debt, debt and more debt

Date: Thu, 08/24/2006 - 00:16

Submitted by anonymous
on Thu, 08/24/2006 - 00:16

Posts: 202330 Credits: [Donate]

Total Replies: 4

I have roughly 30+K in debt and have been out of work for over two years. Min wage employment hasn't put food on the table, let alone let me pay off my debts. I have never filed bankruptsy and am trying to avoid doing that. Most my debts are credit cards dating back 4-6 years, bad checks debt and school loans. The school loans I'm not worried about since they are small and $50 in payments a month are managable. I don't know if I should ignore the debt and let it come off my credit eventually or make payments. I don't see payments of more than $5 a month possible since I own so many people .. at least 30 companies owed right now. Some of these debts are nearly seven years old and some are just last year and 2004. There are a few mistakes on my credit also that I have challanged but can't seem to get them removed, one is a double charge on my credit as being in debt to one company in 2001 for $295 and in 2001 for $296. It was one of these but not both and I have tried to get one removed but the they say both are valid. Help please with any suggestions. I am not a home owner, so I believe I can't consulidate my debts. Is this correct?

you can get debt consolidation loan or a personal loan. for you

you can get debt consolidation loan or a personal loan. for you a personal loan usually through local banks would be good. you could pay off in one payment and probably pay it over 10 years with the bank making some money on interest of course.

lrhall41

Submitted by on Thu, 08/24/2006 - 05:33

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JOB---GET ONE

lrhall41

Submitted by on Thu, 08/24/2006 - 06:34

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I think it is highly unlikely that you will find a loan for the

I think it is highly unlikely that you will find a loan for the money you are asking for as an unemployed individual. It also looks like your credit score may have suffered due to inability to stay current on cards and other debt. If you are unemployed, are you receiving any form of weekly or monthly assistance? Can a debt consolidation firm help if you are? Might be better than going farther in debt in hopes your situation improves. Don't let those people that feel they need to hide behind the title guest get on your nerves. If they won't identify themselves, their opinions are unimportant (ref. job--get one). Obviously, getting a job would help your situation, I hope that it improves for you.

lrhall41

Submitted by Gettinout on Thu, 08/24/2006 - 08:33

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First, you need to review your credit report thoroughly and figu

First, you need to review your credit report thoroughly and figure out the accounts that are past the 7 years reporting period. The reporting is calculated from the date of first delinquency. If those accounts are past the seven years period, paying them off won't do any good. If you make a payment, the SOL gets renewed and chances of them getting reported are highly possible. This will start affecting your credit again. If you make payments slowly, the negatives impact will stay longer.

Second, check those accounts that are within the 7 years timeframe but are out of the SOL period of your state. FCRA allows refusing payments on the accounts that are past the SOL period. But, they will stay in your credit report until the seven years period has expired. You can then decide whether you want to pay them off and improve your credit for the remaining period or leave it like that. It will hurt your credit slightly but you won't be under legal obligation to pay the account.

lrhall41

Submitted by keystrokes on Thu, 08/24/2006 - 14:44

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