Old Bills where to start?
I would like to pay on my Nimo bill I owe and it states on my report that they do not expect payment. Its like $2800.00 and I first off would like them to wave the late fees and I would pay the rest in full. The question is will they pull it off my credit report after I pay it and also do you think they would reduce it. Thank you for your help**************************...
ps I am also looking for a company to help me with this but it seems to be that either you can get a layer to help with bankrupsy or credit concalidaters to make payments. Is there anyone else that just helps pay old bills in full with some bargening on my behalf?
2007-03-28 11:38:59 · 6 answers · asked by Katie 3 in Business & Finance ➔ Personal Finance
The older the bill, the less it affects your credit.
Start paying off the newest ones first. This will help your credit better than paying off old ones.
2007-03-30 09:25:01 · answer #1 · answered by kmf77 3 · 0⤊ 0⤋
I think it depends on how many bills you have and what the finance charges are on each account. Try to figure out what would be the most cost effective for you, in other words how to make the money you have go the farthest when paying down these bills. I have heard differing accts in regards to what bills should be paid first. When people pay small bills off, they tend to get a sense of accomplishment and have less creditors to deal with, hence less late fees. But keep in mind the finance charges on these accts as well. The more money you owe, the greater percent interest creditors will charge each month. Also, I used to get my late fees waived all the time(I would have the money to pay, but just never got around to writing out ck, addressing envelope, and finding stamp and putting in mailbox...this would happen to me every month) but I have found that nowadays companies will only waive one late fee once a year no matter how much wheedling I do. Is this payment in default? I think they would reduce it for you. However, if this is in collection, the original company will probably tell you that you have to deal with the collection agency. I would not give them a number...let them give you a number first and work down from there...you may find they will waive more than you expected, and I probably would not jump on their first offer...Be a little hesitent and say, "I am not sure if thats possible, can you do any better?" or " Whats the best you can do for me?" In regards to having a company help you with this, from people I have talked to who have had problems with their debts any time they went to a credit consolidator, they were dissatisfied and they wanted money as well for offering this service...maybe there is someone out there, but I would think you would be better off on your own. You want your money to go down to paying these bills. If you do not pay this in full and settle with them, I believe it will indicate "settled" on your credit report so they will know you did not pay this in full. However, if you have other credit cards and pay them in full and continue to do so, I believe it would have less of an effect if you were going for a loan. Lenders tend to look at the whole picture in my experience. But it really depends on that picture...one small bill in default is probably not going to effect your loan if you have twenty others in good standing...Good Luck!
2007-03-28 19:04:56 · answer #2 · answered by AugustMarch 2 · 0⤊ 0⤋
A friend used a company by the name of DebtXs. She said they talk to the creditors so the Debtor does not have to a creditor.
DebXs assigns a credit counselor to the debtor and the the credit counselor keeps the debtor advised as to what is going on with each creditor.
My friend was very happy with them and is now happily debt free!
Debtxs.com
2007-03-28 18:44:04 · answer #3 · answered by newyorkgal71 7 · 0⤊ 0⤋
Pay the ones with the largest interest rates first. It's the interest rates that get you. Often, of you're able to pay most of it in cash right away, they'll cut it. I don't know if they'll cut all of the late fees, but if they offer that, take it.
2007-03-28 18:42:04 · answer #4 · answered by Sara S 2 · 0⤊ 0⤋
Maybe this article will help?
http://media.www.gccvoice.com/media/storage/paper786/news/2007/03/21/Opinion/Web-Edition.Exclusive.The.Kiss.Of.Debt-2789546.shtml?reffeature=popuarstoriestab
2007-03-28 20:13:13 · answer #5 · answered by ♥ariel♥ish♥ness♥ 3 · 0⤊ 0⤋
HOW MANY TIMES NEED YOU ASK THIS QUESTION?
2007-03-28 18:41:21 · answer #6 · answered by cork 7 · 0⤊ 2⤋