Internet's first get-out-of-debt community - 136,000 members

TheCorumguy · Posted: Sat Jul 22, 2006 12:06 pm Subject: old debts

Just found this place the other day, and you all do a wonderful job of running this site with such a positive and welcoming air in it!

Couple questions for you experts. 3 years ago I got into some financial problems and had some things charge off and have been trying to play catch up ever since. I have paid off/settled with CA's for all but 2 items. Both items were sold to CA's, and I was harassed in the beginnning, however haven't heard a word from either for over 1.5 years. I am financially able now to pay them now, however should I? Since it's been such a long lapse in time in regards to communication with them, should I even bring it up, or hope that they were forgotten about or lost in the line somewhere? One item was around $3k for a student loan via WellsFargo originally, and the other is an old CC debt for around $1k.

Thanks in advance!

TheCorumguy · Posted: Sat Jul 22, 2006 12:08 pm Subject:

Also-what is a DebtCC point under each person's username on this forum? Secondly, does this place operate by working with debt consultation companies?

Posted: Sat Jul 22, 2006 4:50 pm Subject:

Well since no one has answered your question yet, I will make a stab at it. First when you actually register as a member on this site you receive a free debt counseling call and they can refer you to debt consolidation companies if necessary.

As for the debtCC points, when you are a member, evertime you post a question or answer or comment you earn about 1 point, each point roughly being worth about 1 cent. When you get to 1000 points you can request to cash them in or you can save 'em and cash them in whenever. Any more questions, just ask---everybody is always ready and willing to help.

Posted: Sat Jul 22, 2006 7:29 pm Subject:

It is my understanding that student loands ar enever forgotten. Normally, it's a good idea to contact the bank that holds the loan and make arrangements for deferment. It's usually pretty easy. Also, you can get part to all of subsidized student loans forgiven through certain types of charity work and community service. I'm not entirely sure what the requirements are for that. I would assume whomever at the issuing bank that deals with student loans would have more specific information about both the deferments and conditions for debt forgiveness. You could also check out the federal stafford loan website. Information about how to handle student loand debts may be on there.

Posted: Mon Jul 24, 2006 12:37 pm Subject:

TheCorumguy

chelleybelly729 is right. Student loans are never out of the SOL period. The company having your account details will make a call and ask for payments. However, you can check if the credit card debt is within the SOL period or not. Depending upon the date of last activity, you can check if there are still some possibilities of legal actions for paying the account.

Paying off the debt is always the best way of improving the credit. Don't worry about how much it will improve your credit file being in collections. Anyone viewing your file will see the accounts being paid off.

If your financial situation doesn't allow you making the payments and the debt is out of the SOL period, you can make a decision of not paying it. Even if the company takes a legal action against you, they won't get a judgment against you since you have the legal cover of the expiry of SOL.

Posted: Sat Mar 17, 2007 7:45 am Subject:

For the student loan you will want to log into http://www.nslds.ed.gov/nslds_SA/ to find out if it is a federal loan. By now, the loan will have defaulted and if it is a federal loan, will now be with the guarantor. You have many options with federal loans from rehab to consolidation to get it back into a current standing.

If it does not appear on the data base, then it is a private student loan. Interest rates on private loans are much higher. There are not many options when dealing with these types of loans. This type of student loan will sue to protect their interests.

Posted: Sat Mar 17, 2007 8:55 am Subject:

Please ensure to send a dv letter to each ca.Dispute every negative item on your credit reports. After 30 days you should see a new report and gain a better idea of who you owe and how much. Good luck and come visit me in the credit repair section of the forum. There are loads of good info on rebuilding your credit there.

Posted: Sun Mar 18, 2007 10:11 am Subject:

Student loans will never go away. It is like a incurable disease, once you have them they are hard as hell to get rid of. That's why I want to win the lottery so that I can write Sallie Mae a huge check and tell them to go away. Scoot. Get.... Laughing

I would recommend that you contact wells fargo and try to work out some kind of payment arrangement with them. But they aren't going away. How I wish you could put them on bankruptcy,but you can't.

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