i really need advice

Discussion in 'Credit Talk' started by iamsoconfu, Jan 7, 2015.

  1. iamsoconfu

    iamsoconfu New Member

    Hello, my name is chris and i'm 29 years old. I used two credit cards years ago when i was in my early twenties and couldn't afford to pay them and they were sold off a bunch of times since. The interest and finance charges brought the debts up to 4500 on one card, and 6500 on the other. I probably spend about 2500 or 3000 on each card. I also had a leased car that i went over the miles on and damage and i owed 3500 dollars. About 4 years ago i tried to consolidate the credit with credit consumer consolidation, some company i found in texas at the time. I made about 1 or 2 payment from what i can recall and i stopped after. I would get phone calls all the time from debt collectors threatening me in all kinds of financial ways. I received a call from this lawyer once named michael j. scott but i just couldn't afford to do anything. I never had any judgments or garnished wages before and i haven't really spoken to any debt collectors in a few years. Recently i noticed that i was getting credit car offers at my bank and at clothing stores so i applied and have been approved. I was very surprised. I went to a teachers federal credit union and asked recently about a personal loan. They said on my credit report one credit card from capital one is popping up at 4500 dollars so if i could get them to write me a letter stating what i owe and bring that in with a copy of my pay stub i could possible get a loan that would encompass that amount and whatever other amount i asked for on top of that at 11 percent interest. I thought maybe that would be a good idea. Then i asked the banker about hsbc bank and why that wasn't on there. She said they must have not reported but could soon. I also asked about nissan motor acceptance corporation, she said it was written as satisfied or something like that. I had no idea why. So recently i got a call from a man working at Everest Receivable Services asking for money on behalf of their client. They called asking me to confirm an address. I asked what it was about and they were being shady. I just came out and asked them, are you calling for capital one? Then they told me no, for hsbc. I was suprised. I was like i guess applying for that loan is why hsbc popped up now. They told me they would settle 6500 at 2,052 dollars. I don't have that money. I told them i think that i started those debts nearly 7 years ago but i may have restarted the clock on myself in 2011 when i made 1 or 2 payments. I am reading a bunch of stuff online with all these acroynms that i don't understand like dofd and i just don't know what to think. This man emailed me an email saying "as per our conversation" and it's this settlement email, with a line at the bottom that says signature. He plans on calling me back tonight at 5:30pm. I don't know what to say to him. I want to say, leave me alone and just wait and hope it drops off my credit sooner or later. I saw my credit score was a 650 from the banker at teachers. Could somebody give me some advice? Thank you so much
     
  2. jam237

    jam237 Well-Known Member

    The 7 years isn't the date that you want to go by; what you need to find is the Statute of Limitations (SOL) for your state.

    If you've moved out of state, you'll want to look up both state's SOLs because SOLs can get sticky when you've moved.

    The SOL is the limit that you can be sued for the debt. The 7 year time period is only how long they can report it on your credit file. The 1 or 2 payments in 2011 may not change the 7 year reporting period, but it *CAN* affect the SOL.

    The best advice is to not talk with them on the phone, if they call, ask for their company's name, address, fax number, and send them a fax or certified letter immediately letting them know that it's inconvenient for them to call you. If it's not in writing, it didn't happen, and they'll use anything you say (or that they can claim that you said) against you.
     
  3. iamsoconfu

    iamsoconfu New Member

    Thank you so much Jam for replying. I looked up the sol for both ny and texas and it's 6 years in ny and 4 years in texas. I tried to call equifax, transunion and experian but all three attempts were so confusing with the automated response. I kept trying to find the dofd but i was having no luck. The reason i was looking for the dofd was because, i am under the impression that the clock for SOL starts at the DOFD. Is that correct? I remember getting phone calls in 2008-2009 about the credit debt which was 6-7 years ago, so I think I may have passed the SOL time period but I am not 100 percent positive.
     
  4. AaronatFRS

    AaronatFRS New Member

    dude, let me start out by saying those debt consolidation companies are almost as bad as the collectors themselves. Not only do they call you just as much if not more than the collectors but paying down a debt doesn't automatically fix the credit problem as the three credit bureaus report late payments up to 3-4 years back which hurts you even if you start trying to take care of it. I tell some of my clients in similar situations to stay away from this approach and don't answer to collectors until together we've reviewed their credit report and made sure this isn't something we can directly dispute or get taking off for a number of "valid and legal" reasons which even some credit repair companies can't fix because they too are only focused on getting what THEY can get from you. I mean everyone's motivated by money to one end or another but, pulling your credit report on a reputable site such as creditchecktotal.com (which shows you ALL three credit bureaus instead of just one like credit karma etc.) and talking with someone that knows what you're looking at and can back it up with solid sound advice based on the consumer laws put in place to protect you in situations like these (which most people don't even know about) and the option to ACTUALLY help is you're best bet if you are indeed willing and ready to improve your score. Or research and do it on your own if you have the amount of time it takes to learn what you need and be prepared to send countless letters to creditors and the bureaus and open up pandora's box while filing up your mailbox with correspondence letters. I may have went too far and answered questions you weren't specifically asking but, I was in the same boat as you until I took action. I hope this helps and as ALWAYS I'm here to help. - A
     
  5. AaronatFRS

    AaronatFRS New Member

    if you use creditchecktotal.com just cancel after the $1 payment otherwise they'll start billing you $29 a month too. And in a lot of cases with late payment history and disputable claims I've gotten similar things taken completely off FOREVER from their credit reports so it is possible to fix and address these issues just depends on your knowledge and how you go about trying to fix it dude. - A
     
  6. iamsoconfu

    iamsoconfu New Member

    Hey AaronatFRS, thank you for that response. I think I might not be ready for all of that. I decided to go to college again but later in life. I'm turning 30 in a few weeks and graduating with a bachelors of science in health science in may of this year. I plan to go to nursing school after a year of building my science gpa at a local community college and doing volunteer clinical hours. So, after that year, if accepted, 2 years of nursing school would put me at 3 years away from any potential real career. With that being said, I couldn't afford much of anything as far as making any payments (not sure if you suggested that, actually you may have said the antithesis of that in the beginning), and I may not have time to get on top of all the letters coming in if I open that box. I need to focus on studying and getting my rent and car insurance paid on time. With my life circumstances being more clear, do you have anything else you'd like to add as far as advice from one human to another? Thanks again.
     
  7. Credit-Ed.

    Credit-Ed. Member

    Great advice that jam237 gave you about not talking to them on the phone. Basically what a collection agency is doing when they ask you for ANY of your information, is verifying your debt so that they can proceed with collecting. From what your saying, you don't seem to have the time to dispute items that probably shouldn't be on your report anyway, but you also don't want to put money into having a company do it for you (NOT referring to a debt consolidating company), and that could make your situation a better one...therefore, the only thing it seems that you want to do is just stop the collection calls. If that's the case, you can send the collection agency a Cease and Desist letter which legally tells them to stop the harassing calls and to not repeat the actions again. But be aware that that one letter to that one collection agency, does not stop all calls from all agencies. Worst case scenario, they may even have the audacity to try a lawsuit to collect the debt, in which you MUST appear to court or else the collection agency will get whatever they're asking for(default judgement).
    I do hope everything is working out for you
     

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