Wow! and I thought Physics was confusing. Need help w/ new CAs

[Anonymous]

I'm trying to read the forums and absorb and understand....but I've so many questions, so hopefully someone will be able to help.

I'm trying to help my sister.  In the last year, she hit hard times and she was unable to pay a lot of her credit cards.  The majority of the CCC have sold the debt to CAs. 

How do I go about getting the debt paid off?  I've seen many of the CC statements and she got hit hard with late fees & high interest rates.  How does one negotiate with the CAs?

What is the next course of action?  How do I determine which CA to select first? Do I do one at a time or work with all of them simultaneously? She can pay some debt now...but not all of it and for sure not the total balance. Probably small balances to begin with so she can get on her feet, etc.

Thanks for all of the help.  It is all so interesting on how to improve your rating. I may try a couple of tips, so that I can increase my credit score and refinance our home mortage.

Thanks.

[Anonymous]

If the debt is not past SOL they can file suit!  If as you say she stopped just 1 year ago  its still within SOL.

PFD are usually accepted when past SOL or close.

You will need to sort the debts by DOFD    start with the oldest and 1 that she can PIF

First contact the OC and see if they still own the account and will accept a PFD.

[Anonymous]

Thanks. So, I guess I'm not to assume that the debt has been sold to the CA. They might just be trying to collect on behalf of them.

I guess with the PFD....she will need to pay whatever she owes in the account. Are there any possibilites of working out something with them for the late fees? interest?

Thanks for the help. I'll start to work with her and review her credit report and take it one step at a time.

[Anonymous]

Bump. Thanks!

[Anonymous]

Bump. Anyone have any other suggestions/advice?

[Anonymous]

What do people think about Offer In Compromise with creditors and CAs?

You owe 10k, you offer to lump sum settle for 5k.

I know there are a lot of debt settlement companies out there that do this sort of thing, though I don't know how good they are vs doing it yourself.

Any experts of debt settlement?

[Anonymous]

This is why you send a DV  CMRRR    to find out if the were assigned it or if they bought it (CA)

Is the OC reporting?