first source advantage

You need to do 2 things right now. Firstly, contact First Source Advantage and settle the charged off account. Similarly, contact the United Collections and settle the account . Charged-off accounts will hamper your credit report and score. Settle the accounts as soon as possible. How much do owe on each card?

thanks for your post --

I owe 13,000 to united collections and 5500 to first source --

both pretty big amounts-- trying to figure my mortgage out first -- three months behind on that and trying to push a modification hopefully --

I do want to settle but since I already settled 30k this year and took out 401k loans (which I did not pay back) and IRA distribution I don't want too much to owe to IRS --- want to see if I can settle with them in january at start of new year so not too much on 1099

I suggest contacting them prior to January, and setting up a settlement, via installments. Reason being, these accounts are with pretty decent collection agencies, and you're likely to have a good result. Also, year-end settlements tend to be pretty decent, and if you wait until January, it could make a difference. If you settle via installments, the creditors won't send you a 1099 for this tax year; they'll send it for 2012, when the settlement will complete. Good luck!

thanks marie --

I appreciate the help as always -- that's a good idea -- I didn't realize that if I did installments it would 1099 for the end of settlement -- I thought it would be on the day of the agreement but it makes sense since what if you don't pay --

I will contact them -- It also makes sense about the end of year -- they want to close their books and get paid the most before year end --

thanks for posting --
I'll let you know how it goes :)