He’s gotten a couple of letters from one of those companies that buy old debts and try to settle them, stating that he has a years-old debt to T-Mobile. Problem is, he’s never used T-Mobile.
What can we do? Should he just wait it out? Is it true it won’t count after seven years anyway?
No repos, but unpaid credit card debt. I guess in 5 to 6 years the seven years should be up and they will be removed from my credit report- however in the mean time, should i file for bankruptcy or should i just wait it out? I’m wondering what is the best way to start building my credit back up. Thank you, I know people get very touchy about debt questions! lol I appreciate helpful answers, not hateful ones.
I have about ,000 in credit card debt. I have tried to pay them but I can’t because I lost my job and have been falling behind, in fact some of my credit cards have been charged off.
Just recently I started a new job and it doesn’t pay well because it’s a retail store and it just pays enough for gas and a little bit of food. What I want to know is should I settle my debt and just pay the difference to ease the burden on me?
The other question I have is that I heard that if I settle my credit card accounts, the agencies and/or creditors can ask for their money again and will come after you? Is this correct? And will they screw up my credit again after I agreed with a settlement?
I heard that if you settle they will come after you about three or four years again asking for their money and will screw up the credit for another seven years on top of the previous seven years. I just need clairification as to what to do at this point. Thanks for answering my question BEST ANSWERERS
Or is it pointless to settle this debt. It is 3000 dollars and 5 years old. The SOL in my state is 6 years, and I’m considering paying it because i need to help my credit. I cant get accepted for anything because of this. So my question; if i pay it, am I going to help my credit, or should I just let it be?
So if i pay it will the seven years start over from the time i pay it? Also ive heard its different if you pay the full balance versus negotiating the debt down. Is this true?
well thanks guys, there is some conflicting info here. Im confused now. It is not the original debtor it is a debt collecter. they sent me a summons to respond, (not to respond). So im thinking i’ve got to deal with this anyway
I have about K credit card debt, have been making monthly payments till now life was smooth. But at the moment I am not able to make them and was thinking of settling the debt with them. Let’s say I settle that for K (that is too high of an expectation I guess, or file bankruptcy). How much would I end up paying in taxes when they send me the 1099?
Forgot to add that:
1. I am ready to pay the K upfront (or at the max 3 months)
2. I went to the NFCC and the interest rates in the "Debt Management Plan" that they were offering were higher on most and lower on some accounts. In the DMP, I end up me paying more monthly minimums than what I am paying at the moment!
NFCC – The National Foundation for Credit Counseling, the one Clark Howard Suggested on his CNN show.
1. Even if the debt is ’settled’ and is on there for seven years, can I start rebuilding my credit, after ’settling’ the current one for say k (assuming I am lucky) in like 3 months, by getting a secured credit card? Or only places where I should worry about "Credit history/report" is (1) Home Loan (2) Car Loan (3) Credit card (4)Store Card….am I missing anything else here?
2. And what about the 1099?
I had a debt (that I was in dispute of) placed for collection in Aug 1998, which was over eight years ago. It was removed from my credit report in 2005, but I just received a phone call from a collections agency, Diversified Collections Services (DCS) asking to call back and settle. Is federal law seven years, ten years, or longer? Thanks.
I filed Chapter 7 three years ago, does that disqualify me from filing a Chapter 13 before seven years or ten years? Thanks for the thoughtful responses.
I am 26 years old and over ,000 in debt. About ,500 of it is in credit card debt, 00 in car loans, and 00 is in a lien for an accident I caused. There is another 0 in miscellaneous debt. I am married with two small children. My husband and I have a monthly gross income of about 00. In about a year, I will be needing a student loan for my last bit of college. We do not own a house, but we do own one car (the other we are paying off). We would, in about three or four years, ideally, like to try and get a house. Should i file bankruptcy now? What would I lose, if anything? The two cars we have are 6 and seven years old. I appreciate any advice.
I have not used any cards in a great while. I really do not see putting off college any longer, plus with my degree I will be able to earn a considerable amount more that i do at this time. As for asking creditors to lower the rate I would definately consider that. Is it really that easy–just call the company and explain that i want to pay the debt off? What about the lien–can I do anything there? Thank you again.
I need to know if I settle on a debt does make my credit score worse than if I just paid the entire balance? Or is it gonna still be seven years just the same and how does either payment method report to beauros.