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nunyabizniz2399 · Posted: Thu Jun 08, 2006 4:36 pm Subject: What is the best way to pay old debt

I have some old credit card debt that I want to pay off. I was think of doing a settlement pay offs. Is this the best way to go? Does anyone have any Ideas. My debt has been on my credit report for at least 5-6 years

email address removed as per forum rules - Mike

Posted: Thu Jun 08, 2006 4:57 pm Subject:

As per the FCRA laws, negative information stays in the credit file for 7 years. The date begins from the date of first delinquency. The account will be automatically deleted from your file next year, but if you pay now, your credit will show slight improvement with the account paid on it. If you are thinking of paying them, make sure that you do it in one time. I assume that the debts are past the SOL period. A single payment on these accounts will renew the SOL period from the beginning.

Now, if you have decided to pay off the account, look into the options of debt consolidation as well as debt settlement. debt settlement06 will reduce the total debt to half. A consolidation plan will wipe off most of the financial charges and late fees. Consolidation leaves a better impact in the credit file in comparison to settlement.

Analyze your present financial situation and keep your credit in mind. If you decide to pay off the debts putting good impression to your credit, consolidation can be an option. But if you want to reduce the debt to half, look into a settlement program.

Take a professional counseling from the consultant. He will give you better comparison and help you in decision making. Your ultimate objective is to become debt free keeping good credit ratings.

Read this page http://www.debtconsolidationcare.com/debt-solution.html

Posted: Fri Jun 09, 2006 7:51 am Subject:

"The date begins from the date of first delinquency"

How can I figure this date out by looking at my credit report?

"SOL"
What does this mean?

Posted: Fri Jun 09, 2006 11:09 am Subject:

Yes, your credit report must have the date of first delinquency. Or you can pull out information from your creditors also. Request them to send you the latest statement of your accounts for reviewing purpose.

SOL stands for statutes of limitations. Every state has it own specific statutes within which the debt is required to be paid. If the debt is past the statutes, you are under no legal obligation to pay it. No company can force you to make the payments after the expiry of the SOL. This does not mean that the debt will get erased. It will still be reported in your credit file until the 7 years reporting time as per the FCRA. If you pay the debt after the expiry of the statutes, the lenders will get a favorable view of your credit file

http://www.ftc.gov/os/statutes/031224fcra.pdf

Guest · Posted: Fri Jun 09, 2006 2:17 pm Subject:

When does the 7 year time start? Where can I find the start date on my credit report? What will it be listed under?

All these accounts were opened I was living in Texas. I live in a different state now. Will this make a difference with SOL?
I just learned today that all of my accts have been sold to defferent CA's. The balances they claim I owe are double and triple the amount of the original debt. I want to pay off at least one every two-three months until they are all paid off. What should I do. Here are the accts in question.

Creditor Name: CREDIGY
Account No.:
Original Creditor: 01 MBNA
Responsibility: Individual
Condition: Derogatory
Original Balance: $2462
Balance: $4153
Date Opened: 12/27/2002
Date Reported: 01/17/2006

PINNACLE CREDIT SERIVC

Creditor Name: PINNACLE CREDIT SERIVC
Account No.:
Original Creditor: DISCOVER FINANCIAL
Responsibility: Individual
Condition: Derogatory
Original Balance: $1601
Balance: $2061
Date Opened: 12/12/2005
Date Reported: 01/25/2006

CREDREAPP
Remarks:
[Experian] Account seriously past due date/account assigned to attorney, collection agency, or credit grantor's internal collection department.
[Equifax] Consumer disputes this account information
Collection account

Experian Equifax
Past Due: $4252
High Balance: $2462
Terms: 1 months
Limit:
Payment: $0
Opened: 12/2002
Reported: 03/15/2006 05/2006
Responsibility: Individual

More about PROVIDIAN
Remarks:
[Experian] Credit line closed - grantor request - reported by subscriber.
Unpaid balance reported as a loss by credit grantor.
[Equifax] Charged off account
Account transferred or sold
Experian Equifax
Past Due:
High Balance: $2021
Terms:
Limit: $2021
Payment: $81
Opened: 05/2000 05/2000
Reported: 05/31/2002 07/2004
Responsibility: Individual Individual

More about DISCOVER FIN Close window
Remarks:
[TransUnion] Charged off as bad debt
Purchased by another lender
[Experian] Purchased by a another lender.
Unpaid balance reported as a loss by the credit grantor.

[Equifax] Account transferred or sold

TransUnion Experian Equifax
Past Due: $0
High Balance: $1601
Terms:
Limit: $1000 $1000
Payment: $0
Opened: 04/01/2000 04/2000 04/2000
Reported: 03/01/2001 03/08/2001 03/2001
Responsibility: Individual Individual Individual

ZALE/CBUSA
TransUnion Experian Equifax
Condition: Derogatory Derogatory Derogatory
Balance: $1708 $1708 $1708
Type: Charge account Charge account Charge account
Pay Status: Co/Chargeoff Co/Chargeoff Co/Chargeoff

Most Are dupiclates by the original creditor and the CO agency. Can they both list debt even if original creditor has sold your acct.?

Guest · Posted: Fri Jun 09, 2006 2:18 pm Subject:

should I just let these fall off my credit or should I pay them?

Posted: Fri Jun 09, 2006 3:09 pm Subject:

Have you compared these accounts with the other copies of the credit bureau? Check for any possible disputes. You can get the date of last payment from your creditors also. Review them thoroughly before making further decisions. The SOL of that state is taken into consideration where the account was originally opened. It does not affect if you have changed places.

Posted: Fri Jun 09, 2006 3:33 pm Subject:

these copies are a list from all three reports. If you look closely, each item list each report it is on.

When you say " The SOL of that state is taken into consideration where the account was originally opened" do you mean what state the credit card company is located in or the stated I was living in when I opened the accts?

Posted: Fri Jun 09, 2006 3:42 pm Subject:

The latter one!! The credit company may or may not be located in the state where you opened the account. Request the companies listed in your credit file for an itemized statement. Compare the values and dispute anything that is incorrect. The company will get it verified for you. If you are planning to use the SOL factor and not pay the account, do not make any payment agreement or commitment

Posted: Fri Jun 09, 2006 3:55 pm Subject:

contact the original creditor or the collection agency?

Posted: Fri Jun 09, 2006 4:00 pm Subject:

If the creditor has not sold the account to the collection agency, you can work out arrangements with them and won't have to deal with the CA. But if the account is sold off, you will have to deal with the CA only. See for the companies listed in your file and their present status. Start calling them and make your arrangements. Hope this works well!

Posted: Fri Jun 09, 2006 4:16 pm Subject:

is $1000 a resonable payoff amount for a original $1000 credit limit that a CA is now listing for $3500?

Posted: Fri Jun 09, 2006 4:22 pm Subject:

The CA must give you a break down of this account in writing how they calculated that amount. All states have a permissible interest rate and collection fees. The collectors cannot charge more than the set amount. Ask the company to give you the itemized statement for reviewing purpose. Then you will like to take care of it from that point. The collection agencies are bound by federal laws to validate the debt in writing. This will ensure that they are authorized for collections and you are sending your money to the right place. If they don't have your info and money is sent to them, some other company will contact you later asking for money on the same account. You have no proof that this company was attempting legitimate collections.

Posted: Fri Jun 09, 2006 4:37 pm Subject:

Credigy rec, pinnacle cred serv, titan, select 1st, and northland group.
Do you have any info or advice on/about any of these companies?

Posted: Fri Jun 09, 2006 4:42 pm Subject:

I will like to do some research on these companies before posting. I will let you know in some time. Please feel free if anyone wants to put some comments on them.