Ok here's the deal DH wants to begin repairing his credit enough to be able to buy a house within the next couple years. We do not want to go the all the way credit repair route just yet. We both work stressful full time jobs and don't have time to do all the work to get everything shiny clean at this moment. He wants to pay his charge-offs for mortgage purposes, and THEN begin complete credit repair at a future time. I explained how paid charge-offs are just as bad as unpaid, the CA's don't necessarily play nice just because we want to pay, etc. He is okay with paid charge-offs on his CR for now. We just want to know how is the best way to pay off everything he owes to CO's and CA's without screwing himself too badly in the process, and how to protect ourselves when in negotiations with them. I already told him to pay with money orders. Any constructive opinions/advice would be greatly appreciated!! Here's who/what he owes: Local County Child Support We're not worrying about this one right now. Its marked 'Current, was past due 180 days or more' with a balance of $13,000. "Rip Off Car Dealers" ("guido" type car loan, the kind with in-house financing at break-your-legs interest rates) He was upside down in this loan, got in an accident which totaled the car. Insurance paid only part of it, he now has a balance owed of $2899 as of Mar, 2004 First Premier Bank credit card $268 Date open: 5/01 Balance Date: 5/03 Credit line closed-consumer request-reported by subscriber Payment status - Charge off I C System Inc. Collection Department account status closed Date open: 9/2000 Balance $584 Balance Date3/01 Remarks: seriously past due date/assigned to attorney, CA, or CO's internal collection dept. First National Bank/FNB credit card Date Open: 1/98 Balance date: 11/30/01 CL/orig. amt: $1100 Remarks: transferred to another lender or claim purchased Payment status: now paying/was a charge off (??? we are not paying this) Cross country Bank credit card Date open: 4/01 Balance: $836 Balance Date: 2/13/04 CL/orig. amt: $350 Past due: $836 Remarks: not reported Payment status: charge off Ok, where do we start? Oh, and we live in California. TYIA flygirl
The path of least resistance is the one that never works Fly. But you should begin by separating each of these issues into a separate thread. Questions with "too much" in them just become too complicated. Know what I mean?
well wow,where should I begin hmm lets see. first I would dispute the acct with the CRA ( credit reporting agencies) and maybe youll get lucky and get some of them deleted and have less to deal with, then if you want to pay the C/O that remain I would contact each CA or OC ( ca= collection agency ) (oc= original creditor) and request validation , that way they have to prove the actual amount of the debt you really owe. after that if you agree with the balance you can make them a settlement offer based on the age of the debt and if they agree you pay a smaller balance to wipe it clean, but it will still report as a paid collection acct which hurts your score when trying to buy a home, I would offer payment in exchange for a deletion letter up front and agree on the $ amount. if you dont agree that is what you owe or the Ca fails to send you validation theres another route to go keep us informed and we can talk you through the steps. dont let the Ca or the Oc bully you , you can make payments and do not have to post date a ck or pay the entire bal at once they should be willing to work with you and happy that you are willing to pay what you owe and be responsible, if they wont work with you at all contact the Oc ( original creditor) by CMRRR( certified mail return reciept requested) and explain your position. good luck hope this helps you with a place to start.
since your in CA the sol= statute of limitations for written acct is 4 years it looks as if you are on 3 yrs now bit im not sure. have you made any payments since then? this would cause the SOL to toll. you need to be carefull since you are still within the SOL if you contact a CA and decide to not pay or cant afford to pay they can sue you and get a judgment and make matters worse you have options just need to choose the best one but like I said start with your disputes with the CRA and then go from there, that will take about 30 days. then as your isues arise post them seperately each acct in different threads as butch suggested you may get a better response.
My husband and I had a lengthy conversation about this. I explained to him what his options were, concerning his CR. This is what he wants to do. I offered to post this for him. We are married, but still very individual people. All I can do is give him information and offer my opinion. What he chooses to do with it is completely up to him. I hadn't realized I committed a message board faux pas by giving too much information. My intent was to spare you from posting back 'we need more information from you'. So I see my thinking has backfired. (deep breath) Ok, now that I have said that, I want to thank you for all the info. I will be sure to show it to DH, and help him draft his first letters. I'll let you know what happens. flygirl
Geez the server is agonizingly slow tonight.... I told my DH what fun4u2 posted. He's going to wait until the neg. TL's are out of SOL. Thanks for the info fun4u2 :-D
your welcome good luck if you keep reading this site enough you will learn alot especially from the experts, that how I was able to prevail with my issues .
