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So I would like to know, I have about 8 past due's which reflect on my credit history earliest dating in 2004. I am trying to get my credit back to good standings so my questions is should I pay my "past Due's" which total around $2600 or see if they would come off by 7 year (I read on some sites)?
So my other question is, if I pay all of these debts one by one to satisfy them, what is the best way to help reflect on my credit? Should I contact the original grantor or deal with the current collectors.
Hi blair
Is the SOL on all of your debts active? If your debts have a 1 month or 2 months time to reach the 7 years mark, then you may wait. Else you could seek to pay off your debt one by one and yes, you may seek assistance from your original creditor and go for loan modification on your own. Try and convince your creditor to lower the rate of interest on your loan.
It is not necessary that you always work with the OC. You could as well work with the CAs. However, if you have made a decision to pay off your debt, then don't forget to request for a pay for delete.
Soemtimes once the Original creditor sells the debt then they no longer can collect on it. If a collection agencies owns the debt then you will have to deal directly with them.
Remeber if these debts are still within the SOL and you are going to pay them you do need the pay for delete. You also will want o ask for a settlement amount. Most collection agencies purchase debt for pennies on the dollar and will settle the debt for as low as 50%. They still get a profit and you get cut a break. Beofer any of this though you should really ask for debt validation to be sure they can legally collect the debt. You can find examples for pay for delete and validation letters under the letter of credit to the side of your screen.
What does?
First off please excuse my ignorance but what does SOL mean?
As for my question I am understanding to work with the collectors for a pay to delete, have it in writing and negotiate for a less payment since they most likly payed for the account pennies on a dollar.
Now if I follow through with the terms and the collector reports the debt paid it should be off my credit with in what time frame.. 30/60/90 days???
You can find examples for pay for delete and validation letters under the letter of credit to the side of your screen.
I'll give you the links
http://www.creditmagic.org/repair/cease-desist-letter.html
http://www.creditmagic.org/repair/sampleletter-debtvalidation.html
Hi Blair
First off please excuse my ignorance but what does SOL mean?
SOL is the abbreviated form of Statute of Limitations. It defines the time period in each state within which legal action can be taken against a defaulter. It begins from the first date of your delinquency.
Now if I follow through with the terms and the collector reports the debt paid it should be off my credit with in what time frame.. 30/60/90 days???
Most creditors who agree on a PFD update the records between 30 and 90 days and not beyond that. So there is no specific time limit by which the creditor will update the record. The creditor has a free limit within the span of 30 and 90 days within which he may update the records any time he wants. You may try and convince the creditor to do it as soon as possible and get a specific date by which you want it to be removed from your records. Get every agreement in writing.
info
i think carol is rite.......
col links ...........thanks fr that links ...carry on ....