I don't have any credit card debt whatsoever but numerous bills I racked up as a youngster that I couldn't or didn't pay. No repos, no liens, no student loans, just bills. Should I go through one of the agencies of just contact the companies on my own and go from there? I really want to consolidate that debt into one sum but I don't think they do that if you don't have credit card debt. Any ideas on what I should do?
2006-09-10 17:09:10 · 7 answers · asked by Southern Lady 3 in Business & Finance ➔ Credit
Consolidation is not the way for you to go.
Contacting them one by one is a plus. Most will work with you if you show some back bone.
Start with the smallest one and pay it off. work your way up. I got rid of my ex-wifes debt that way. One by one. When I contacted every one she owed money too, I was surprized that they all were willing to bend. In fact most of them bent a lot. I got all of them paid.
If I had consolidated I'd still by making payments. By getting rid of one bill you free up money to double up on the second bill. The result is the pay down starts slow but ends very fast.
2006-09-10 18:32:15 · answer #1 · answered by john d 3 · 0⤊ 0⤋
Contact them each directly. Amazingly enough they will usually negotiate the balance and the interest down. Then pay them off one at a time to clear the slate.
My best friend co-signed a credit card for her step daughter (her father wouldn't do it-smart man).
In 2 or 3 years the company increased the credit line from $500. to $16,000.00. YES, THAT'S WHAT I SAID TOO $16,000.00.
Uncafriggin believable!!!!!!!!!!!!
Once the daughter defaulted on the payments the company contacted my friend and she negotiated them down to a mere $12,000.00 and paid them off. So you can actually negotiate them down.
The age of these debts is something to consider. Are you still being contacted about payment? They may have already gone to a collection agency and been charged off.
I admire your intention, it's hard to live life without a decent credit line. And impossible to buy a house without one. Good Luck!
2006-09-11 00:01:14 · answer #2 · answered by ? 7 · 0⤊ 0⤋
Most debts that are over ten years old are uncollectable and long written off by the company. However given that I don't know how old you are and this may not have been that long ago you need to get a copy of your credit report and review the problem areas in that report. Address those issues and you should be well on your way to cleaning up any problems in your crefit.
2006-09-10 17:22:29 · answer #3 · answered by rhutson 4 · 0⤊ 0⤋
My recommendation is to go to the Dave Ramsey website and follow his recommendations on cleaning up your credit. Pay off all your old debts, begin a checking and savings account, and save cash for items you wish. Believe me, if you do this your life will be totally different, you can live without stress, and you will be thankful someone offered you this advice. Dave Ramsey has been in a ton of debt and now teaches others how to pay off debts and live debt free. This is something older adults wish their parents had taught them. I hope this helps you. Take care.
http://www.daveramsey.com
2006-09-10 17:38:06 · answer #4 · answered by son-shine 4 · 0⤊ 0⤋
you need to get your credit report and clean up only what is on there.. if its not on the credit report it doesnt count.. then add up what you need and take out a loan.. theres your one lump. im sure your credit isnt too bad, you should be able to get a loan.
2006-09-10 17:13:23 · answer #5 · answered by ~Kim~ 2 · 0⤊ 0⤋
Read some useful credit tips and more on this site to help you with it
2006-09-10 17:13:35 · answer #6 · answered by Anonymous · 0⤊ 0⤋
oops
2006-09-10 17:10:43 · answer #7 · answered by yaseen m 1 · 0⤊ 1⤋