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Robert20
Joined: 08 Apr 2011
Robert20's page
Posts: 8
132 Magic Points
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Subject: Need help with debt!
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Fri Apr 08, 2011 3:14 pm
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Again, sorry for all the threads, I just found this forum and I have many questions.
Hi all,
My wife and I are young, 23 and 24 years old. We both got credit cards when we were 18 (before we knew each other) and we both made the same mistakes. I used it often and made payments but when I lost my job, I just stopped paying. His story is sort of the same. Our debts are very small compared to most but because we had no money, we had no choice you know?
Anyway- we have money now to pay this off and we want to repair this. I checked our credit reports... His says "balance 0" and charged off as bad debt. Mine says the balance is 1370 and also charged off as bad debt. His should be eliminated in 2014 and mine in 2016.
Is there a way to pay it in full to negotiate getting rid of the charge offs on our credit score? Also, why does his balance say 0?
We want to get a house within the next few years and 2016 for my debt to go away is sort of pushing our goals and plans.
HELP!
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Alfredo Piacentini |
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Mon Apr 11, 2011 12:30 pm
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| Have you guys thought of trying a repayment plan yet? If you have money now, the best way to do this is to have a word with your carrier and set up a repayment plans. Make sure you explain your current financial obligations to your carrier before you agree for such repayments. |
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Sally Nachelle
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Subject: Need help with debt!
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Tue Jun 07, 2011 12:02 pm
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| You probably made a payment towards this debt, which brought the balance down to 0. But, still your account has been charged-off by your creditor. So, it shows a charge-off account with a 0 balance on your credit report, which does an equal damage to your report like any other charge-off account with a balance. If you want to remove the charge-off account from your credit report, you will have to negotiate with your creditors. If they agree with your proposal, then you can make full payments. After repaying the debt, you may request to your creditor to remove the charge-off account from your credit report and update your account status as “Paid-in-full”. This is because; charge-off account hurts your credit score adversely. |
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misaelwade
Joined: 07 Feb 2011
misaelwade's page
Posts: 14
122 Magic Points
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sdchargers_63
Joined: 13 Aug 2007
sdchargers_63's page
Posts: 1889
1387 Magic Points
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Subject: credit
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Tue Jun 14, 2011 11:02 am
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| It sounds like the 'fall off' date would have been in a few years. You could waited until the debt 'fell off' your credit. It always feels good to pay off debt..yep..I know!! However...the debt may say 'PIF' now,..however..it would still be on your CR unless you make some kind of arrangements with the CC company to remove that status. |
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