my wife has 10,000 in debt(old medical and other misc bills) I have 5K to pay some of them off and some should fall off some. Any advise to help me?????
2006-10-22 07:08:56 · 4 answers · asked by baseballjedi 3 in Business & Finance ➔ Credit
1. Send a certified letter to each and every collection agency and offer a pay-for-deletion (See hyperlink 1 for form letter). Offer to pay half of the balance AS SETTLING THE DEBT. Ask in the letter that they remove item from credit report altogether once they receive agreed-upon payment.
2. DO NOT tell collection agencies that you have $5,000 EVER! And honestly, do NOT even talk to them about this OVER THE PHONE. Do this all in snail mail and send EVERYTHING certified!!
3. Repeat process and try to get each and every creditor to accept $0.50 on the dollar as payment in full. .
4. DO NOT pay any collector a dime UNTIL you receive a letter (on letterhead) from the respective collection agency which states that the agency will accept the payment as payment in full and remove the item from the credit report.
5. Make the payments for the creditors who agree.
6. Pull credit reports from each of three bureaus approximately 45 days after final payment of collection items. Contact Transunion, Experian, and Equifax (refer to hyperlinks 3, 4, and 5).
7. Dispute with the credit bureau any collection items which still show, for which you have paid. Submit smoking gun evidence: (a) copies of the letters of acceptance from respective credit agency (b) a front and back copy of the CLEARED check.
2006-10-22 07:27:18 · answer #1 · answered by DaMan 5 · 0⤊ 0⤋
Find one or more of the credit cards that have no interest on them for six months. Transfer some of the dollars to those. Be careful not to use those credit at all for any other purchases or it screws up the advantage of using them. Pay as much off the ones that you cant transfer and once you have cleared up those, begin paying the "free" cards. And last but not least, destroy all your credit cards or put them in water and freeze them, so you aren't tempted to run up even more bills.
2006-10-22 14:19:40 · answer #2 · answered by trudy 3 · 0⤊ 0⤋
Pay off the ones which will be on your credit report the longest and have the highest interest rate.
2006-10-22 20:09:05 · answer #3 · answered by Mariposa 7 · 0⤊ 0⤋
Say again.
2006-10-22 14:12:00 · answer #4 · answered by pretzgolf 5 · 0⤊ 0⤋