I need Credit Repair Advise from those who have done it!?

Question

My hubby and I (not legally married) are spiralling towards being in debt. We both have good jobs and up until 2 months ago had everything on a great payment schedule - problem is that back in Nov he was in an accident and was out of work for a month. The "credit protection" company that was charging him all these months refused to help because the could not prove that him being out of work was thru no fault of his own. Either way it is now Dec and we want to start the new year off on the right foot. How do we go about paying down our debt WITHOUT involving one of those debt specialists? Ive read that the most effective way is to you it yourself but where do I begin? Id appreciate and FREE refrences, ideas and suggestions.

Thank you in advance.

Dont know if its relevant but we are about $8 to $10,000 in debt and now just a little over 30 days past due.

My credit is already in the crapper from back in my college days. I dont want this to happen to his.

Answer 1

I think there is free, or at least low-cost, non-profit credit counseling. But be sure to find a nonprofit one, and even among those, one that is really nonprofit, and doesn't sell any products or charge ongoing fees.

Also, if you go to church, some pastors are experienced with this sort of thing.

As for doing it yourself, I would think that you would write letters to each of your creditors explaining your situation, and tell them how much you can pay. Ideally, you would set aside (say) 20% of your gross income for debt service, and divide it on a pro rata basis among the creditors. Medical bills are in a different class (unless you already put them on a credit card), and cannot be pursued as agressively, I believe. Then, you need to live on the remaining money each month, however little, on a cash basis. You might have to eat just spaghetti and tomato sauce for a long time, or might have to move to a different place, depending on how much you can afford.

I think a counselor can really help you with this stuff, and would also be experienced at designing a payment plan (sounds like you already had something going). Please do consider a one-time visit to one. They'll be pleased to hear that you're interested in paying off your debts, not just running to bankruptcy.

Finally, my favorite book is "The Richest Man in Babylon," by Clauson, which you should be able to check out from your local library. It talks about credit repair in timeless terms. Some of the material in the book is over 100 years old, I think.

Answer 2

Be very LEARY there are a number of companies that grant credit restoration or an entire new credit report, all this is is they sign u up for a employer ein extensive variety this is unfastened to do online and immediatley u are issued a 9 digit extensive variety. its to ensue of your social secure practices extensive variety, now the element is its stressful to construct a employer credit report. so its nonetheless like having no credit, depending on ur age beleive it or no longer yet a credit document with some very undesirable credit is truthfully extra effective than one without credit if u are older, reason no credit makes enormous creditors look on the age then think of whats this paerson been doing all this time.

Answer 3

You need to check out this video on how to increase your credit score by using a 100% legal loophole. Here is the video URL: http://www.creditscoresecret.org

I was able to get to 595 from 489 in just one day and from 489 to 748 in just a few week; that's pretty fast in my book. Good luck!

Answer 4

If I could give you all the information you need to research, set a budget, and a proven business plan to repair your credit your self for free would you want it?

I have a credit restoration company

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Answer 5

credit cards, try seting up a pmt plan for the next 8-10 weeks, car payments, call finance company and see if you can get this next payment deffered to the end of the note, then have extra cash to get caught up on credit cards, perhaps if you have a mortgage, contact them and try to set up a bi-weekly payment, if anything, paying bi-weekly on your mortgage could help you save years off your note.