I joined this form over 10 years ago, rebuilt my credit bought several cars and received numerous credit cards. To make a long story short I divorced in 2006 I was then minus my ex wifes income plus I had to pay child support. I went delinquent on 5 credit cards from some good banks in order to pay child support rent etc. I had no choice this was a difficult time. Their were times when I had no food or gas to get to work because I was trying to pay all of these bills. Anyway I decided to stop paying my credit cards which added up to over $50,000 Discover, Citibank, Bank of America, Juniper Bank,USAA FSB. All of which are scheduled to fall off of my report at the end of 2013. My employer is now requiring me to have a security clereance they pulled my report and want me to come up with a solution within 60 days or be terminated. The solution can be BK or Work out a payment plan with the credit card companies or some how prove that their not mine. Any advise would help.
50,000 in credit card debt is quite a sizable chunk. What kind of extra income do you have now to put towards paying off these debts? I personally view BK as a last resort option, but when you have this much debt to overcome it might be the best choice. Have you had a free consultation with a good local BK lawyer regarding your options?
I have an income now over $50,000 per year I dont want BK, I would like to work out a payment plan that I can afford with the CC companies. I would like to know if anyone had any luck getting credit card companies to settle with a lesser amount. All of the chargeoffs are over 5 years old. I dont get any threatening calls anymore. Their just sitting on my credit report as chargeoffs.
My employer informed me that I have to call the creditors and set up a payment plan, file BK, or prove that their not mine "like my ex wifes". which is not true because those cards were in my name. I have a salary of over$50,000 a year but that is no where near the amount that me and the ex made combined. These charge offs are just sitting their. And it looks like I swindled the credit card companies. I had A-1 credit for a long time if I didnt Discover would not have given me a $ 10,000 credit limit. USAA, $20,000 limit, Half the population cant even get a card from discover. I have not gotten anything on credit since 2006. But I just finished paying off a 6 year car loan. I have been on this job 16 years and I do not have a criminal record but they are treating me like a felon. I have access to classified material.
I went through the security clearance process a little over a year ago. Credit is something that is considered when deciding if you are a potential national security risk. My situation was that I needed to be granted interim clearance prior to receiving an employment offer. Once the clearance is granted, they can re-investigate and re-evaluate at any time for anything that will classify you as a potential security risk. This includes financial situations, contacts (especially international), criminal records, etc... Did you change to a position that requires a clearance, or did they just recently make that a requirement for an existing position? Also, who is demanding you fix your credit, the company, or the clearance investigation agency? Generally, full voluntary disclosure of financial situation with an explanation will be enough to be granted the clearance, depending on what level.
Im actually a service member and I have been on this particular job for a year and a half, They cleared me when I started this position in 2010. Now my credit is an issue, I have not gotten any thing on credit since 2006. Im not the only one here that was notified of this. My Command has authorized me access for 60 days but after that I have to come up with a solution. Their is only so much I can say without disclosing where I am what I do and what branch Im in.The Investigation agency which is not in the state where I am is demanding this. The people I work for and with are just following procedure.
I understand what you are saying...Perhaps the situation could be elevated to the office that deals directly with the clearance interviews...the other thing that I have seen with others going thru a clearance check is an interview process directly with the investigator to give you a chance to explain any discrepancies, credit or other wise...if this is NOT an option, creditors are bound by a special set of rules when dealing with members of the military/armed forces. Perhaps contacting them to see what can be worked out may help.
It sounds to me like you're most interested in working out a payment plan for all these debts. Like I said before, $50K is a lot of credit card debt to deal with, but people have certainly done it before. Many still hang around this forum from time to time. The real problem I foresee is trying to get it all accomplished within 60 days. List all the debts for us, how they appear on your credit reports, and then we can try to help you devise a plan of attack. Please also share what kind of cash flow you have to put towards paying down the debt each month or settling some of them in lump sums.
I spoke with a BK Lawer and Im looking at a payment of around 1400 a month with a chapter 13, The bad thing is the charge offs will fall off my report at the end of 2013. I think the BK will stay on my report for 10 years from the date I file. The BK Attorney also said I could try disputing the time limit with the CRs and try to get them to remove the charge offs since its been over 4 years. Any suggestions.
I would also try disputing the accounts. Only use the BK if all other options fail. Thanks! Heather with BoostMyScore.NET
Well I disputed all of the charge offs with the three Credit Bureaus. Im curious as as to what will happen.
Send a letter to the CRAs asking that they verify the information that is being reported by the data furnisher. Data on your credit report has to be 100% complete, accurate, and verifiable.
Update well I took everyones advice and disputed with the CRAs. I did it online the first time I did manage to get a couple of items deleted, but its not the same on each report. Transuion deleted a charge off from discover for $11.000 which was not due to come off until next year. They were the last ones I thought would come off because their always checking my credit report, And they harrassed me the most when I stopped paying. I only have 3 charge offs left on transunion compared to 6. I just typed a dispute letter which Im mailing tomorrow for the other 3. Thanks for the advice my security clereance is on hold pending the outcome. I dont think I need to file BK I could probably afford to pay whats left after disputting.
Congrats on the progress, and thanks for giving us an update too! Check back in often and let us know if you have any further questions, OK?
Update: Well after a few months of disputing I managed to get some of the charge offs deleted. Discover of all companies was deleted from all 3 bureaus. Two collection agencies were deleted. I still have over $30,000 in charge offs, but my security clearance was reinstated because of my efforts to resolve the this issue. Thanks for the help everyone.
