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 Posted: Fri Jan 11, 2008 9:51 am Subject: terrible credit |
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My husband has really bad credit from some bad decisions made when he was younger. He has a few unpaid charge off's and several small debts that are in collections. What is the best way to start repairing his credit?? He owes a total of about $13,000 in bad debt which we don't currently have the money to pay those things off. One of the collection agencies has already sent us a few offers for settlement (they want to settle a $3400 debt for $910)but we don't have the money to pay it all at once.
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melissa_t_smith
Joined: 11 Jan 2008
Posts: 27
Debtcc Points: 1102
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| Posted: Fri Jan 11, 2008 9:53 am Subject: |
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Look here: http://www.debtconsolidationcare.com/steps.html
This is great step by step on how to do it and if you need help, please post! We'll do what we can! 
_________________
My Independence Day from Pay Day Loans Was July 3rd 2006!!
~Dana
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dcashwell3
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Joined: 23 Mar 2006
Posts: 389
Debtcc Points: 5502
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| Posted: Fri Jan 11, 2008 11:02 am Subject: |
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Did you opt for the free consultation when you signed up? If you did you will be contacted by a professional to help you explore your options. If not you can click on the free consultaion link on the side and sign up now.
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frogpatch
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Joined: 09 Apr 2007
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| Posted: Fri Jan 11, 2008 11:13 pm Subject: |
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This is all great advice... I would certainly look into these prior to doing anything else.
Just a side note.... Settling past debt can open a new can of worms. So, becareful in your steps...
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a1sundevilsfan2
Joined: 28 Oct 2007
Posts: 26
Debtcc Points: 1325
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| Posted: Sat Jan 12, 2008 9:49 pm Subject: |
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I am waiting to hear from a debt counselor about my personal debt, which is all current. But I'm still trying to figure out what to do for my husbands debt because it is a few years old and there's really only one that even contacts him at all, and even that is a rare occurance. Would it be better to just let the SOL expire or try to pay the stuff off?? His credit is already damaged to a point that it is still going to take a loooong time to repair whether he pays or not. Just trying to figure out the best route to go. To me it makes more sense to go ahead and try to pay off the current debts we owe since they are not behind yet and we really only have the money right now to pay those debts.
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melissa_t_smith
Joined: 11 Jan 2008
Posts: 27
Debtcc Points: 1102
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| Posted: Tue Jan 15, 2008 9:03 am Subject: |
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How old are the debts? Many credit reports will give you an estimated removal date. Have you gone to www.annualcreditreport.com and pulled both of your 3 bureaus. That will give you a starting guide for all the things you owe. It should also, hopefully, supply you with dates, original creditor names, etc. After you find out removal dates, you can see if it's easier to pay them or wait. If it's to be removed in the next year or so I would think it would be easier to start off paying things that will on their longer.
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mrhender
Joined: 09 Aug 2007
Posts: 47
Debtcc Points: 1397
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| Posted: Tue Jan 15, 2008 6:52 pm Subject: |
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I believe all of the debts are at least 3 years old. Where would it show an estimated removal date on the report? I didn't know they provided that info. What happens to your credit when it is removed?
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melissa_t_smith
Joined: 11 Jan 2008
Posts: 27
Debtcc Points: 1102
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