Dealing with judgments and collectors?
Date: Sun, 12/03/2006 - 11:16
My DH and I are fairly deep in debt and want to know how to deal with these people the smart way, so that we can rebuild our credit. We have close to $25,000 in debt, including student loans. There are 5 judgments and 7 collection/default accounts that show up on our credit report. The three things that we have THANKFULLY avoided are PDL's, repos, and bankruptcy. We have also maintained a perfect history on our 1 year-old car loan, but the interest rate is an outrageous 16.99%, and we're having trouble finding a way to refinance that, and possibly lower the payment a bit, because of credit history.
I have tried to start with the judgments first, since those are probably the worst things on there. The problem is, I can't seem to get anywhere on these without either a $200-400 monthly payment or an 85-90% lump sum payment. What is the best way to try to get the creditor/attorney to agree to terms that are more reasonable? Am I better off trying to go through third party debt consolidation, or is it possible to negotiate something better on my own?
Thanks in advance, this is a great forum. :)
Some people here have been able to work things out with their co
Some people here have been able to work things out with their collectors on their own. Others prefer to go with a debt consolidation or debt settlement company. If you are able to arrange something with them yourself, I think that would probably look better as far as your credit goes. Definitely work on those judgments first, as soon as possible.
Also, a debt counselor will be contacting you soon, since you are registered. He/she will be able to advise you of the different options you have available to you based on your current situation. Good luck, and let us know how you're doing.
debt
I am in deep debt trouble and don't even know what bills I have anymore because most of the collection agencies dont't even send me anything anymore. It seems as though I am getting nowhere and would like to try to get my life back on track so I can someday buy a house. I am 26 years old and not getting any younger.
