okay a few years a go when i was really young i apply for all these credits and i got them and spend them all .
becasue i was in a situation that i needed the money.
then i start paying them back for a while then i stop that because of loosing my job and financial problems .any way it's been a few years now and all of are in collection agency and my credit history doesnot look good and i'am trying to fix it
what should i do?
don't tell me bankrupsy .i don't wanna do that
where should i go?
2007-04-01 17:15:59 · 7 answers · asked by mary 3 in Business & Finance ➔ Credit
Contact Consumer Credit Counseling Services. They are a free service and they will work with your creditors to lower your monthly payments as well as your interest rate. I used them several years ago and was debt free in 36-months.
2007-04-02 03:22:05 · answer #1 · answered by ? 7 · 0⤊ 0⤋
First, get all three copies of your credit reports - Experian, TransUnion and Equifax. You can get these for free once each year.
Then contact every single creditor on there. Let them know you want to make payments on the account, and ask if they'll "settle." This means you pay a smaller amount that what is actually owed but you have to pay it all at once, and it still goes on your credit report for 7 years.
If they won't settle, find out if they will reduce or waive late fees, or reduce the interest.
It will take many hours of you on the phone negotiating with them, but it's something you have to do.
2007-04-02 00:22:57 · answer #2 · answered by Anonymous · 0⤊ 0⤋
You don't have to do anything. But remember that bankruptcy stops all the creditors, and provides a legal reason to the world for why you couldn't repay the debt. I'm going through the same thing--bad divorce, kept the debt, ex-wife really nailed me financially--and I let everything go. So I decided to go Chapter 7, just so after seven years, I'll have clean credit again--whereas, without it, they can legally mess with me for ten years, and in some cases, twenty.
2007-04-02 00:21:51 · answer #3 · answered by Peter 5 · 0⤊ 0⤋
First get a copy of your credit reports and try to determine between them and your records of when you make the last payments on them. It depends on your state but it is possible the statute of limitations has run on them and they are uncollectable unless you revive them by promising to pay or paying. This again depends on your state (see Lawdog.com and look up your state statute of limitations for your credit card debts. If the debts are past the statute of limitations then you can work on credit repair. 7 years is the longest negative information can appear on your reports. Dispute this obsolete information on your credit reports. More on this at length at Nolo Press- Money Troubles by Leonard
2007-04-02 00:27:44 · answer #4 · answered by Rico E Suave 4 · 0⤊ 0⤋
Contact each creditor directly, and ask them for a settlement amount.
Most companies will allow you to settle for pennies on the dollar. (If your balance is $1000, you might be able to settle for as little as $300).
Keep in mind however, this will be a hit on your record. (It will show as "Paid settlement", as opposed to "Paid in Full"). It will still be better than having everything in collection.
PS, congrats on taking responsibility, and attempting to pay off your debts, instead of running away from them!!!!!
Good Luck!!
2007-04-02 00:22:21 · answer #5 · answered by pnk517 4 · 0⤊ 0⤋
Check out "Credit Repair" and "Debt Relief" at http://info.lifequery.com They may be helpful.
2007-04-02 00:55:33 · answer #6 · answered by candy 3 · 0⤊ 0⤋
the only thing you can do.... stop spending and pay off your debts
2007-04-02 00:22:15 · answer #7 · answered by Carling 7 · 0⤊ 0⤋