Weighing my options

Mar 142011
 

I currently have 4 store charge cards that all have between 950-1300$ on them apiece. I have not made payments on any of these cards since about September of 2010, due to losing my job. I just recently won an appeal to get a lump sum of back pay from them, and it’s just enough to cover the outstanding debts as they currently stand. Now I am attempting to weigh my options, whether I should pay in full, pay for delete, or settle, or some one way, some another.

To start, last week, I arranged with WFNNB to pay in full two of the cards (~$2000 total), both still being held through them as the OC. I wasn’t really aware of any other option so I gave them my bank account info and set it up that way, as they were threatening legal action if I didn’t do it on that day (I realize this was probably just pressure tactics but I was scared and had intended on paying anyway so I just went with it). The payment will not post until the end of the month, and I was told I could call and cancel it if I was unable to make it. Now I am reading about “pay for delete” and things like that and am wondering if I should just consider that ship sailed (as I’ve basically admitted I have the money), or if I should be calling, cancelling that payment, and asking about PFD. Is PFD going to cost me substantially more? If so, I can only do it for some of the cards– Literally my whole backpay amount is taken up by these cards, since they include late fees.

The other two accounts (Citi and HSBC) I have not yet made arrangements with. They have both offered me settlements which I did not respond to as I did not have the money at the time. I don’t know how to find out whether the debt is still held by the OC or a CA at this point– Looking at my yearly credit report, Citi is listed as charged off but still shows a recent balance, HSBC is just listed as “closed” but also has a recent balance, however the settlement offers I recieve from them are not coming from HSBC, but “firstsource advantage”, so I don’t understand who owns it anymore.

So basically, I am trying to consider the best option for me, both short and long term. Up until the last 8 months, I have always been on time with my payments. I don’t know if my best options are to just pay it off in full and move on, or if I should even be considering settlements, or PFD (some of these accounts are barely 2 years old, some since 2004). I have other accounts in both good and bad standing, but it’s just these four I can’t keep up with and am ready to get away from. Thanks in advance for any advice that you can offer.

Collections Account – How should they be reported?

Jan 282011
 

I have two CAs reporting differently to TU, EQ, and EX…

 

On EX, they are listed as “installment accounts” with one month terms.  One has 24 month payment history completely full of 120+ late, even after I paid.

 

On EQ, they are listed as “open accounts” with no terms listed.  One was paid off in June 2010 but is reported as 120+ late in December 2010.

 

On TU, they are both listed under the collections account section.

 

How are they supposed to look?  Are there regulations on these accounts?

How to negotiate "pay for delete" in full or settled (debt settlement program)?

Jan 122011
 

 entered into a Debt Settlement program 15 months ago. When I signed up, I was trying to protect my 690 credit score and had some major events which forced me to do this. I was told credit would not be impacted but boy was I wrong. All credit cards charged off within 6 months. On my credit report, I have 4 charge offs from major CC companies (Chase, Citibank, CitiFinancial, Discover). This company will “settle” for me by keeping monthly payments in escrow, however they do not negotiate pay for delete or negotiate that all past dues will be removed. They target a 40% of original debt negotiation.

Since these accounts will just be updated as settled and all negative lates will remain, I doubt that my credit score will improve at all. Should I cancel this program and try to negotiate directly with these creditors? Two of the smaller ones (CitiBank and Discover) I can now “pay in full” and hope they will pay for delete or update with no lates and paid in full/agreed so will ask for letters up front. The other two larger ones ($10k and 14k) I would have to try and negotiate paying settled for delete, if their is such a thing (CitiFinancial and Chase). Any thoughts or suggesstions?

I do not see any collection agencies showing up on my credit report and not sure if there are any out there that deal directly with this Debt Settlement company. Any advice would be appreciated.

What do you recommend?

Jan 092011
 

Hi Folks,

 

I just received my CH7 BK discharge 4 days ago and I’m starting to work on my credit-reports.

 

I have several derog-accounts on file BUT these accounts are not the oldest on file. I’d say they are equal to my AAoA.

Most of them are charge-offs and due to my BK, they all report a $0 balance.

 

The DOFD of these negative accounts was already a couple of years ago and they are scheduled to fall off by 2013/14.

 

So should I leave these accounts as is or should I try to remove them?

 

Did I get that right that after 7 1/2 years after the DOFD, the negative markings are removed BUT the rest of the tradeline is still reported as if I was never late until it reaches 10 years?

How’s that supposed to work? I’m asking because the reports I have are clearly indicating a date how long these ACCOUNTS are staying ON FILE – and that date is clearly connected to the DOFD-date and not to the 10 years.

 

I’m very interested in knowing more about that because I obviously suffer from a lack of imagination-power to figure out how a discharge/reposession is supposed to be reported as a positive tradeline from one day to the next..:smileysurprised:

 

Thanks in advance!

Medical debts in BK, send HIPAA letters?

Nov 282010
 

I have a question, I recently filed BK Cht 7 Nov 12, 2010. I had a few medical collections that were included in the BK…after my discharge in Feb. all the accounts will be still reporting on my credit reports right? So, with that said, can I do the HIPAA letters for these accounts?

Seriously? Ugh I have a headache now…

Oct 212010
 

So I applied for a Secured CC from my credit union and got denied..   Called to talk to the supervisor and I swear I think my head is going to blow its top after this conversation..   Its credit rebuilding related of course so here we go:

 

First the good news..  they use Equifax and I’m up to 519 from a score of 451 back in June.   She seemed shocked that I was happy lol..  yeah well, 69 points up in 4 months is good right?   well it is to me..      ok..

 

Now here’s what ticks me off..  she’s naming all these accounts that I have and telling me they are charged off as of 9-2010  and 10-2010  and 8-2010…     and I said whoa whoa whoa..  these were charged off in 2008…  these dates she’s seeing are when the CA’s have updated my accounts..    Seeing that i’m in full out pay off mode, i’ve been pif and of course when they updated these are the dates she’s seeing.  

 

AND she tells me that my Chapter 13 that was filed in 2004 and officially discharged in 2009 won’t come of my credit report until 2016.    She says she won’t approve me for the SECURED credit card until my Chapter 13 has been discharged 3 years..    I told her that it will be off my report altogether next year..   she siad that  was news to her!!!!!  OMG!!   on my experian report on “expected removal date”   May of 2011 for that chapter 13.. 

 

I don’t know weather to laugh histerically at her ignorance or cry because i got denied!!! 

 

Anyaway..    I owed both HSBC and First Premier in the past so i don’t know what the chances of getting a secured card with them would be but so far my credit union is out..     Guess this puts a ding in my rebuilding process huh..

 

April

HSBC student loans – advice?

Oct 202010
 

My hubby has about 6 HSBC student loans on his Credit reports that each have several lates on them.

All of these accounts were closed and transffered to another lender.

Anyone have any advice on what his next steps should be to have these removed??

 

med collections I can PIF

Oct 042010
 

I’m hoping to apply for a mortgage in the next 4-6 months and found I have two med collections from early 2007.  I’ve looked through numerous med posts on this board and plan to try the following strategy.  Can you tell me if I’m making any rookie mistakes? :smileyhappy:

 

I never received any bills or notices from the OC or CAs on either collection.  I think my insurance might have incorrectly denied these claims.  (The ins. company did that once before by mistake, but in that case, that hospital sent a bill to me)  Both are small claims I am able to PIF ($189 and $50).  I plan to call the OCs and attempt to get the insurance to pay.  If that does not work, I plan to offer a PIF if they pull the account back from the CA.  Does this like a good approach or should I try the HIPPA process?  In one account, the creditor name can easily be googled as a hospital, the other cannot.  My main goal is to make sure these accounts at least show as PIF in the likely case I can’t get them removed within the next 2-3 months.

Thank you!

 

Gizmo

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