Just starting to deal with cleaning up my credit. Went through a bad time a few years back and I've really got a BIG MESS! I,ve seen co. on line that you can pay to unscrew everything. What's your opinion? My credit score is like 572.TU. Is bankruptcy the answer? I don't want to go that way but I'm OVERWHELMED to say the least. EQ shows me 30K more????? in debt at 552. I need help in a big way. What to do? Thanks, it's nice to know you can help me find daylight. Joop
Welcome to CreditNet! I'm tourguide Barbie (let's see if anyone what movie that is from). Can you be a little more specific about what your debt situation is - both on and off your credit report? I'm assuming you have chargeoffs and collections? How much and when did you last pay on them? Is there any debt NOT reporting yet to your report? the biggest question is can you afford to pay for deletes? can you afford to pay anything? since this is probably within SOL to collect, you must tread carefully.
I lost my job about 3 years ago. about that time I quit making payments on some pretty heavy CCs. I started living off CCs. No, I really can't afford to pay on most of them but I am willing to try whatever is necessary to get to a better place. Why would one bureau have me at 33K and the other at 63K? are they listing the the collection agency amount along with the cc balance? My credit until 2002 was very good.
it sounds like their may be a TL for both the OC and the CA which is causing the difference in amounts on the credit reports. since i can't see your reports only you can figure it out. have you checked your state's SOL for collecting? if you are within that timeframe for them to collect on it, exploring bankruptcy may be an option. i'm not an advocate of it, but with the new BK law going into effect soon, one can't dilly-dally on a decision like this. but do me a favor, and research all your options before making a decision. and if you file bk, you MUST show your face the day after discharge so we can help you repair your credit
If you have a job and can make monthly payments this may be your best route. If not you may be able to file for chap.7 bankruptcy. I know you don't want to go this route,but it clears the record of all debts. No more collections. You get to start over. If you want to pay them try chap 13 bankruptcy. You could also try to work out something with your creditors. $5.00 a month until you are back on your feet. Make a list of all debts. 1. largest first/interest rate/ bal/ payments behind Add them up to see where you stand How much can you afford to pay on the total? Divide the total payment amount by the no of bills. This is an avg payment see if they will accept this. If you can afford 200.00 a month and have 20 bills 200/20=10. continued
just wanted to add that the sooner you either file BK, pay them off, settle or whatever, the sooner you can start cleaning your credit.
Another way to figure it is divide the no.1 debt by total debt to get a % of total. example debt no1 6258/19378=32.2% Keep doing this until you reach 100% of total. The % figure is what you use to compute the payment amount for each debt. 200x.322=64.40 is payment for no.1 keep doing this until the total payment fund is used up. Now as for you, do not worry about all this debt. Life it happens Now we just learn how to deal with it. Your turn Wizzard
