please answer quick question

Hi

There is a chance that the credit card company won't sue you if you are sending them some money towards the account. You can take the help of a debt management program for ensuring the payments to them. The monthly payments will be set as much as you can afford to pay. You won't have financial stress in paying them off.

Since your account is in delinquent stage, it will be re-aged and brought to the current status under the program. However, the date of first delinquency will be reported in your credit file for a period of seven years. Once the accounts are paid off, the credit company will update them accordingly. This will bring some improvement to your file.

Have a discussion with your consultant and know the options in repaying the account. Perhaps, you can discuss about the debt settlement program also with the counselor.

Things will start improving after you have taken the control.

Thanks Gretchin,
thanks for the information, I especially liked the part you quoted "the date of first delinquency will be reported in your credit file for a period of seven years." thanks again for your speedy informative reply

Hi Regina :)

We all are very concerned about our credit. I can understand the situation you are going through. And you will surely take steps to improve the ratings. Hopefully, with this info, you will become more cautious and take necessary steps.

You can join us and share more useful information from our other community members. You will enjoy your stay here. :)

You sound like my twin...I have 25,000.00 worth of cc debt. When I joined the settlement program, I contacted all my cards and asked them to close my accts because I was in deep doo-doo and could not pay them anymore and did not want them anymore. I was not allowed to tell them yet I was in a debt settlement program.

All 8 of mine are closed out, but still collecting late payment fees and interest monthly.

Have you thought about a Debt Settlement program?

I am guessing you are talking about Capital One. They will not close an account till it is paid, so that they can continue charging in some cases monthly "membership" fees, interest, overdraft, late fees, annual fees etc.

The SOL varies by state but the statutory clock starts on the date of last activity (payment). AS for credit reporting (under the FCRA) it also runs 7 years from date of last activity (again payment or their decision to charge off the account. It is important to keep records of the date in case this company or their CA tries to re-age the account. In this time period they have many options available to them to collect including suing your for a judgment. The larger the Balance, the more likely they will be to seek a judgment. You are better off to try and work out some kind of arrangement to pay them off. If they refuse , you may want to make what ever payment you can (even if only a few dollars a month), in order to establish that you do want to address this issue (if they choose to take you to court). make sure all communication is written , and send communication CMRRR (at least the first time, to establish you have sent the letters to the correct address).

You may want to consider contacting a consolidation company. Many people here have been very happy with T&C.