what is the right path?
Date: Thu, 05/06/2010 - 12:48
i have multiple bills that are keeping me from accumulating credit and opportunities to build credit. the amounts are fairly meager(no more than $2500) but i am unsure about how to resolve the this issue as i do not know institutions whom i owe. can i arbitrate my debt even though they are not loans or does this not even apply to me? i am fairly young and don't want my life to get any worse from here, how can i clean up my situation and get myself on a better track?
There are a number of choices to get out of debt, but first I re
There are a number of choices to get out of debt, but first I recommend finding out what you owe and to whom. Most of your creditors, if not all, will be listed on your credit report.
The first choice you have to get out of debt is to consolidate your debts. This involves taking out a loan to pay off all your creditors, then paying back the loan with a low interest rate. The second choice is to try and negotiate with your creditors to get them to accept a smaller amount of what you owe, either by yourself or with a debt settlement company. You can also try credit counseling, to work out a budgeting scheme, and there are non-for-profit credit counselors around. The final choice, which should be a last resort is Chapter 13 or 7 bankruptcy.
you can pull up a credit report from free credit report .com you
you can pull up a credit report from free credit report .com you are entitled to one free credit report a year from each of the reporting agencies once you have that you can get back to those creditors and try and pay of the balances since i see that you mention the word fairly meager so i assume that $2500 would not be a problem go ahead pay them off either through a settlement or a full payment and get back on track you may want to update us here on the name of your creditors and the amounts you owe so we can assist you better .
thanks for the advise, it has enabled me to learn the names of a
thanks for the advise, it has enabled me to learn the names of a most of my creditors but i seem to be missing one. in any case its a huge step. I am trying to do my research and handle this situation with the utmost care/caution and in doing so i keep hearing about how i shouldn't admit to the debts in which i owe; why is that?
well simply because the amount may not be true even if the debts
well simply because the amount may not be true even if the debts are or simply some of the debts may have crossed now since you have got the creditors name you some of the sample debt validation letters and send them to your creditors asking them to validate the debts once they give you the response then you can go ahead and pay it up also make sure you have every thing in writing once you settle of these debts that shows you n longer owe the creditor any longer once you paid them their amount or a negotiated amount