Hello, I'm new to the forum here and thought I would share a problem I've got and see if I can get some straight answers. The problem is this- about 8 or 9 years ago, I was encountering MAJOR financial difficulties which resulted in most of my credit accounts reaching "charged off" status. I made payments on what I could when I could, but nothing ever got cleared up. Now, after having returned to school and graduating, I'm starting to try to repair my credit. I figured most of these old debts would have disappeared by now, since more than seven years had elapsed.

My wife and I are currently swimming in credit card debt. We've been struggling to stay above water and "the waves of bills" are finally over taking us. Is it best to combine our debt, keep the debt separate, or doesn't it matter? We don't have the same last name (she kept hers) on the cards. I just want to be able to sleep at night and not have to worry about answering the phone.

I have a vehicle that has been threatened with re-possession. I am struggling to make payments on this car that is worth less then a third of the amount that I currently owe on it. I am starting to think that re-possession wouldn't be the worst thing ever. If the car were to be repossessed the lender has told me already that they would auction it off and I would still be responsible for paying the difference between the auction price and the remainder of the loan.

i received a letter from asset acceptance llc and they said I had an account when I was only 14. I called them and they said because it was over 10 years they will remove it. I spoke with a lawyer and the credit card is null and void because of my age at the time of the cc. I called back to make sure it was okay and they were so rude. Saying I was a lier and I was older than 14 when I opened it. Everyything I said they yelled at me and called me a lier and they kept telling me lies.

Sorry if this is a little long, but I found this info helpful and figured I would share it here. Found this while studying my issues: Under the fdcpa, you are allowed to validate this debt, and the creditor (in this case, the collection agency) must show you proof that you owe the debt to the collection agency (not to the original creditor. Plus, they must show proof positive that you owe them this debt. It's not enough to send you a computer-generated printout of the debt.

Here is a formatted letter I found that I like the content of hope it helps some. Jerry debt settlement Proposal to Collector June 13, 2001 Your Name, 123 Your Street Address, Your City, ST 01234 ABC Collections, 123 NotOnYourLife Ave, Chicago, IL In Re: Your name & Account # Dear Collection Manager: It has come to my attention through the credit bureaus that you claim I owe a debt to your agency. While I have yet to have the debt verified to me as legitimate through my right of the mini Miranda, I can however save us both some effort & time by "Settling the debt out".

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A credit bureau is required by law to investigate the information that you challenged on your credit report unless it is "irrelevant or frivolous." Therefore, in order to avoid such a charge, it is best to challenge each item separately because a general challenge may be considered frivolous. Pursuant to United States Code, Title 15, Chapter 41, Subchapter III, Section 1681I an item must be removed if upon investigation by the credit bureau it is found to be "inaccurate, incorrect, erroneous, misleading or outdated" (see code section here).

One of the most effective ways to have negative marks removed from your credit report, is to challenge the accuracy or completeness of the information through a letter to the credit bureaus pursuant to FCRA 15 USC section 1681i. The only limit that is placed on your right to challenge information on your report is that the challenge should not be frivolous or irrelevant. It is best (though not necessary) for you to include documentation that supports your challenge.