my wages by 25%. Because Armored Debt Center failed to settle with the first credit card company to take me to court and my wages are being garnished, I no longer have hopes of being able to get myself out of debt because I don’t have any extra money to give to a debt settlement company, or to save on my own, for such a purpose. At this time, my 3 other credit card companies have indeed initiated taking me to court and I have summons for those now.
I spoke to a representative at Armored Debt Center, Mark, about what had happened and that their debt settlement program had failed miserably. I called Armor Debt Center to ask for my money back for a program that had failed. He eventually said that he would give me back my “reserves” which was 38 but they would not refund their “service” fees which were 30. When asked what services they had provided for 30, Mark stated “education”.. Education on a program that did not work, that did not do me any good whatsoever, and in fact got my wages garnished and ruined my credit. My “education” was a script on how to get off the phone with debt collectors and what website to go to to fill out paperwork to send to court that anybody could have accessed. Upon further pleading with Mark, he stated that they would refund 3 to 4 payments. By the end of the conversation, however, he was saying 2 to 3 payments. Therefore, Armored Debt Center was intending to keep 98. I received an e-mail today asking me to sign a form stating that I will accept 32 back from them, which is only 2 payments and indeed would award them 98 for doing nothing that benefited me. I have been so stressed out, I’ve nearly made myself sick. I have heard that there has been a law passed to safeguard people from these debt relief scams. I have not yet had a chance to find out the specifics.

Technorati Tags: credit card companies, credit card company, credit card debt, credit cards, credit score, creditors, debt center, debt collectors, debts, interest rates, judgement, legal advice, single mom

My credit score is 300 points so I am at the end of my ropes i do not have a credit cards and I am despartely seeking a way to recover myself.

Technorati Tags: credit cards, credit score, ropes

i currently owe over 30,000 dollars in deliquent debt, and my credit score as of today is 521. i just paid off my car loan i had for 7 years, and i have a checking and a savings and a cell phone with sprint, but heres the thing i only make 10 dollars a hour and my checks are only 300 a week, the bills i have know consume that, im just wondering if i should file for it? if so can i get a car loan afterwards beings i can get one now but i dont want to if im going to file….or simply what would you do, i figured it would take me well over 5 years to pay everything back.. thanks for advice im just worried ill be screwed forever, but my freind got a brand new car 2 years after he filed..

Technorati Tags: brand new car, car loan, cell phone, checks, credit score, freind, sprint

SO my wife and I purchased our first home in 2006, and shortly after we had our daughter. Due to a lot of time off from work due to complications in my wife’s pregnancy, and me losing my job we fell behind on the mortgage. We struggled with paying what we could until the economy got really bad in 2008 and we couldn’t afford to even pay the morgage at all. Then in June of 2008 we lost the house to forclosure… Now my credit score is in the low 500’s and I can’t get approved for ANYTHING. I know from researching that both foreclosure and bankruptcy stay on your credit for 7 years, but which is better to deal with??

Technorati Tags: bankruptcy, credit score, economy, foreclosure, job, morgage, mortgage, pregnancy

I had a debt for a school loan go into collection a few years ago for about 7000. I had left the school I was attending and none of my credits even transfered to my new school. I have paid over half of the debt, around 5000. But I have not been able to pay lately, is there anything I can do to settle the debt? Will my credit score be really bad? And advice is greatly appreciated!

Technorati Tags: credit score, school loan

I just got separated from my husband a few months ago and ever since then he has not helped me pay for any of our credit card bills. We owe a little over ,000 and most cards are unfortunately under my name because I had better credit score than him. One of the creditors started raising up the minimum monthly payment over 200% and the APR went up to 34 and I hadn’t even been late on it yet. I have not been able to pay on this particular account for a couple of months now and I’ve been getting letters where they say they can help me lower the APR and what not but first they want me to pay 00 to see IF I qualify. Would it be better to do debt settlement, consolidation or should I keep trying to work w/ the credit card company myself? And what companies would you recommend me using if any at all? Help!

Technorati Tags: cards, consolidation, credit card bills, credit card company, credit score, creditors, Debt Settlement

I am 26 years old and I am in way too much debt. I have tried every other thing that I could. From debt consolidation to just trying to pay back one bill at a time. My last avenue is BANKRUPTCY! I don’t know what else to do. I just want to know how long it stays on your credit report, how does it effect your credit score, and how long until I could start applying for things.

Technorati Tags: bankruptcy, credit report, credit score, debt consolidation, last avenue

I have accumulated approximately ,000 in CC debt, and about ,000 in Medical bills. My credit score is around 525, and I have had most of these debts for 3-6 years. I’m 25 with no college degree, a job making ,000 Net year, and I live in an apartment. I own 2 cars, One with no engine in it valued at ,000 with an engine ,500 w/out an engine, and another valued at 0. I usually have about -100 left over every month for extra. 20-40% of that I try to put in a "cushion fund" for if I have a medical emergency.
I don’t plan on buying a new house for atleast 2-5 years, and my next car (If i get one) will be, at a max ,000.
My question is; Would filing for a Chapter 7 bankruptcy be an option for me, and If so what are the repercussions?

Technorati Tags: 6 years, apartment, cars, chapter 7 bankruptcy, college degree, credit score, debts, job, medical bills, medical emergency, repercussions

I need about ,500 in the next few weeks to pay for my summer classes and rent. I have already reached my limit for federal loans (FASFA). I can not get any more from the government in stafford loans subsidized or unsubsidized. I do not qualify for any grants ( Pell Grant, etc.)

My parents declared bankruptcy, so they cannot cosign for me. I have terrible credit myself, about a 530 credit score. I talked to the financial aid office at my school, and they told me my only option is an alternative private loan, i’ve applied for a few and was turned down by all of them. Are there any other options?

NOTE: I’ve already been turned down for the Parent PLUS loan, which raised my limits for stafford loans. I have already reached that raised limit.

Technorati Tags: bankruptcy, credit score, federal loans, financial aid office, grants, parent plus loan, parents, pell grant, private loan, stafford loans

I saw on a talk show that someone had their identity stolen, and of course their credit was destroyed. That isn’t my case, but last year, my employer discriminated against and terminated me (from a desk job – not hard labor) all because I had a stiff back for one day. My doctor said I was okay to work, but the employer still took the job away, and even told me that they were happy with my job performance, so it had nothing to do with that. Since then, I have been looking for a new job, and have not been able to find one. All my money (which wasn’t much to begin with) is drained and I have to file bankruptcy. I know that typically, a person has to go through up to 10 years to restore their credit, but I didn’t bring this on myself, and had excellent credit before all of this happened. So, is there some way that I can have my credit score restored to what it was a year or so ago? I don’t see having the next 10 years of my life ruined because of some unethical employer.

Technorati Tags: 10 years, bankruptcy, credit score, desk job, looking for a new job, money, stiff back, talk show, years of my life

hoping to hear from experience how much does it hurt your credit score when you settle your debt rather then to pay full amount?

Technorati Tags: credit score

i was made bankrupt but it went to court and i paid the debt in full how long will be on my credit score for.will it be taken off because i have paid in full or not……colin

Technorati Tags: credit score

whats the best way to rebuild your credit score after having just settled 5 collection agency debts by settling for less than the amount owed? (credit cards)

Technorati Tags: credit cards, credit score, debts

i have some past debts frm years ago if i settle and pay them will it help my credit core, than waiting past the statute of limitations, or will it not matter to my credit score if i pay off a debt that was settled for a lower price? i know its the right thing to pay what is owed but i am poor right now, and am wondering how paying a settled debt will affect my credit score

Technorati Tags: credit core, credit score, debts, statute of limitations

First I would like to say my first wife was a gold digger!!! I married her back in 1997 & even though I make great money now & made great money in 1997! After my divorce from her in 2005 I continued to make all the payments towards our home,cars,credit cards,4-wheelers,etc….. Since then I got remarried & things are great with this marriage "Thank God!" but last year I finally had to file chapter 7 bankruptcy due to the fact the mortgage my first wife left me with was ,700.00 per month After almost five years of trying so hard to make the payment it all caught up with me last year. Even though I was up to date on my mortgage I finally had to call the bank & tell them I couldn’t make the ,700.00 payment no more & asked the bank if they could just give me a 4.5 interest rate & if they couldn’t I wouldn’t have to file bankruptcy ! After a week went by my bank called me back & said no sir we can’t sorry ! Stunned that my bank had rather me file bankruptcy as to give me a lower interest rate because of a credit score I was floored !!! What the bank was basically telling me was if I couldn’t continue to pay them 8 percent in interest I could go fly a kite !!! So what do I do now ??? What bank would loan me money ? The judge has already granted my bankruptcy!
It’s only been two months since my bankruptcy was granted !!! I want my home back or one like it !!! My home was nice & I can’t live in a shit hole over a credit score system !!! Its all BS if you ask me !!! My income is around 52,000.00 per year & still is ! I need a bank that will work with me on a new home loan & not give me a high interest rate due to a freaking credit score !!! THE CREDIT SCORE SYSTEM IS WHAT GOT ME IN THIS MESS IN THE FIRST PLACE !!! The system is way the hell to picky !!!! If a bank checks your credit it hurts your score lol & if your not even but a few days late on a payment "not months" it hurts your credit score, it just goes on & on… it’s stupid!!!
But anyway I’m a great person & I was good to always pay my mortgage but my banks greed over a credit score system got my bank & myself no where !!! What do I do now ? How can I get a good home without another bank stiffing me? Any help would be appreciated !!!! Thanks

Technorati Tags: amp, bs, chapter 7 bankruptcy, credit cards, credit score, divorce, few days, first wife, fly, god, gold digger, hell, high interest rate, home cars, home loan, kite, marriage, money, mortgage, score system

I have about 20k in cc debt. is credit card debt settlement a good thing? does it affect your credit score even though the creditors have agreed to accept the settlement? I have a 7k debt with chase. they offered a 5 year balance payment plan at 0% interest. The remainder of my 13k credit card balances are currently up to date. Would it be best to just continue to pay the remaining cards or seek settlement. My objective is to keep my credit score as positive as possible.

Technorati Tags: cards, chase, credit card balances, credit card debt, credit card debt settlement, credit score, creditors, objective, remainder

I have several collection accounts and charge offs. Will it raise my credit score if I settle the debt for less than I owe?

Technorati Tags: charge offs, collection accounts, credit score

Im recently getting back on my feet after being unemployed for about 2 years and want to pay off some things that have went delinquent. I understand that these accounts already have a negative effect on my credit score, so would just settling them be bad? I just figure I can pay more off faster if i settle as opposed to paying them in full. Does anyone have any advice for me.

Thanks in advance

Technorati Tags: credit score, thanks in advance

So i have a k judgement against me and i don’t work and don’t have money. I was planning to try to settle this debt with a lower price by explaining to them my financial situation.
However, a friend of mine needs to lease 2 cars and his credit isn’t good enough so he asked me to be a cosigner for him. I understand that this can show on my credit as i’m the buyer (because there’s no real distinguishion on who’s the primary person on the loan). So can this result in them denying a settlement (thinking i just bought two nex and expensive cars) ?
They did run my credit score and it’s about 720 right now and the loan company DID say that i can be approved for the car loans.
it’s going to be for my brother in-law. so it’s really hard to deny, plus they already ran my credit and know the score… argh !

Technorati Tags: brother, car loans, cosigner, credit score, expensive cars, financial situation, judgement, loan company, money, nex

I have a couple of credit cards that I had to let go a couple years ago. It seriously dropped my credit score, but now I am starting to make the income to fix it. But since the damage is done, and some have already been written off, is it better to wait for it fall off my credit report, try to settle, bankruptcy, or what?

Technorati Tags: bankruptcy, credit cards, credit report, credit score

I am in the process of settling my debt by paying off each discrepancy one at a time. I have paid off two so far but I haven’t seen a difference on my report. Most issues because wont be removed until 2014. How long will payments take to reflect on my credit score?

Technorati Tags: credit score, discrepancy, one at a time

I am about ,000 in credit card debt and have ruled out paying it (actually it’s two cards) off the right way… I know, I know but it’s just not possible!

Would I be better off settling the accounts or just to begin trying to build new credit? I have been told that settling debt doesn’t help your credit score, is that true?

Technorati Tags: cards, credit card debt, credit score, settling debt

After a long illness I filed for Chapter 13 to save my house. The house has been on the market for two weeks and I just got a contract on it. Selling the house will discharge my Chp. 13. After selling the house I am eligible for another VA loan, but the Chapter 13 ruined my credit score (510). What should be my game plan? My annual income is ,000, and i would like to buy another home in about a year.

Technorati Tags: annual income, chapter 13, chp, credit score, game plan

Ok, Just people who actually know about this answer. And no smart answers please. I’m 19 years old and have about 18,000 in debt. When i was 17 .. a company sent me a credit card although i was under age with a really high limit, I don’t remember applying for it but obviously the birth date must of been incorrect. I always paid everything on time and had a credit score of 734. A few things happened and i fell behind. Now I’m paying one of the credit cards which is 350 a month. Plus car payments and all. I’m worried that i won’t be able to file bankruptcy because of that credit card, what if they have the wrong birth date? What will happened? Because that would be illegal right?. I need some sort of debt relief program. Any suggestions??

** IF I FILE BANKRUPTCY , HOW LONG BEFORE I CAN BUY A HOUSE? HOW LONG WILL IT TAKE ME TO REPAIR MY CREDIT. HOW LONG UNTIL THE BANKRUPTCY IS REMOVED FROM MY CREDIT?? AND ALSO DOES IT AFFECT ME GETTING A JOB, GETTING INTO SCHOOL OR ANYTHING???

Technorati Tags: 19 years, bankruptcy, birth date, car payments, credit card, credit cards, credit score, debt relief program, getting a job, high limit, smart answers

I know i can settle but should I settle if it is going to hurt my credit score has much as never paying?

Also, if I am negotiating with a bank can I ask them to settle and take them to take it off my credit record?

If so, how do i make sure they will?

Also does it matter to my credit score if I have one "never paid" accounts or ten???? Meaning if I settle with 9 but not with 1 – will my credit score be just as bad then if I didnt settle with all.

Technorati Tags: credit score, quot

My husband and I are about ,000 in credit card debt and we are drowning financially. We want to avoid bankruptcy, but we can’t even make minimum payments anymore. We have considered using a company called Superior Debt Settlement. They have told us that they can settle our debts, set us up with a payment plan and we can be of debt in 3 years. At that time, they pay for 3 cycles of debt restoration so that our credit score will look much better. Is this a good plan or can someone recommend a better plan. Has anyone ever heard of or used this company before?

Technorati Tags: 3 years, bankruptcy, credit card debt, credit score, Debt Settlement, debts, minimum payments