Staring In The Devil's Eyes

Discussion in 'Credit Talk' started by broncsboi, Sep 8, 2003.

  1. broncsboi

    broncsboi Well-Known Member

    Iâ??m looking for some answers and/or suggestions on where to begin on this long and scarry road for my sister. We are living in Arizona. She moved here from Colorado a couple months back. Her credit report is in disarray to say the least. Her credit score is 443. She moved in with me so she can get back on her feet and in hopes that I can help her gain some financial knowledge. She is only staying with us until February 2004. So she only has a few months to start getting it all together.

    She has a good job as a C.N.A right now and has been doing that for a couple years. She takes home around $600-$700 every two weeks.

    This is the just of her credit report:

    FST Premier Balance $462
    Past Due: $462
    Condition: Derogatory
    Status: Collection/Charge Off
    Remarks: Charged off as bad debt â?? Profit and Loss Write off

    FNBMARIN Balance: $737
    Past Due: $0
    Condition: Derogatory
    Status: Collection/Charge Off
    Remarks: Charged off as bad debt â?? Profit and Loss Write off

    FNBMARIN Balance: $0
    Past Due: $0
    Condition: Closed (Paid)
    Status: Collection/Charge Off
    Remarks: Payment after charge off/collection â?? Settled â?? less than full balance


    FSB FINL Balance: $5306 (Auto Loan)
    Condition: Derogatory
    Past Due: $750
    Status: Repossession

    FSB FINL Balance: $1198 (Auto Loan)
    Condition: Derogatory
    Past Due: $0
    Status: Collection/Charge Off

    WESTERN FUND Balance: $0
    Condition: Closed
    Status: Current


    There are TWENTY-ONE (21) accounts listed here. All are listed in â??Collectionâ?? and all but one are listed as â??Open.â??

    The â??Date Reportedâ? are from 2003, 2002, 1999 and one in Dec. 1997.

    Judgment filed 1/1/2003 - $539.00
    Judgment filed 12/1/96 - $326.00


    She doesnâ??t have much cash right now to start paying or attempting to pay anything. So thatâ??s another quandry.

    Should we (she) start with the smaller accounts to contact and pay them off?
    Should we send out validation letters to all of the Collection Agencies?
    Should we send out validation letter to all the Credit Bureaus?
    Should we pay off the judgments first and foremost?
    Should we wait until she has some cash to pay before we even think about tyring to start something?

    I know she has a horrible track record and a rough road ahead so please, no derogatory comment, only true help or suggestions needed right now. Weâ??ll laugh about this laterâ?¦much later.

    My Main concern at this point is that her and her 20 year old son have to be out of our house in Feburary. So the biggest concern at this point is making sure she can get into an Apartment then even though she has an apartment listed in collections:

    Original Creditor: 09 Camelot Club Apartments
    Type: Collection
    Date Reported: 6/1/2003
    Balance: $1151.00
    Condition: Derogatory
    Remarks: Placed for collection

  2. jlynn

    jlynn Well-Known Member

    Are all of these within SOL?

    Apartment - no experience. Have you called around to some apartments, explained the situation and see what their minimum requirements are?

    That is going to be the first one to tackle.
  3. broncsboi

    broncsboi Well-Known Member

    Regarding the SOL. Please explain.

    Should we see when the Statue of Limitations expires to ? Collect? File? List? And since they were filed in Colorado I'm assuming its the SOL of Colorado not Arizona where she lives now right?

    How would I find out the SOL? Where to check?
  4. broncsboi

    broncsboi Well-Known Member

    Colorado Statutes of Limitation

    Domestic and foreign judgments: 6 years and renewable each six years. Note: If for child support, maintenance or arrears the judgment (lien) stays in effect for the life the judgment without the necessity of renewal every six years.

    All contract actions, including personal contracts and actions under the UCC: 3 years (C.R.S. 13-80-101), except as otherwise provided in 13-80-103.5; All claims under the Uniform Consumer Credit Code, except sections 5-5-201(5); All actions to recover, detain or convert goods or chattels, except as otherwise provided in section 13 -80-103.5.

    Liquidated debt and unliquidated determinable amount of money due; Enforcement of instrument securing the payment of or evidencing any debt; Action to recover the possession of secured personal property; Arrears of rent: 6 years, (C.R.S. 13-80-103.5)


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