My husband and I were doing really well with our credit, ect... But when he switched jobs for less money, assuming he was going to be making more money VERY shortly, and didnt, we couldnt pay some things we got ourselves into. He just got a new job FINALLY after months of searching and 100's of resumes, and we are trying to fix it all. We have 2 credit cards, and a verizon bill on his credit that we havent payed on. A few other smaller things, but these are the main. When I just checked his report, these all just say "bad debt" or "written off" ect. It give the date when they will be taken off our credit. Which is like 7 years. We want our credit to be good (mine is, his isnt since everything was in his name).
My question is, now that we have a better income, we want to consolidate everything. We would like to consolidate it all, including the credit cards and verizon bills. Since these were written off, is that still possible? Will they still accept money from us?
2007-03-16 08:50:07 · 8 answers · asked by Bl3ss3dw1thL1f3 4 in Business & Finance ➔ Credit
Also, anyone know a reputable consolidation company in Michigan? Anyone work with them and think its worth it?
Will the credit card companys take less then what is on the report? If I am willing to pay them less, will they accept the money? Alot of it is interest just on the months I didnt use it or pay. Anyways, any info would be wanted for this, as we really need to straigthen things out and be good stewards with our money!
2007-03-16 08:52:10 · update #1
What does "bad debt" mean. Do you mean that it will say paid as agreed after the 7 years? Right now it says written off what ever! I dont get it!
2007-03-16 08:58:21 · update #2
Written-off means that the company is writing off the debt in there books for tax purposes (so they aren't showing your debt as income). They do that when they don't believe that they are going to collect that money. They will still try to collect and you can still pay it off to show paid on your credit report. A write off is worse than a delinquent account. I hope this info helps. Good luck
2007-03-16 09:01:59 · answer #1 · answered by Future Nurse 2 · 0⤊ 0⤋
Almost sure that you must find many financial answer at: loaninstantsolutions.us-
RE When Consolidating bills with credit cards that are "written off", what happens?
My husband and I were doing really well with our credit, ect... But when he switched jobs for less money, assuming he was going to be making more money VERY shortly, and didnt, we couldnt pay some things we got ourselves into. He just got a new job FINALLY after months of searching and 100's of resumes, and we are trying to fix it all. We have 2 credit cards, and a verizon bill on his credit that we havent payed on. A few other smaller things, but these are the main. When I just checked his report, these all just say "bad debt" or "written off" ect. It give the date when they will be taken off our credit. Which is like 7 years. We want our credit to be good (mine is, his isnt since everything was in his name).
My question is, now that we have a better income, we want to consolidate everything. We would like to consolidate it all, including the credit cards and verizon bills. Since these were written off, is that still possible? Will they still accept money from us?
2014-09-26 06:03:22 · answer #2 · answered by Anonymous · 0⤊ 0⤋
I agree with most of the posters, especially Andrea S.
Save your money and don't pay a debt consolidation company for something that you can do yourself.
Many original creditors and collectors do work with people as far as removing negative notations/tradelines upon payment.
If it is still with the original creditor, and they won't delete, request that they show it as pays as agreed, and remove the lates upon payment. That will make it look like the account is in good standing.
One note, from what I have read about Verizon, they will not work with you as far as showing it as a positive on your reports upon payment - they are buttheads. Your husband may just have to live with that one for the 7 years.
2007-03-16 11:42:37 · answer #3 · answered by echo 7 · 0⤊ 0⤋
"Written off" means that you get "paid as agreed" on your credit report. This is worse for your credit than "paid in full", but better than "delinquent."
You should talk to a FEE-BASED LICENSED financial advisor to get help clearing these up. If they don't charge an hourly rate then they have an agenda, or they work for the credit card companies. Get a fee-based advisor. You may have to look around, but many credit unions have referrals that you can use.
2007-03-16 08:53:49 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Most Creditors and even collection agencies are pretty workable when it comes to paying of debt. Yes you can negotiate a settlement with them ( part of the settlement being complete removal off your credit reports). But make sure that you get it in writing. They mostly want money, they don't get money by reporting you. I have successfully done this 3 times.
2007-03-16 10:04:08 · answer #5 · answered by Andrea S 1 · 1⤊ 0⤋
Lending Tree does this or Prosper which is a very good site also.Be careful about consolidating companies though my sis was taken for a 5,000 dollar ride and nothing got fixed and no refund for money paid to them.
2007-03-16 09:00:55 · answer #6 · answered by billieleann78 4 · 0⤊ 0⤋
I agree with Amy M, so i would pay the other bills first.And if it will make you feel better, pay the ones that were written off because they will stay on your report anyway.And they will always accept your money!
2007-03-16 18:45:12 · answer #7 · answered by caroljea 1 · 0⤊ 0⤋
see the below link
2007-03-16 09:47:00 · answer #8 · answered by Anonymous · 0⤊ 1⤋