Where to start?

Date: Sun, 01/28/2007 - 15:03

Submitted by kelly_irl
on Sun, 01/28/2007 - 15:03

Posts: 10 Credits: [Donate]

Total Replies: 1

Well after taking a long hard look at my DH credit report we've decided to start paying off all his past due credit cards etc. As he is set to deploy soon I have been given the task of doing all the administrative work :wink: I'm at a loss as to where to start. Most of his credit cards have been charged off. Some of the charge offs are over two or three years old. Now my question is, how do I go about contacting the creditors? I have addresses etc, but I really don't know what to say to them. We would like to settle an amount and pay it off immediately. Unfortunately there are thousands of dollars worth of interest and fees added into the final amount. Is it possible to get the creditors to take a settlement and either delete the charge off, or settle it as paid. If anyone has any advice I'd greatly appreciate their help, sample letters anything of the sort! Thank you!

Go through the DIY section. It will help you in negotiating with

Go through the DIY section. It will help you in negotiating with your creditors. You can also take useful tips from a counselor.

Call the creditors and make them aware of your payment interests. Offer a realistic payment plan and that the debt will be paid off within the reasonable period as mentioned by you. Send a couple of payments so that they are convinced of your actions and offer some benefits.

Don't let them report "SIF" in your credit file. This will hurt your credit ratings. Anything like "Paid" or "Paid in Full" will be nicely viewed by your future lenders. As per the law, they will report a paid charged off after you pay off the account, but if they are ready to remove it, get in writing first.

lrhall41

Submitted by mcranberra on Mon, 01/29/2007 - 05:41

( Posts: 524 | Credits: )