Quick Question about resolving

[JamieGee]

What is the name of your state? IL

I have a really (hopefully) quick question with an easy answer. I was unemployed for a while and have started working again. I would like to work out arrangements to pay off my debt, but I'm not quite sure how to go about it. Most of it is in collections and I know they are not very open to payment arrangements. Any ideas?

TIA-Jamie

 

[Ladynred]

Sure.. a few

First, pull your credit reports and find out what's on them and who's reporting what. That'll give you something to work with. If you want to negotiate settlements, you want to include updates or, better yet, deletions of negative entries on your CR.

Then, head over to www.creditinfocenter.com and read thru the info there, there's a section on settling debts. There are sample letters to use there to get you started.

Question - how long has it been since you paid any of the original creditors ??

 

[JamieGee]

Most of them have been 2-3 years (and mainly because I was young and irresponsible) but I have learned my lesson. The good news is that Capital One made me a great off to not only pay off my old CC (at 0% and marked as paid already) but also gave me a new line of credit, and I have my car which has never been late.

 

[kwalla]

Oh no.....Please don't do anything with Capital One until LadyinRed returns.

 

[Ladynred]

Please tell me you did NOT take Crap1's offer ..... its a BS scam to reage old debts and stick it to your credit report for ANOTHER 7 years !!

 

[jross2]

jross

First thing you might want to do is ask the CA's to validate your debts. Any debts that can not be validated should be put on the back burner as they are not collectable anyway. You can use that defense in court if they are dumb enough to try and sue you. Then you can concentrate on the others to get them paid off faster by making larger payments.