I am new here and I'm amazed & impressed by many of you!!! For the past week I've been searching for relevant financial advice and nothing I've found in book stores, in the library or other parts of the web/newsgroups compares with the apparent insight and experience of what I've read here. As with many of you I'm currently in credit purgatory and need good advice to keep out of hell. In a nutshell, I was low man on the totem pole at not one but two internet companies that hit the "delete key" - gone! So my low pay and long hours (with dreams of potential stock options) left me empty-handed and has lead me to part-time consulting for the past year and things have gotten bad. Currently my CR shows I'm maxed out on 3 of 4 CCs (paying minimums) and the 4th is in Collection since 11/01. I have not had any communication with the creditor or CA on that 1 card. I got a letter 2 weeks ago from the CA claiming they will now compile my personal credit data and I should "remit the balance due immediately or call to make suitable arrangements." A sympathetic relative may help me a bit and I'd like to negotiate the Coll., fight to repair and improve my 3 FICOs (500-549-556) asap. From what I've read here many of you have had success with similar situations. First, creditnet seems to suggest to get a lawyer to negotiate, is this only for BK or can they do a better job getting a settlement? Especially one that will clear or improve my CR? What might an Esq. charge? If I do it myself, am I better off dealing with the creditor or the CA? How long does this process take (and how long before improvements show up on my CR?) Please help!!! (appreciation in advance!) jerseyboy
I have my latest CR, which I got from the local CCCS. One CC is in collection and there are 27 - 30day and 6 - 60 day and 1 - 90 day late. I'd like to know if I have a decent chance of negotiating the CC in collection and get some of the bad marks removed (or improved) on my CR? I want to pay off part of the debts and to improve the credit score situation. What is the best method of attack to improve the situation in the shortest amount of time? Thanks
Which is worse for my CR, the 1 collection or the 20+ late pays spread across 7 different creditors? If the collection is worse, who do I have a better chance negotiating with - the creditor (B of A) or the CA? To get a major part of the collection in settlement, is it possible to negotiate that they also clean up the negative references on the CR? I am ready, willing and able to be very aggressive. But I'd like to start out knowing what the reasonable expectations are. My impression from this board was that some creditors or CA want to get as much as they can and will take less and they have agreed to repair credit references in exchange for the $$$. King-thanks for your advice! "Never confuse data with information, information with knowledge, knowledge with wisdom."
