If I contact my creditor, they will find out how to sue me. If I don't the interests will add up? How can I negotiate with my creditors without taking any risks. What negotiation terms should I ask for?
2006-08-01 12:42:53 · 6 answers · asked by lu_consulting1993 1 in Business & Finance ➔ Credit
I am so sorry about all the mixed advice you have recieved here. First off, I commend you for wanting to fix your credit. Most take the hide and wait 7 years game. What they don't realize is that during those 7 years, your creditors can and most likely will get a judgment against you which will follow you for a long long time.
Your credit rating is a measure of how you pay your bills. People that complain about the way it is done don't like to pay their bills. Sure it has its flaws, but if you pay your obligations on time, there should be no problems.
Now, how to fix your credit....
Definitely call your creditors and work out a settlement. Check out the article at http://www.bestnewcreditcards.com/negotiate-with-creditors.htm on how to do this.
Next, get a secured credit card and use it right. http://www.bestnewcreditcards.com/effective-use-of-credit-card.htm will give you great advice on what to do.
Last, give it time. Your credit didn't get bad overnight, no matter how it seems so. Your credit history will get better as time progresses and you add positive history to it.
Good luck!
2006-08-02 13:54:15 · answer #1 · answered by Anonymous · 0⤊ 0⤋
I can't make any promises but seems to me if you contact the creditor to make terms for repayment, they have no reason to sue you. The whole point of suing you is because you refuse to pay the debt. If you're willing to work with them, there is no reason to sue.
In any case they can't sue you unless you voluntarily give them your address (be sure to block caller ID or, if it's an 800 number, call from a cell phone or payphone since you can't block your number on 800 calls). Why can't you negotiate without giving your address and send them money orders? Once you start consistently meeting the terms of payment they'll really have no reason to sue.
By the way being sued is not the end of the world. First of all if you do call them to negotiate terms, that will work in your favor in the unlikely event they will sue. Even if you end up in court, the terms I've heard are quite sweet.
What terms should you ask for? Whatever you can reasonably afford, preferably something that allows you to pay off the debt in a reasonable period of time. Don't kill yourself but don't just make a token payment, either.
2006-08-01 12:55:21 · answer #2 · answered by ? 4 · 0⤊ 0⤋
Creditors can file a judgement against you as long as they try to contact you or place a public notice in the paper. If you show goodwill to pay it is unlikely that they will want to sue you.
2006-08-01 16:23:03 · answer #3 · answered by Johnsmatrix 3 · 0⤊ 0⤋
dont give them your number or your addy. if you get something in the mail to your right addy write on it "not at this address return to sender" so they will not bother you any longer.
If you have bad credit already you just either wait 7 yrs or you can apply for a few more credit cards now before it gets real bad so you can work to build your credit while those other few go to the toilet. if you dont do it before they hit your credit bureau as defaulted then you'll have a much harder time finding a place to get a credit card later and you'll be paying 22% or more!
2006-08-01 16:25:27 · answer #4 · answered by tryinthis2 4 · 0⤊ 0⤋
There is a company in California called the Credit Advisor they might be able to help.
2006-08-01 12:48:10 · answer #5 · answered by anisarkisyan 3 · 0⤊ 0⤋
debt consolidation
if someone wants to get out of debt today it is pretty easy with a debt consolidation plan
however it may get a bit tricky at times, I suggest you get as much information as possible online on this first,
a good place to start in my humble opinion is:
http://umgarticles.atspace.com/debt-consolidation.htm
2006-08-02 23:42:03 · answer #6 · answered by Anonymous · 0⤊ 0⤋