2007-03-12 03:04:20 · 6 answers · asked by smokey 1 in Business & Finance ➔ Credit
First, if you haven't already done so, get a copy of your credit report. Find out what is on there. Old debt will come off your report after 7 years.
Also, there is a statute of limitations on how long a creditor has to collect debt from you. It varies by state so check your state on the link below to find out what the SOL is in your state.
The Statute of limitations begins from the date of the last activity on the account. If you have old accounts that have been sitting in collections for many years and you have not paid them or promised to pay them or made any more charges on that account, you may not even have to pay them anymore. Be careful on that though. If you've been called by a collection agency and agreed to pay part of it, you start the statute of limitations over again from that date.
To start clearing up the ones that you do owe, start paying them. It requires tightening your belt a bit and not buying stuff on credit cards, reducing your spending and getting this stuff paid off. It's work but it can be done. It took you a long time to get into this position. It will take a while to get out of it.
2007-03-12 03:26:28 · answer #1 · answered by Faye H 6 · 0⤊ 0⤋
You have options. You could go to Consumer Credit Counseling Service (CCCS) and they can set up a plan where you make one monthly payment and they divide it among your creditors. CCCS in non-profit and has a long history of good service. Don't be fooled by so called non-profits that are CCCS imitators.
If you want resolve yourdebts for less than what you owe, you can negotiate directly with the creditor or third party debt collector. You may owe income tax on any "forgiven debt."
2007-03-12 10:25:58 · answer #2 · answered by exirsman 5 · 0⤊ 0⤋
I suggest you to join a debt settlement company who will negotiate with law firms, and collection agencies too. They will negotiate and bring down your principal debt by around 30% to 70% depending on your credit companies.
You can be out of debt within 36 months by making low monthly payments. There are no hidden costs, penalties and upfront costs associated with the monthly payment option.
Check this debt settlement company who has helped me out with the same unsecured debt problem.
http://www.debtfreeafterall.com
Good Luck
2007-03-12 16:18:35 · answer #3 · answered by Hima K 2 · 0⤊ 0⤋
Consolidate go to a place that will help you consolidate all your bills and put them into one. So that you may be able to make one monthly payments for all your bills that you may have. I have had friends who have done this and it has been working out very well. It makes your credit background look good and before you know it. Your credit would be good once again.
2007-03-12 10:13:39 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Check out the source website; they have lots of options that can help.
2007-03-13 08:55:33 · answer #5 · answered by CALIFORNIA GOLD 3 · 0⤊ 0⤋
i got a lawyer to help me out here. try your local area library and look up credit help that may be a counselor who is also certified as well.
2007-03-12 10:12:38 · answer #6 · answered by cadaholic 7 · 0⤊ 0⤋