you start paying any new bills and your mortgage etc. on time, will the old bills you couldn't pay go away after 7 years?
2006-10-29 05:00:58 · 6 answers · asked by fighting 40s 1 in Business & Finance ➔ Personal Finance
Find out where your money is going every month, then cut out the non-essentials - cell phone, cable/satellite TV, DSL Internet connect, etc. Concentrate on priorities - housing, food (not too excess), utilities, transportation, etc.
Use the remaining funds, your "disposable income" to pay off your debts. You may need to contact your creditors to negotiate payment plans (hold off interest payments, minimum payment amounts, $1.00/ week "good faith payment" or the like).
Understand that if you do go into bankruptcy, the laws have changed and you may not be free of the debt. In addition, it will be very hard for you to get future credit.
Consider your options carefully.
2006-10-29 14:07:57 · answer #1 · answered by PALADIN 4 · 0⤊ 0⤋
no. you will be sent to a collection agency and they may get a lawyer involved to get $$ from you.
try consolidating all old bills into 1. I am using a credit counseling agency. they are able to negotiate with your cc companies and get your monthly payments and interest rates lowered.
2006-10-29 13:10:07 · answer #2 · answered by ? 6 · 0⤊ 0⤋
Sometimes they do as long as the creditors don't go to court and there's a judgement entered against you. They can also put a lien on your property which shows on the credit report. It means if they don't get paid that when you go to sell your property you can't sell it until they get paid.
2006-10-29 13:04:13 · answer #3 · answered by nquizzitiv 5 · 0⤊ 0⤋
no. they remain on your credit history with a collection agency. be responsible and maintain your bills by contacting any outstanding and speak with the credit department of the company you owe. make payment arrangements most companies are understanding if you make the effort to do your part.
2006-10-29 13:04:27 · answer #4 · answered by ? 2 · 0⤊ 1⤋
I don't think so, but they WILL be removed from your credit report. Likely, some of the the companies you didn't pay won't do busines with you again until you do pay them.
2006-10-29 13:03:37 · answer #5 · answered by Anonymous · 0⤊ 0⤋
No. You should file bankruptcy to get rid of the old bills. Then start living within your means.
2006-10-29 13:02:56 · answer #6 · answered by phoenixheat 6 · 0⤊ 1⤋