newbie.....need lots of help!!!!

[your_favorite_bartender]

First, let me say i am so happy I found this site.  I think this is my key to getting out of the mess i've gotten myself into.  Through no one's fault but my own, my scores for the three reporting agencies are averaging only about 520.  My biggest problems are these....I have 3 student loans totaling $5000 dating to 2000.  Long story short, they ended up in default status.  In January of this year, I entered into a rehab service with the collection company in charge of the account.  I have only missed one payment in last 11 months and will be out of default status at the end of December.  I also have about 20 collections for medical bills ranging from $20 to $1100.  These are almost all being handled by the same collection agency.  My questions are.....1. How long after I am out of default status with my student loans will I see an increase in my scores, and how much of an increase can I expect? 2. How do I go about getting all the medical collections taken care of?  I want to do PFD on all accounts, but should I do them individually, or all at one time?  I will have the money at tax time to pay almost all of them completely. Should I wait until then or start correspondece now?  Thanks in advance for any advice.

[Anonymous]

You need to determine the SOL (Statute of Limitations) for where you are now and where you lived then if different.  google "STATUTE LIMITATIONS (YOUR STATE)"

Here in Maryland it is 3 years, so I cannot be sued for any debt that is past 3 years of DOLA (with some exceptions if I was unaware and re-started the clock). 

If you are past SOL - then I would PFD (start with perhaps a 25% of balance  and see where it goes) each individually - it is the only way they can get any money.  Since they all reside with one agency - make sure all are past SOL.  If you are close to the end of SOL - wait it out until it passes.  This gives you leverage - and leverage is never a bad thing.

Message Edited by Lady_Scarlet on 11-28-2007 01:43 PM

[your_favorite_bartender]

Thank you for the advice.  Unfortunately, all the medical collections are under three years old.(long, long story)  So I'm assuming it would be best for me to handle each account individually instead of lumping them together.  As stated before, I will be able to pay 90% of these come tax time.  Anyone have knowledge about the student loan dropoff?

[Anonymous]

You might want to wait until they fall out of SOL. Your score has been so badly damaged, it's going to take a lot of work, but you can do it. Bank the tax return and get some secured cards and wait till the accounts age out of SOL, would be my lazy approach Eh...but you want immediate, resolution, eh? Do a PFD with the OCs of the med bills. People have good luck with that.

[Anonymous]

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your_favorite_bartender wrote:

First, let me say i am so happy I found this site.  I think this is my key to getting out of the mess i've gotten myself into.  Through no one's fault but my own, my scores for the three reporting agencies are averaging only about 520.  My biggest problems are these....I have 3 student loans totaling $5000 dating to 2000.  Long story short, they ended up in default status.  In January of this year, I entered into a rehab service with the collection company in charge of the account.  I have only missed one payment in last 11 months and will be out of default status at the end of December.  I also have about 20 collections for medical bills ranging from $20 to $1100.  These are almost all being handled by the same collection agency.  My questions are.....1. How long after I am out of default status with my student loans will I see an increase in my scores, and how much of an increase can I expect? 2. How do I go about getting all the medical collections taken care of?  I want to do PFD on all accounts, but should I do them individually, or all at one time?  I will have the money at tax time to pay almost all of them completely. Should I wait until then or start correspondece now?  Thanks in advance for any advice.

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Always keep in mind state SOL!!!  Some states have no SOL on any hospital bills BUT other medical comes under signed contract SOL. And some states hospital bills go by SOL

Never pay any CA unless you have to & then you would DV them (in your case seperate DV for each collection).    Before doing anything  contact the OC and see if you can pay them.

Do each seperate and 1 at a time......be sure that you can pay the full amount due before you contact, dispute or DV anyone!!!!!!!

Always DV before you try a PFD!!! (IMO)  and try to settle with the OC first.

Never talk to any CA!!!!!!!!!  everything in writting!!!!  Never sign your name to any DV to a CA....just type your name!!  A DV going to a CA  CMRRR!!!

link to SOL  if needed:

http://www.fair-debt-collection.com/SOL-by-State.html#7

[rudy]

First see how old the collection. If they are about to expire (7yrs) then leave them be. If not, send Original credit grantor payment. If they cash the check or money order. The collection Agency can not say anything. If they send it back talak to collection agency nad follow the advice stated. It is going to be hard, but it can be done!!!!!!

Remember, when things start looking good, something might creep from under a rock you did not see. So as you start re-building flip every rock and pebble over. It is not the big things that trip us. But the small things that are ignored