When does a company sue?

Feb 072011
 

I just had several cards go into collections (Nov/Dec 2010) due to not paying them because of medical bills and financial stuff. We almost lost our house to foreclosure. We got on a repayment plan for that. I am sending out 4 PFD letters to the collections agents for some small cards. Waiting for a settlement offer on a couple of others. My big cards have a repayment plan with the OC. I have 2 or 3 that I am worried about. How long does it usually take them to sue. I am desparately worried that they will. I have looked into bankruptcy and will use that as the last option. I don’t think we qualify for chapter 7. We will probably qualify for chapter 13. If I had to go that route, I want to get our house out of the repayment plan (April). I am trying to work with the creditors but it is literally making me ill. I am just wondering if they sue immediately. Do they wait a while?

Settlement offers & my credit score

May 132010
 

Just like everyone else out there I find myself in uncharted waters.  Due to the economy my husband has been unemployed for over 18 months.  Of course our credit accounts have fallen behind & some have been charged off.  I have recently received a cash windfall from litigation that has been in process for some time and am negotiating with some of my creditors for a reasonable pay off.   I have also received several offers to settle with the creditors for a % of what is owed.  My question is if I accept the offer to settle rather than pay the debt in full, will this adversely affect my credit rating for the next 7 years?  The savings are substantial but I already have the mark on my credit from the charge off will adding the “Settlement” to that drag down my score even more?  Any clarity to this issue would be appreciated.

When do Credit Bureaus update CR & FICO Score?

Mar 312010
 

Does anyone know when the credit bureaus update the information on your credit report?  Is it every month or only when the creditors report a change in status / balance / late pays etc?  Also how quickly are the updates seen by the consumer after the change is made on your report?  TIA

Need Advice: Call or Write

Mar 162010
 

Hello All,

 

I need some advice on how to proceed with  contacting two Creditors about deleting some 30 days & 60 Day late pays from my CR( all of which happened in Oct & Aug 09).  I want to apply for a mortgage in the next few months.  I’ve had some credit issues in the past obviously and I’m desperately trying to get to 620 in order to apply for a mortgage.  My current score is EQ:560.  I also will need to pay down some of my credit cards in order to increase my score.  This won’t be a problem to do within the next 60 days.

 

My question is should I call the creditors regarding getting a good will deletion or should I write them letters?  One of the creditors is Orchard Bank/HSBC and the other is my Student loan company.  What would you suggest?  Thanks in advance for your replies and advice.

 

AJ

GW Letters

Jan 312010
 

Here’s my situation 4 settled for less than full balance charge offs and a paid collection all pretty recent in the last year.  Killing my scores.  I ‘ve heard about good will letters, but want to know exactly what to expect.  I plan to write good will letters to the creditors monthly but what will they respond like.  The companies are Jefferson Capital, 1FBUSA, Citibank, and Chase.  Should I dispute through the credit bureaus themselves?  If so, what would be a good reason?  What chance do I have at getting any of these things removed?