25K in debt - want to pay off
Date: Fri, 03/07/2008 - 08:53
I want to know where to start...whether I should clear out the newer collection items, or whether I should get rid of some of the judgments first. I'm trying to keep the costs down, and want to do as much of this myself as possible. Some of the debt goes back to 2001-02, so I know a few things will "fall off" my credit report in the next several months. How much (percentage) can I try to settle some of these accounts for? Also, how can I finesse some of this on my credit report so that I don't have a "paid charge-off" black mark on these listings? I've considered disputing with the big 3 if I need to, even though I know that might take a few months to make a difference.
Note: I've already been able to negotiate with one creditor for 85%, got a monthly payment plan, and they will report me as "paid in full" with written confirmation. For the record, this agency is called Asset Acceptance, and I'd like to give them a public thumbs-up.
FYI...on the student loan offset. Liens amounts are submitted i
FYI...on the student loan offset. Liens amounts are submitted in Novemeber. Keep in mind that interest accrues daily and what is liened may not cover it all. With some agencies, the lien amount does not cover the mandatory collection fees either, so you could still be left with a huge balance.
I hope Asset Acceptance really owns your debt, they are a junk d
I hope Asset Acceptance really owns your debt, they are a junk debt buyer and they do sell their debts as well - did you verify the debt before you began to make payments on it. Otherwise, did they provide you with the original contract between you and the creditor they are collecting for, did they show you their documentation that they obtained the debt to collect? You can settle your own debt, but when you are dealing with collectors, it is best to deal in writing and get verification that they legally have the right to collect your outstanding debt. Regarding chargeoff on the report, that is up to the creditors if they will remove it and if they have already sold the debt to a collector and they won't take it back, you probably won't get it removed.
I was offset last year too, and my entire refund was liened, whi
I was offset last year too, and my entire refund was liened, which was about 2/3 of the balance. From everything I've found out, I will lose about half my refund this year to the lien, but it will clear the loan.
Re: Asset Acceptance...I've been getting documentation on it, and they do in fact own the debt. I made them confirm that they won't put a "paid charge-off" notation on my report, that it's supposed to read strictly "paid in full" or simply "paid."
Sorry for the technical glitch, that was my post above. :)
Sorry for the technical glitch, that was my post above. :)
collections
If they own the debt once you pay off the debt it is against the law to report as a paid charge off, write off or P/l etc...if you settle it will report settled < full balance showing you paid less thatn what was owed, student loans you can rehab your loan after 4 months of consecutive pymts you can have the tax lien removed...with the rehab it shows you have the negative mark completely removed tax lien payoff or consolidtion just updates...if you couldnt tell i am a bill collector hope that helps
What is a good debt relief company? Can you give me the name of
What is a good debt relief company? Can you give me the name of a company?