4yr old collection issues

[Anonymous]

I have about 10000 dallars in collection at this time.  I really dont know if I should pay them off or just wait 7 years and then have them tooken off.   These accounts have been sold to up to 3 or 4 different collection agencys.  During the last 4 years I have moved 4 times and had two different jobs so I never get collection phone calls or letters.   what can I do.

[fused]

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mmike wrote:

I have about 10000 dallars in collection at this time.  I really dont know if I should pay them off or just wait 7 years and then have them tooken off.   These accounts have been sold to up to 3 or 4 different collection agencys.  During the last 4 years I have moved 4 times and had two different jobs so I never get collection phone calls or letters.   what can I do.

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Hi There! Have you read Tuscani's (moderator) credit scoring 101 thread?

http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&thread.id=2654

Message Edited by fused111 on 08-20-2007 01:54 PM

[Anonymous]

I've been there. Moving around just made it harder for CA's to find me and kept making my CR look like crap. After five years of ignoring it all I finally decided to do something about it and I feel much better. I wouldn't wait the seven years.... that is just my opinion. Start reading this forum like no tomorrow and start with just ONE THING on your CR. That way it won't seem like too much. Start with the smallest.... write a PFD letter or GW letter. Ask everyone here questions.... they are great... but make sure you read first.

[Anonymous]

I was in a similar situation to you about seven years ago. I couldn't wait for them to drop. There are two ways you can go about this if you decide to pay. 

First, some people will advise to pay the one with the highest interest first. This makes sense financially- but I found that taking out all your bills, adding them up- and starting with the SMALLEST no matter what the interest rate- gave me momentum.

Next, I paid of the next bigger one, and then I had more money to pay another one. The momentum kept building.

I wanted to make sure before I entered marriage that almost all of it was paid so DH didn't have to marry someone in deep debt. It happened from being uninsured during college in the summer from am military id (they don't cover during hte summer if you are over 18).

Don't get me wrong, I am just now after seven years getting to where I am about 20 to 30 points collectively ready to hit 700's.

Two years ago, I started out in the 500's and been going up ever since. It takes dedication, time, committment- and learning, learning, learning. I wish I had found this forum years ago. Don't get me wrong- habit die hard and along the way I fooled myself that  I could let two medical bills go to collection about two years ago. I am still hurting from them today- as  I can't get GLA to delete them.

I will still keep trying though. Read, read read, and make up your own mind. You can get control of your credit- and I'll bet that once you take control you will make a committment to never go backward again.

Good luck.

[Anonymous]

I was in the same situation.I went through a divorce and that hurt financially.  I also have student loans out the ying yang.  They started out small and because I kept deferring them they tripled in size..So I decided that I wanted to get control of my finances and make it better for myself. 

If you take it one at a time, it won't be so bad.  This forum is great and you will learn so much...It will take time, but it will be worth it.  Nothing happens overnight and anything worth having takes time and patience.

Dispute accounts they may be deleted.  Send goodwill letters.  Send PFD letters.  It will be worth it..

You made past the first step..and that's always good.  Just keep moving forward.

C 

[Anonymous]

Try contacting the collection agency for a settlement.  Write a PFD (pay for delete) letter. But know this.  Your debt has been written off.  The collection agency will try to collect as much as possible.  You should not settle for any amount over 50% of that debt.  Once again the creditor has written the debt off as a lost.  Anything you pay is free money for them. 

ONLY NEGOTIATE WITH THE AGENCY THAT POSTED THE ACCOUNT ON YOUR CREDIT REPORT.  You'll need to find out it that was the creditor or if they sold the debt to a collections adgeny/ attorney. Email me if you need more info.

bg

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Please do not post personal info on the forums. Thanks!

- Tusc

Message Edited by Tuscani on 08-25-2007 01:28 PM