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Posted: Mon Oct 13, 2008 11:34 am Subject: Charge Off and Credit Report

I live in Florida, and my husband has a Wamu card that is in collection with I C Systems. The man made it sound as though it is still with Wamu, and was not sold, but will be charged off soon. The gentleman on the phone just told me that because we live in Florida, the charge off will stay on his credit for 10 years. I thought that was a federal law of 7 years, unless it was a government debt, which it is not. I felt that he was not being truthful on this; correct?

Posted: Mon Oct 13, 2008 12:21 pm Subject:

They lied. Its 7 years. Only Bankruptcy would stay on their for 10 years.

Guest · Posted: Mon Oct 13, 2008 12:47 pm Subject:

I haven't lived in Florida very long, but I was pretty certain it was wrong. The man even had a bit of difficulty saying it to me, kind of hesitatingly. Thanks so much for the info.
I saw a post where someone said if you can't pay them all, let Wamu charge off?

We owe:

B of A 53k
B of A 10k
target 12k
Wamu 16k
wamu 15k
Cap one 6k
Discover 6500
some chase cards I have worked out a pay plan on, as well as some others going okay

We haven't been able to pay some of these since last June, and don't have a lot of spare money to settle, though we will have probably 12k in a January bonus. However, we will owe $4000 prop taxes and about $1000 in home insurance out of that as well.
Any ideas how to tackle this? I am looking for a full/time job, but have not been very successful. I have been watching my granddaughter and working one day a week, and my employer can't give me more days-

Thanks for any advice!

Posted: Mon Oct 13, 2008 12:58 pm Subject:

Honestly , If you are at the point to where you don't really have any money left over each month to put towards settling with these creditors it might just be best to consult with a bankruptcy attorney.

jedi · Posted: Mon Oct 13, 2008 1:00 pm Subject:

mobile,

I thought the words BK would never come out your mouth. I'm glad you did not suggest one of those silly debt settlement programs, good going here.

Guest · Posted: Mon Oct 13, 2008 1:07 pm Subject:

oh noooo....
I really didn't want to do that!
I do understand your rationale, however.
Thanks

Posted: Mon Oct 13, 2008 1:18 pm Subject:

Guest I realize you don't won`t that but I suggest you at least explore you options with an attorney because your options are limited.
Option 1 : debt management. They payment will be around what you were paying on the minimums so that is not an option that will work for you.
Option 2 : debt settlement " by your self or hiring a company ". You don`t have money left over after paying your basic living expenses so this won`t work either.
Option 3 : Do Nothing. This option are just avoiding the inevitable.eventually lead to lawsuits, liens, judgments, and garnished wages. This option is not a reasonable choice.

Option 4 : Bankruptcy. Some times its just best to wipe the slate clean and start over reestablishing your credit.

I am not suggesting you file bankruptcy because I don`t know ever detail of your situation but from what I see I suggest you at least consult with a lawyer. Most will at least give you a free consultation.

Guest · Posted: Mon Oct 13, 2008 1:54 pm Subject:

Thank you. I have seriously been looking for a job, and never found it to be this difficult. I will really take a look at the budget and see if there is anything to eek out. Two credit counselors said we didn't qualify- kind of mentioned the BK thing.

Depends on where you live · Posted: Sun Nov 16, 2008 1:32 am Subject: If you live in Florida

If you live in Florida they are not able to put a lien on your house or garnish your salary if you are the head of the house. Don't believe anybody who says they can. They are a liar. If for some reason they try to put a lien on your house in Florida, it can be removed.

It's impossible to garnish your salary or put a lien on your house in certain states. It just depends on where you live.

Why do you think OJ decided to move here!

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