Could use some advice

Hi there!

This book was recommended to me by a friend of mine who is a mortgage broker...

amazon.com/gp/product/031210734X/102-3510231-8326569?v=glance&n=283155

I have yet to purchase it, but some excerpts look pretty good.

Does anyone here have any experience with this book?

Eric

Link made inactive as per forum rules-Mike

It is always best to pay your debts even though
they may remain on your credit reports for seven years from the date of last activity (an important bit of information you need to know if something happens later and they try to collect on a paid account).

However, a "paid Collection" or "Paid Charge off". while negative, will have less of a negative impact on your credit score than a "Open Collection".

If you are going to pay a debt off (especially in full) you may want to try and arrive at a settlement that they remove any negative reports (which they can legally do) , and report the account as "paid In Full", in echange for full payment. This way they get their money, and you get a cleaner credit report. They may refuse,but they could say yes, and it can't hurt to try .

If they refuse you should still pay the debt. However, the damage; though now minimized, will remain for 7 years.

Thank you Eric and Clay. Just did not want to feel like I would be gaining nothing if I went ahead and paid some of this stuff even though the SOL runs out in 2008.

What is the best approach to trying to get the Creditors to Remove the debt fully for payment in full.

Also I had a couple of charge off's on credit cards. Is it possible to get companies to reopen and eliminate these for payment in full or is it once the charge off occurs there is nothing to be done?

Really appreciate all the help. I have finally achieved a very decent job and want to try to clean up some of my past problems.

I completely agree with Clay. Paid accounts are always better. If you have charged-off accounts in your report, try to make it paid charged-off. It will help you to raise your score and prospective creditors will prefer it than just a charged-off. Same is true for collection accounts.

According to FCRA, once a negative mark enters your report, it will stay there for 7 years. If your credit file has few charged-off accounts, you can make it paid charged-off, that's all. Sometimes creditors remove negative accounts if the consumer pays generous amount in full.

IMO, if your credit report contains negatives, try to make it as much better as you can do. Develop good credit habits in yourself and your score will go up automatically. You can go through the Free E-book, compiled by Debt Samaritans to know more about the credit scoring facts-

http://www.debtconsolidationcare.com/books/credit-score.html

Thank you Stan

On the charge off's. If you go ahead and pay them to a paid charge/charge off does the 7 year clock start reticking with the pay off or does it continue as it was in its time status

Tim

You are welcome Tim :D

As per my understanding 7 year clock does not restart if you pay it in full. But if you go with installments, chances are your creditor will restart the clock. You can verify it calling the toll free number of credit bureaus. Keep us updated.

Does anyone have a letter format for contacting the companies to try and arrange them to agree to pay a debt off (especially in full) to try and arrive at a settlement that they remove any negative reports (which they can legally do) , and report the account as "paid In Full", in echange for full payment as Clay suggested that they have been successful using?

Also I have two small debts with a company called

Cred Protection Assoc
1355 Noel rd Suite 2100
Dallas, TX 75240

972-233-9614 is the phone number showing for them but when I try it I get no longer in service and it is the only number coming up when I do a search on the company.

Anyone have knowledge of a different phone number that is working?

Thanks

Tim

Thanks

Tim

Talked with one of my creditors today.

Capital One and talked with a very pleasant lady by the name of Sekari who I would like to give a very good compliment on her friendliness and very polite to work with.

Original debt was about $2000.00 and they offered a settlement of half. When I said all at once would be difficult to come up with she offered to break it into two payments. As we continued to talk I asked her if we could make it 3 payments so that it would not be so stressful on my income. At first she was hesitant but then said ok I firmly believe due to the civility of the conversation and my willingness to work with getting this previous charged off debt taken care. She was definiatly professional and polite throught out the entire dealing. Though she may never know it I do wish to make it public among people I knew who would appreciate how she conducted herself.

Well one down basically about a dozen more to go

Tim

Congratulations Tim on your success :D

You can browse the free debt consolidation Sample Letters e-book and the sample letter sections of this site. Hope you will get a suitable format for your requirement-

http://community.debtcc.com/letters/index.html