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Hello everyone.
I have 10+ accounts in collection stemming fromgloss of income in 2008. These are mostly credit cards and department store cards. The amounts vary from 500 to 6,000.
My question is: I have a large cash bonus coming up and want to pay off as much as I can. How should I prioritize what to pay and is lump sum settlements the best way to go?
Also, is there a legitimate service that can help me through this?
Appreciate any feedback.
Thank you.
Is your goal simply to satisfy the debt, or is CR deletion also a main priority?
Very different plans pertain to each.
Actually it's better if you do it yourself. You will want to look at a few things, read up on them and then formulate a plan of action.
Welcome to the forums!
I'd suggest reading the following:
Common Abbreviations
What Steps do I take, DV, PFD or GW
Credit Scoring 101
This will give you an idea of where to start. Good Luck!
Sorry. Should have listed goals/objectives. Looking to get out of debt, improve credit score, buy a house and/or car and have decent credit like normal people so I can apply for credit when necessary.
I have a hh income of $120k and have been cash based since 2008 (post debacle).
Thanks for the info. I will do some research. I just know its going to be a bunch of administrative work. 5 years, 10 accounts is a n
Bunch to track down because the debt has changed hands so many times. It sounds like elbow grease and patience is my only way out?
Thanks for the feedback and support, mspiggy. My issue is a couple of these are in court and I've been continuing them long enough. So, I'll have to pay two of the accounts very soon.
I'm looking to get a car in feb/2014 and a house in feb/2015 so I'm not exactly I a huge rush relatively speaking.
I need to understand more about the DV concept. I'm presuming the debt is valid sincethese huge CAs are heavily pursuing me in court.
A DV is supposed to be sent within 30 days of receiving a dunning letter from the CA. Once they receive the DV, they cannot continue collection activity until they validate. There is no time frame in which they have to validate, they just have to cease collection activity.
Only one state that I know of, TX, allows for a DV to be sent at any time and requires a response within 30 days.
If you do not remember getting a dunning letter I would still send a DV. They don't need to respond if they previously sent a letter.
Make sure you can pay the debt in full before sending the DV. If you can't you risk getting sued unless the debt is beyond your states SOL.
If it is beyond SOL, wait for the validation, then send a PFD.
In some states it is illegal for a debt that is beyond SOL to be pursued for collection. In others, if the debt is beyond SOL, the debt is extinguished. Knowing your states laws would be a great benefit.
No, the debt does not need to be valid for a CA to pursue you. Some are nortorious for trying to collect on debts the consumer does not own.