I have credit card bills that i never paid for some of it for the last few years (mortgage) - City-Data Forum

ganda23 · 08-18-2007, 10:59 AM

My question is i want to start paying off my bills but i cant afford to pay it lump sum is there a way that i can pay them monthly with one low payments or is there a way that they will just combined all my credit card bills in once then pay them montly.....or is there any recommendation?...what should i do?.....i was young then i just keep applying to this credit cards and all the sudden i figure i didnt have enough money to pay for all of my bills and i started when i was like 19 or 20 until now i never really paid them off is there a dept collection or consolidation that could help me with this. thank you guys so much....take care

Zippy7fo · 08-19-2007, 04:06 AM

Well you probably have judgements against you for the balance because the way you worded it, sound like must of took place a long time ago...

My rec's
1. Their is a nonprofit organization that will work with your debt collectors to create solutions. They'll negotiate with all of them to create a low payment plan that you can follow and provide financial literacy information.

2. You can consolidate if you can qualify for a loan, which I doubt with the tight credit squeeze due to the mortgage industry. Banks are really tightening the belt. This lumps and pays off all your creditors and you have only one bill to pay.

3. Don't Pay, and avoid, wait for the statue of limitations run out. It can range on 3-15 years depending on the state you live in. You'll have to wait 7 years for it to come off the credit report. Ramifications on this is if judgments were filed against you before the limitations were up, unless you weren't served notice.

A. You can try and pay on the bill, but negotiate with the credit holder that you'll pay the bill off in full if possible but you need a letter stating you'll remove the debt from your credit report. This works if you have money to pay the whole balance or significant amts...

B) Watch your credit report because Debtors and Collection agencies are slick. The original debtor will take your debt and sell it to the agency, then both debts will show up on your credit report and damage your score even more. This is illegal but it goes on all the time because people don't know. Either one or the other can be on the report but not both. You can get your reports free at Equifax, Transunion, and I forget the third burea..........oh Experian

ZLS · 08-19-2007, 11:22 AM

Yes. If it has been close to 6 or 7 years don't pay them off because once you pay them off then you start the statue of limitations all over and it starts from 7 years from the day you pay them off not from the original debt. If you are 26/27 then they need to come off and if they don't automatically then you need to call the credit bureau and have them take it off. As the statue of limitation has ended-The only thing that stays longer than 7 years i bankruptcy and child support!

johnrex62 · 08-20-2007, 02:27 PM

Quote:

Originally Posted by Zippy7fo

B) Watch your credit report because Debtors and Collection agencies are slick. The original debtor will take your debt and sell it to the agency, then both debts will show up on your credit report and damage your score even more. This is illegal but it goes on all the time because people don't know. Either one or the other can be on the report but not both. You can get your reports free at Equifax, Transunion, and I forget the third burea..........oh Experian

How do you handle this situation? My wife has this occurring on her report. She was sued over an account that wasn't hers and lost the small claims case. Now we see that this debt is being reported by several collection agencies. She had disputed them as not hers and all of them came back as verified since one collector won the court case.

Zippy7fo · 08-21-2007, 02:37 AM

Quote:

Originally Posted by johnrex62

How do you handle this situation? My wife has this occurring on her report. She was sued over an account that wasn't hers and lost the small claims case. Now we see that this debt is being reported by several collection agencies. She had disputed them as not hers and all of them came back as verified since one collector won the court case.

Thats illegal and you can write a cease and desist letter to all the crditors that no longer have the debt. They know they sold the account so why are they still reporting????? Also send a letter and calll the bureau's and tell them to remove the accounts. But back everything with letters, don't just call so you can have records and proof in case you have to take them to court to stop.

Lady Scarlet · 08-28-2007, 02:59 PM

Consumer Credit Counselors of America is a reputable (non-profit) agency.

Also, consider taking a Fannie Mae "Credit Smart" course (it's free). so you leanr how credit works and what to do:

like keep all balances at 1/3 of your limit

like ALWAYS make the minimum payment (set it up in Bill PAy from your bank to pay on time) - you can always pay more in a second payment but the 'on time' is most important (It reads "PAYS AS AGREED")