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Okay, let me start by explaining briefly how this came about. In 2006, I had a near-perfect credit score of 820. Then…I graduated college, got married, moved, and in the process racked up a lot of credit card debt, which I steadily payed off for more than a year, until both my husband and I lost our incomes. He managed to find a much lower paying job that left us no money for anything beyond basic necessities, and sometimes, not even that.
For 3 years we stayed in this living pay-check-to-paycheck funk, and now he has a job that allots us about 0 extra a month. I would like to start applying this to some of the old debt, so that we can rebuild our credit, and try to get out of this area where I’ve been unable to find work for over 4 years.
I had 5 delinquent credit cards. I settled the two highest already. I had a delinquent car payment, which has been paid off in full. Now I am trying to determine, what to do about the other 3 cards. The statute of limitations in Oklahoma is 3 years, and I am well past that. I have been contacted by 2 of the 3 creditors and offered settlement plans.
My questions are, at this point:
Is it better to settle, or to wait the additional 2 years for it to fall off of my credit report completely, since after 7 years they can no longer report it?
Will a settled debt look bad on the credit report?
How long will a settled debt stay on the credit report?
Will I have to pay taxes on the unpaid portion of the debt?
Do creditors have a way that they can report the debt where it appears on the credit report as paid in full rather than settled, and if so, should I try to negotiate for something like that?
Any information would be greatly appreciated.
Tags:3 years, basic necessities, car payment, credit card debt, Credit Cards, credit report, credit score, creditors, delinquent credit, funk, incomes, job, money, paycheck, statute of limitationsA man discovers life is better without credit cards
Tags:Credit Cards, Debt, economy, job, money, office, plan, save, xtranormal
My friend has an excellent credit score,she did not live in the US anymore cause she got a job aboard and she is not US Citizen.but,she still visit USA sometimes for holiday for one-two months a year.Her ex-roommate somehow know every details about her information and added herself to my friend’s credit card as a secondary card holder So, now my friends has a trouble cause her ex-roomate use her cc &max it out & she just know about it couple weeks ago and get really mad and scared cause she doesnt have lots of money to pay big bucks (~20000). So,my questions is:
1. what should my friends do coz her ex roomate just ignore it and do not want to pay for it?
2. What happen to her credit score if she didn’t pay? Will it be normal by itself after 10 years? Will She go to jail? or have a hard time to enter US for holiday?
3. Will she had a hard time if she wants to apply credit card in other country?
Please write an advise if you know the answer so it can really help her. thanks
Tags:10 years, amp max, card holder, citizen, couple weeks, credit card, excellent credit score, hard time, job, lots of money, roommate, t pay
I lost my job and have been having problems finding one. Because of that I have been forced to pay only basics, housing, food, gas, car, etc… my credit cards have gone by the wayside. The amount of crazy charges they add are very frustrating, however, I received a letter today from a collection agency saying they are will to forgive 40% of the debt (48) if I can make a payment of 1. I am almost in a position where this is possible. Should I pay a collection agency any money? I know there is conflicting feelings on this is the collection world. What are my other options? Thank you!
BTW The amount I stated was the forgiven amount, the total amount was 21.80 on a CC with a 00 limit, the excess is interest and fees (ew!)
I am 22 years old and am under soooo much stress. 1 year ago I tried going back to college to make my then girlfriend happy and secure about our future together so I got a 1500 dollar student loan and I tried my hardest to work and go to school but I was working 6:30 am-7 pm 4 days a week and it just litterally exhausted me and started to affect my job performance so much that I had to withdrawl or lose my job. I now owe 1500 dollars on a student loan and I have racked up almost 2000 dollars in credit card debt because I don’t make enough to get by and pay all my bills. I pay all of my bills including rent to my parents (who I live with) but I’m broke after bills. I need to go to college but I can’t stop working full time cause if I do, ill not be able to pay my bills. I need to get out of debt but I can’t find a job that pays decent without a college degree. My parents won’t pay ANYTHING for me anymore (including college) so I just feel stuck and I’m getting in more and more debt and I don’t know how to stop. Please help!!!
Tags:22 years, college degree, credit card debt, full time, girlfriend, including college, job, parents, stress, student loan, time cause
About how to get one. Im trying to get a cheap cheap motorcycle, like a honda rebel, for 00 (Brand New). And for all the older people who are going to tell me to get out of debt first, I have a job, I pay the bills, Im not a spoiled brat, And I ride a bike (NOT MOTORIZED) 7 miles to and from work daily. SO please save any advice about anything relating to me being in debt or stupid, etc…
****BAD CREDIT MOTORCYCLE LOANS*****
….hire someone else for the Job ? Why get stuck with 4 more years of rising unemployment, rising debt, and failed policies – it doesn’t make sense and we do have other choices.
Solar: The Big Picture would include the massive spending spree and obese government created by Obama and his cronies; you can’t discount rising unemployement, rising prices, and rising debt on his watch. He’s either the leader or he’s not. I say not.
Solar: The Big Picture would include the massive spending spree and obese government created by Obama and his cronies; you can’t discount rising unemployement, rising prices, and rising debt on his watch. He’s either the leader or he’s not. I say not.
Please excuse the duplication.
Tags:big picture, choices, cronies, job, obama, spending spree, unemployment
I have several credit cards and have become delinquent by 2-6 months on all but one. I had been using my credit cards when there was a problem with my pay at my job and for 2 months I had no income. About 3 months after I begin receiving pay again, I was laid off of my job. I then was stuck with my credit card debt from not getting paid with very minimal income to pay them with. My interest rates are all around 23-29.
What is the best way for me to get back on my feet with these, be up to date, lower my interest rates, and start to get out of debt. PLEASE HELP!!! I don’t know what to do!!!
Tags:credit card debt, Credit Cards, interest rates, job, minimal income
Hi, yesterday I found out that a registered letter was delivered to my Mom’s house, I’m currently living in Europe so she picked it up at the post office for me. Apparently it is a court summons for 00 of debt, my card was through Citibank. I thought that I had already taken care of this bill, but unfortunately, I didn’t so I was shocked to hear about this. There is no date, or docket number on the letter. My Mom is going to call the lawyer’s office for me tomorrow and try to get a settlement, I have the full amount ready to be paid if they won’t settle for anything less. If I’m willing to give them the 00 will they say no and still take me to court? It was shocking to me because I haven’t received anything in the mail about this debt for months. I think that they’re trying to scare me into paying (it’s working) but it’s not like I don’t want to pay it off either, as I thought it had already been taken care of. I just hope that they will accept the money and be done with it, then I’m finally debt free! Going to court is really not ideal since I would have to fly back to Ohio and take leave from my job here. Also, since it was a registered letter addressed to me, would my Mom even be able to pick up a legit court summons because I thought that I would have to pick it up in person? Thanks.
Thank you all for your advice. GREAT news, my Mom called the lawyer today and they gave me a ,350 settlement and dropped the case. 
I’m officially 100% debt free, and I ain’t never goin back!!