Debt settlement and pay others in full
Date: Tue, 06/13/2006 - 12:13
Negative remarks won't be taken off from your file before the se
Negative remarks won't be taken off from your file before the seven year period. It is explained in the Fair Credit Reporting Act.
http://www.ftc.gov/os/statutes/031224fcra.pdf
You can pay off the delinquent accounts and improve your credit scores slightly. It will be better paying them off rather than paying nothing as long as they appear in your file.
You can use this letter for your creditors and offer your payment proposals. Edit it as per your requirements and send it through certified mail, return receipt requested.
Quote:
YOUR NAME YOUR ADDRESS CITY, STATE, ZIP CODE Date: CREDITOR NAME ADDRESS CITY, STATE, ZIP CODE RE: Acct.# Creditor: I recently obtained a copy of my credit report and noticed that your company has reported me as having the above listed account as: (delinquent, sent to collections, etc.). I wish to bring this account to a resolution that will be fair and beneficial for both of us. Therefore, I propose to pay you X monthly payments of $, or forward a check to you in the amount of $ as payment in full, provided that you are willing to send me a letter stating you will report this to any and all credit reporting agencies as: 'PAID AS AGREED' or notify me in writing that you agree to delete this item from any and all credit reporting agencies. I WILL NOT agree to accept a 'PAID P & L' or 'CHARGE OFF' for an additional amount of time on my credit report. It is my position that I have suffered enough as a result of this problem. Upon receipt of your letter I will send you a cashier's check or money order in the amount of $. Sincerely, Signature Date signed Your name Date printed |
Repossesion and credit card debt
I had a vechicle repossed about two years ago. The Company was Chryslar Financial, and it is a long story, but basically the had two contracts on the vehicle and refused to work with us at all. We also have a credit card that is write off alothough the balance is minimal. i know that these things stay on your credit report for 7 years, but can we be sued for the balances owed within that 7 yr time frame?
The credit card companies can sue anyone if the debt is within t
The credit card companies can sue anyone if the debt is within the SOL period. After the statutes expire, they won't have any legal stand. The companies will use other possible alternatives before deciding to sue. If the debt is not a huge amount, they might overlook the chances to sue looking at the court costs and fees. If debt is secured, they will likely repossess the property. In cases of unsecured debt, wage garnishment is the most common form.
