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20k in debt and afraid to make the first step(s)!

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asked: Should creditors check wage history more throughly before advancing credit?
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Joined: 03 Mar 2009
AlextheGrape's page
Posts: 1

80 Magic Points

Subject: 20k in debt and afraid to make the first step(s)!
Posted on Tue Mar 03, 2009 6:57 am  

Soo, the short of it is, I was irresponsible with credit given to me at a much too tender age and now Im waking up, 20k in cc debt, just now realizing how much Ive kicked myself right in the butt!

What should I do to get this taken care of in the timeliest fashion? Should my approach be written? How much can I settle an account for (percentage wise) if I offer cash upfront, and is it true they'll write it off as paid in some instances? Its 20k, spread out around 3 cards, all fairly equal. I know to do one at a time, and a little about how I should size them up to know which first...

Ugh, I have to let it be known that all of the debt has been untouched this entire last year, I haven't accumulated anything new in about 2. Wow, what I mess I've made for myself! Help!

Thanks in Advance, Rai


Joined: 17 Jul 2006
Justin's page
Posts: 1238

28944 Magic Points

Posted on Tue Mar 03, 2009 9:59 am  

First pull out your credit report and check whether the debt is still with the original creditor or has been sold off to a collection agency. Now send a debt validation letter by certified mail to the creditor or the CA who owns your debt. If you get proper debt validation, you can come to a pay for deletion agreement and pay off the debt under a repayment plan. If the creditor cannot validate the debt you need not make any payment towards the debt.
All the Best Smile


Joined: 06 Jul 2006
Mary's page
Posts: 684

17422 Magic Points

Posted on Tue Mar 03, 2009 10:10 am  

First of all can you tell me how old is the credit card debt and the state where you have signed the credit card agreement?
Now, before paying off a credit card debt, you should check whether the statute of limitation on the debt has expired or not. If it has expired, you need not pay it off and the debt would get removed from your report after 7 years and six months from the date of your last payment towards the debt. If the SOL on the debt has not expired you can settle the debt at 40 to 50% of the outstanding debt amount.
Where there's a will, there's a way !!

Joined: 29 Jan 2009
aby's page
Posts: 32

114 Magic Points

Subject: Should creditors check wage history more throughly before ad
Posted on Tue Mar 03, 2009 11:07 am  

I think at some level the wag history to be checked.So that the creditor may analyse that he debtor is able to pay the bill within the due date or not.And its helpfull to analyse the debtor by checking its all finncial activity

HB Johnson

Joined: 09 Dec 2008
HBJohnson's page
Posts: 1
Location: Florida

45 Magic Points

Subject: If you pay
Posted on Tue Mar 03, 2009 9:01 pm  

If you pay off anything be sure to get something in writing from these agencies, they are tough to deal with after something is paid. You will need a payment receipt to remove paid items from the bureaus.

HB Johnson
FR Credit Repair


Joined: 13 Aug 2007
sdchargers_63's page
Posts: 1883

1915 Magic Points

Subject: Should creditors check wage history more throughly before ad
Posted on Mon Mar 30, 2009 10:44 am  

I think "yes", they should. Creditors are taking a risk, as it is, giving you a loan. They need to find out if you can REALLY afford the payments, first. Some people can 'fudge' paperowrk to make it seem like they make more than they do. I think that's just hurting themselves.

Joined: 08 Apr 2009
GarySnober's page
Posts: 66

9 Magic Points

Posted on Thu Apr 09, 2009 2:18 am  

First step is to get a copy of your credit report. The best thing so you can move on with your life is to work with these companies and pay them off. Have you tried calling them? Have they tried taking you to court?
P. Henry

Subject: But what if
Posted on Fri Oct 05, 2012 6:31 pm  

But what if you just want to transfer $20k - $30k of debt to a lower or no interest account and your credit is 700+ ?

Just wanting to be able to apply more of the money to the actual debt.

Posted on Fri Oct 12, 2012 6:37 pm  

Might I direct your attention to website. There are some red flag rules that banks have to abide by. It might be a good idea to try to find one that they haven't abided by and start complaining. I have received a single disclosure or statement but I have active accounts that I owe. these people are crazy. you should be "crazy" right along with them.

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