Debt Question
Date: Tue, 05/26/2009 - 15:31
I just found out that I have approximately $2,500 in debt due to three different creditors. All accounts have been placed in collections (1 credit card, 2 utilities) and I was just wondering what advice everyone would have to getting these debts settled as soon as possible. I am looking to buy a house, so time is a factor.
I make approximately 5,200 a month so paying the whole ammount will not be a problem. I've just heard so many horror stories about people dealing with creditors like NCO financial and they never report that the debt has been paid. Is a debt management company a route I should choose? If so, do you recommend any?
I have also sent, through certified mail, debt validation letters. I am equipped to handle this myself, but if there is an easier way I would like to pursue that.
I do thank you for your time and effort.
Since the debt has already been sent to collections, the OC list
Since the debt has already been sent to collections, the OC listing cannot be removed from your report. If you negotiate for pay for deletion agreement with the CA, only the CA listing can be removed. So the debt will stay there in your report for seven years and 180 days and affect your score. However, if you pay off the debt in full, your report will reflect the debt as "paid in full" which is no doubt a better option because it will save you from judgment.
debt
NOVICE is correct. When a Lender does look at your CR, they will see that you no longer owe onthat debt ( if it's PIF). However...yes,..it will remain on your CR.
make sure that in the settlement agreement in states they will r
make sure that in the settlement agreement in states they will report to the credit reporting agencies that the debt is "paid in full". They are right up there.
