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Frequent Contributor
jaguls66
Posts: 356
Registered: ‎06-06-2007
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Re: Confession Good for the Soul?

yes, starting with the smallest first. PFD'd the smallest once, still waiting to hear.
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Noah_Bodie
Posts: 4,635
Registered: ‎03-11-2007
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Re: Confession Good for the Soul?



jaguls66 wrote:

All of them are bad, not paid off. except the Child Support. I am in AL and the SOL is 3yrs i believe. Only have 1 that I may be able to rescue on revolving before collecions gets it, I am trying to work something out with them now. I have opened 1 secured 300 CC, and another before long. Maybe next month.


Seeking clarification. So all 4 of these are bad?
 
Revolving Accounts
1-New-CC-TU
2-2yr-CC-TU,EQ,EX
3-6yr-CC-TU,EQ,EX
4-6yr-CC-TU,EQ,EX
 
SOL in AL does appear to be 3 years.
 
For the moment, ignore the older collections. Since you're beyond SOL and they cannot sue, they ain't likely to do anything.
 
Check your CRs and call the CRAs. Get the DOFD, DOLP and DOLP for everything. I would put everything in an Excel spreadsheet (if you have or use it). If not, then I believe openoffice.org is free and includes a spreadsheet application. [Someone with experience could better advise. Although I should try and get up to speed at least a bit with it.]
 
DOFD is the date from which it will drop from your CRs. The 6 year old collections are getting close. Give yourself something to look forward to with joy.
 
DOLA or DOLP is the date from which the SOL is measured. Paying, even partial payments, resets the DOLA and DOLP and generally resets the SOL.
 
Some of these dates will be on your CRs. Some will not. DOFD almost always is not.
 
The new collections within the SOL are the ones you wanna focus on. If Cap 1 is among them, be advised that Cap 1 has a nasty habit of suing within 6 months of SOL.
 
Open the phone book and start calling BK lawyers. You'll get one who will talk with you, FOC. Tell 'em what you owe, what you earn, and ask how much a BK would cost. Ask whether you qualify for a BK7 or would you have to go BK13. Thank them, and tell 'em you have to weigh things and consider such a decision carefully.
 
If you have to consider BK, and some of the lawyers say you have to go BK13 while others say yes you qualify for BK7, whether you choose BK7 or BK13 I would work with a lawyer who says you qualify for a BK7. They are likely better informed and more willing to work harder for you. Some lawyers are staying on top of caselaw and seeing that the BK Reform Act did little to impair most folks from qualifying for a BK7, while other lawyers read the press accounts and figured "Oh well, now I have to file BK13 instead of BK7. Still money for me."
 
In your PFD letters, if the OC or CA is playing hard to get, you can up the negotiations by honestly saying, "I've talked to a BK lawyer, and I am considering all available options." Might budge them to accept your PFD terms.
 
Frequent Contributor
jaguls66
Posts: 356
Registered: ‎06-06-2007
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Re: Confession Good for the Soul?

Yes, all 4 currently show Revolving account are baddies. My new secured CC is not showing up yet, hopefully soon. Thanks for all of the info. I have excel here, and will begin a spread sheet. I have been thinking of starting something here for a few days. Any hope of a score increase soon even 5pts would be nice. Just to see an improvement. Or is my new secured CC going to hurt me at first?
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Boswd
Posts: 1,065
Registered: ‎04-26-2007
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Re: Confession Good for the Soul?

though Noah gave alot of good advice I would rething BK on a total of $6,000 debt,  more than likely they would just put in chapter 13 and make you get into a payment plan which you can do on your own.  
 
He is spot on about worrying about the newer ones and since AL has a 3yr SOL  that is very very helpful and do what he suggest on getting what your dates are.   After you weed out wich ones are beyond the SOL  you'll find that $6,000 debt will be reduced.
Senior Contributor
Noah_Bodie
Posts: 4,635
Registered: ‎03-11-2007
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Re: Confession Good for the Soul?



jaguls66 wrote:
Yes, all 4 currently show Revolving account are baddies.


So, again, not to sound dense, but all 4 of these are adverse? Late, collection or chargeoff? This just opened CC is late already?
 
Revolving Accounts
1-New-CC-TU
2-2yr-CC-TU,EQ,EX
3-6yr-CC-TU,EQ,EX
4-6yr-CC-TU,EQ,EX
 
Frequent Contributor
jaguls66
Posts: 356
Registered: ‎06-06-2007
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Re: Confession Good for the Soul?

1 new bad late, but trying to work something out before it hits collections 2- chargeoff/ almost paid off - PFD pending 3 charge off 6.75yrs old 4 charge off 6.75 years old
Senior Contributor
Noah_Bodie
Posts: 4,635
Registered: ‎03-11-2007
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Re: Confession Good for the Soul?



Boswd wrote:
I would rething BK on a total of $6,000 debt


I may not have been clear here.
 
I'm not saying BK a $6K debt, but consulting with a BK lawyer (at no cost) gives one a heavy hammer that can make the CAs think "This guy is talking BK so he's ready to give up and that means we get nothing." May or may not work, but it's free to try. If it knocks loose just one stubborn CA and persuades them to go PFD, then it's worth it.
 
Senior Contributor
Noah_Bodie
Posts: 4,635
Registered: ‎03-11-2007
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Re: Confession Good for the Soul?



jaguls66 wrote:
1 new bad late, but trying to work something out before it hits collections 2- chargeoff/ almost paid off - PFD pending 3 charge off 6.75yrs old 4 charge off 6.75 years old


If the most recently opened CC is delinquent already, I think you've got bigger problems.
 
Frequent Contributor
jaguls66
Posts: 356
Registered: ‎06-06-2007
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Re: Confession Good for the Soul?



Noah_Bodie wrote:


jaguls66 wrote:
1 new bad late, but trying to work something out before it hits collections 2- chargeoff/ almost paid off - PFD pending 3 charge off 6.75yrs old 4 charge off 6.75 years old


If the most recently opened CC is delinquent already, I think you've got bigger problems.
 



the NEW in item 1 is just over year old. Sorry, added years after that item and forgot to go back and chagne it. Not the new secured CC postng soon.
Senior Contributor
Noah_Bodie
Posts: 4,635
Registered: ‎03-11-2007
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Re: Confession Good for the Soul?


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