@Anonymous wrote:
We have 5 accounts i bad standing together. One is a repo so we won't pay that for a few months but most others are small $200-$1000. It would be so much easier to consolidate them and make one monthly payment of about $50. Can we do that? Our bad debt is not more than $3000 all together. Is there a place you suggest for that?
There really isn't. What you'd need for that is a consolidation loan, but it's tough to get one of those. Even if you could, you may be better off dealing with each creditor individually. Your first goal should be to get them to delete it (or get them to report it better). Paying a collection will never improve your scores. The only way you can get a score change would be to get it off paying it won't do that. If these are CAs, you'd want to aim for a DV letter. If they verify and you agree, then send a PFD. If an OC (like a CC), then you can either send a PFD or you can pay it off and send a GW later on asking them to remove any lates or negative references. If $$$ is an issue, then start with the smallest first. Along the way you might have a stubborn OC/CA who won't delete for the world, then you'd save up a little more and skip them and go to the next on your list.
