- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
bad credit question
Posted on 7/24/10 at 10:34 am
Posted on 7/24/10 at 10:34 am
I have around $15K in credit card debt that I just quit paying on probably 5 years ago...you can imagine what my credit looks like. HORRIBLE. If i was to settle with each debt collector for lets say 60% of what I owe, how long would it take for my credit to be acceptable again (good)?
Posted on 7/24/10 at 10:48 am to Detroit Dan
quote:7-10 years.
If i was to settle with each debt collector for lets say 60% of what I owe, how long would it take for my credit to be acceptable again (good)?
Posted on 7/24/10 at 2:56 pm to Detroit Dan
If you quit paying 5 years ago, not as long as you think.
1) Check the statute of limitations. In La, for open-ended (credit card) accounts, it's 3 years. That means, generally, 3 years after your last payment, you cannot be sued for this debt.
2) Seven-year rule on the credit report. After seven years, the debt will drop of your report and score.
If you do choose to pay (which I recommend since you do owe it), do not settle with them. In fact, do not even speak to them over the phone.
The first thing you need to do is send them a certified return-receipt verification of debt. They are legally required to verify a few things to you. 1) that you actually owe the debt (we know you do, but this is just to improve your position.), and 2) that they actually legally own the debt.
If you don't hear back in 30 days, you can petition to have this entire debt removed from your credit report, since they did not respond.
If you do hear back with the appropriate verification, send a pay-for-delete offer. Match their settlement offers, and I'd even throw some extra in there, and offer to pay it off for deletion of the account with the reporting bureaus.
It's a quid pro quo that most collection agencies would be retarded not to take. Again, send this offer (you can google both pay-for-delete letters and debt verification letters to find good templates and advice), certified return receipt mail, and wait.
In these cases, you can still settle your debt without having it marked settled (which is not good) and have the debt removed from your report.
1) Check the statute of limitations. In La, for open-ended (credit card) accounts, it's 3 years. That means, generally, 3 years after your last payment, you cannot be sued for this debt.
2) Seven-year rule on the credit report. After seven years, the debt will drop of your report and score.
If you do choose to pay (which I recommend since you do owe it), do not settle with them. In fact, do not even speak to them over the phone.
The first thing you need to do is send them a certified return-receipt verification of debt. They are legally required to verify a few things to you. 1) that you actually owe the debt (we know you do, but this is just to improve your position.), and 2) that they actually legally own the debt.
If you don't hear back in 30 days, you can petition to have this entire debt removed from your credit report, since they did not respond.
If you do hear back with the appropriate verification, send a pay-for-delete offer. Match their settlement offers, and I'd even throw some extra in there, and offer to pay it off for deletion of the account with the reporting bureaus.
It's a quid pro quo that most collection agencies would be retarded not to take. Again, send this offer (you can google both pay-for-delete letters and debt verification letters to find good templates and advice), certified return receipt mail, and wait.
In these cases, you can still settle your debt without having it marked settled (which is not good) and have the debt removed from your report.
This post was edited on 7/24/10 at 2:58 pm
Posted on 7/25/10 at 9:45 pm to JustinBRLA
quote:
2) Seven-year rule on the credit report. After seven years, the debt will drop of your report and score.
As long as he hasn't made any payments. As SOON as you make ANY payment on that debt, the 7 years begins again. So, if tomorrow he sends in $20, the seven years are reset and he'll be set up again to have to wait 7 years for it to drop off of his report.
quote:
pay-for-delete letters
shite never works. It is against the law, technically, for them to delete something off of a credit report. He DOES owe the debt, and he IS delinquent, so it is correctly reported on his credit report.
This is what I've learned through dealing with some shady apartment complex who is trying to swindle me for carpet replacement. I'm just dealing with it sitting on my credit report for another 3 years. frick them.
Posted on 7/27/10 at 12:00 pm to lnomm34
So all of this debt is over like 5 cards or so. I did setle a cheap one a couple years ago, but if I dont pay anything on the other debts, after 7 years they will fall off??? What will my credit looklike, as if Ive nevr had credit or will it look shitty?
Posted on 7/27/10 at 12:52 pm to lnomm34
Pay-for-delete works most of the time actually. Try it.
Popular
Back to top
Follow TigerDroppings for LSU Football News