I REALLY hope someone here can give me some good advice. I am an educated woman with a Masters Degree, 2 young children under 3, currently a Stay at Home mom, and an ASS for a husband who has screwed me over. I cannot leave him, but I need to get my FICO score back up and pay off a debt and I am being pressured to settle, or do a payment plan. I really don't know what to do. Up until a couple of years ago my credit score was 700. My husband has always had HORRIBLE credit, and we had to use MY credit to finance everything (our home, 2 cars, etc). Meanwhile, we had two children and our marriage went downhill. Even though all of the bills are in my name, my husband ALWAYS paid everything, as I haven't worked for 5 years. To screw me, he STOPPED paying our AMex bill 6-7 months ago and did not tell me. He knew that it would only affect ME. By the time I found out, it had snowballed to over 6K and I could not pay it. He refuses to pay it. It is all in MY name. His credit is below 500 because he has ISSUES yet he doesn't get that if we let MY score drop, it will affect both of us as we had depended on me for finaincing things. Fast forward to today....AMEX is the only negative thing currently on my credit, and my score is down to 560!! We owe Amex a principal of 6500, but with all of the interest that has accrued, we owe 7900!! It has now (7 months later) been sent to an attorney's office (who I am guessing is a collection agency), and the collection agent is trying to pressure me to settle for $5300, but it will say "settled" on my credit report. He also said that we could pay the full $7900, but I do NOT have that kind of money. We need this cleared up SOON so that my credit has time to recover in 10 months when our car lease is up and we will need to refinance. I read about asking for a letter of deletion and paying 50% of the debt?? Is it too late to request that once it has been sent to collections? Can anyone HELP me?? THank you and god bless
PLEASE!!!! Can anyone help me?? thanks....I am freaking out....I need some really good advice on what the best way is to pay as LITTLE as possible on this debt, AND get everything deleted from my credit report, AND increase my FICO....HELP!
You are not going to get deletion by just offering settlement for less then full balance. Either you save money or pay in full and ask again for deletion. You can always pay and let them update what they will, then follow right behind them and dispute the account try to get it off of the credit report. Keep disputing every 60 days make up reasons to re-dispute or look for errors in the reporting. If it gets deleted, the creditor or collection agency can still update and add it back, but the Credit Reporting Agency must give you 5 business day notice of reinsertion. If they fail to notify you then you can write in and ask for the item to be removed due to improper notice of reinsertion. It works I have gotten items off this way.
If it's AMEX, you might as well forget getting it removed, especially if you haven't paid it in full. And you won't get another AMEX account until they're paid in full, either. My suspicion is that the debt is still owned by AMEX and they have a lawyer handling the collections for them. Your best bet is to try to work out payment arrangements with them.
Is deletion from the Collection AGency out of the question??? What if I don't settle, and pay it in full only if the Collection agency deletes it? Will that work? What would you suggest is the best way to pay/settle a very deligquent charge AND get it deleted? My collection agency is saying that I have 2 options: 1) Settle at $5300 but then it will say "settled" on the credit report or 2) pay in full $7900, but it will say "paid in full" on credit report. Which of the two options above would allow my FICO score to increase as much as possible in 10 months??? Are you saying that my ONLY option to getting it completely deleted is to go through the 3 credit bureaus??? I am so confused....and devastated that he did this to me....thanks for you rhelp!
As Hedwig posted and I concur I seriously doubt AMEX is going to do anything unless they are paid in full. Usually it is the easiest to do such when the OC has charged off and it now is in the hands of a JDB. Also you can settle for a lot less than CO. What are your other debts? What's the rush? YOu should get all three of your credit reports and see what is on them. Then any of your accounts that are only yours and not in his name as well keep, and hide away. The ones that are in both of your names try to pay off and then take your name off, or close them even if it may mean a lower score. You just might need those cards that are yours and yours alone so keep them hidden , use them every so often ,to keep them current. ALso maybe you might want to speak to someone and take care of you and the kids Woofer
I don't think it's really with a collection agency, or if it is they are just collecting. I don't think the debt has been sold. In that case, you have little chance of getting a deletion in my opinion.
TracyHeart, you've received some good advice here. YOu can make arrangements with the CA to pay it but a settlement is unlikely. My heart goes out to you. You may not realize it now, but your problems are way more serious than a little ding on your credit report. Hopefully instead of focusing so hard on fixing the credit, you'll use it to wake you up to the real issues you are facing. I know it's not easy -- I was married to a drug addict for 30 years. Two years after the divorce, I'm still cleaning up the mess. Look at the big picture, but don't let the "bigness" of it make you feel hopeless. Just focus on the next right thing to do.
MORE questions.... What is "JDB" and "CO"??? I am very confused....This is a whole new language for me....I appreciate you all taking the time to read my posts and help me out....But, I just wish I understood all of the lingo....WOuld someone be able to explain it to me in plain english of what would be the best way for me to deal with this? It is definately with a credit agency, and no longer with Amex's CA....It is with a local law office, so I DO believe they sold the debt, unless I am completely wrong. My goal is to clean up my FICO in ten months so that I can restore my credit and leave him!! I cant get approved for ANYTHING on my own with this credit score, and right now his salary pays ALL of our bills....I can't afford to just leave with the kids...I can barely get approved for $300 at Macys! (not that I want to, but making a point). I think my best option is to take care of my credit so that I can leave. But, I don't know enough about this and am trying to educate myself so that I can negotiate with the CA....I really dont want to make a mistake....This debt is already SERIOUSLY delinquent and 7 months late.... Everywhere I read onthe internet says that CA's almost ALWAYS will give you a letter of deletion if you pay or settle.....Can I ask why several of you feel this is not an option for me....I mean, if I am going to spend every last penny that I have right now (my safety net) to pay off this flipping debt (of which 75% of it HE accrued!!), it better be deleted off of my credit history, or whats the point??? Can someone explain this to me please? Thanks....Sorry for the vent....I am so pissed
Just because it's with a local law office does not mean they've sold the debt. Nor does it mean that they are a collection agency. They are most likely exactly what they claim to be--a law office collecting for AMEX. AMEX often assigns debts to law offices for collection, while still retaining ownership of the debt. If it were an actual collection agency as opposed to a law office, I might be more inclined to believe it was sold. A JDB is a Junk Debt Buyer. I'm sure you're not dealing with a JDB right now. CO is charge off. American Express is a hard creditor to deal with. They are not as likely as many to make deals. They are more likely to actually file suit than to threaten to file suit.
go back to oc and see if they will do full deletion with full payment same thing with ca.i know this is hard for you but i'll will pass remember you have to kid's to protect you will need to address the problem just hang in there's a lot of people here to help you through this
This may be a very good option for you Tracy. I believe it will let you repay the debt under terms it sounds like you can live with - assuming ASS will release the funds for the payments. As someone else mentioned, Amex does not generally sell off their paper, and this is likely an attorney's office on contingency - or they are about to sue you if you don't do something soon. Amex is quick to pull the lawsuit trigger, and I imagine since the rest of your report is clean as you say, they may be interested in going after you. Call Amex and ask them about the Oasis...
As we have said we believe AMEX still owns your account and you should get your credit reports as this will tell you. I also think you would be wise to KEEP YOUR SAFETY NET AND LEAVE NOW not LATER. If AMEX is the only card you are not current with then you have other credit for now, another VISA or MC? So that is fine. If you don't you STILL have your money and I am assuming it is at least several thousand or more, correct? I have found that people that get into your situation and wait for the right moment to leave ,the right moment never comes and or it is too late. Why is the AMEX account so important to you anyway, and or your scores when you are now dealing with something MUCH bigger and much more IMPORTANT? Your children ,safety and your peace.. Woofer
go now I agree with woofer. Your credit isn't as important as you seem to think in this situation. The best credit in the world won't help you out of this situation if you have no imcome of your own. You have many more things to worry about than this card. The safety net you have will be needed at a later time for attorney fees, rent, and food. For your basic living expenses when you do leave. If you are indeed in a marriage you need to get out of - please go now. AMEX can either work with you or wait. You and your children are more important than AMEX.
