Debt Payoff/Rebuilding Questions

Anonymous · ‎07-25-2017

Hello All,

I have been on the forums for a while, i have for the most part been a bystander. I have read alot of information, and i have seen alot of success stories. My questions are not to complex, and i was hoping someone was in my situation and has som pointers.

Scores from Credit Karma- Transunion- 567, Equifax- 486,

Experian FICO scores ($1 first month membership) - Experian -600, Equifax- 575, Transunion- 612

First off i have about 30k-40k in debt.

1) 13k Car loan (repossesed) stem-purchase for my sister, and well she couldnt keep up with the note.

2) 16k in state taxes from 2012-2013

3) The other debt is various medical bills, old accounts that i never paid. I would say they are 10k-15k.

Credit King: $13,837 -( in good standings, current car)

My questions the small debt listed below (retrieved from credit karma (Reported on Transunion) ):

CLOSED

1) SYNCB/CARE CREDIT-Closed May 21, 2013 $0 (charged off as bad debt/purchsed)

2) Aarons Rent inc. $1523- Closed 04/17/2015 (Charged off as bad debt/Profit and loss write-off)

Aarons Rent Inc $846- Closed 07/22/2014 ( Charged off as bad debt/Profit and loss write-off)

3) Ally Financail - $13464- Closed (only reporting on Equifax)

In COLLECTIONS

1) Berlin Wheeler- $1618- Collections

2) Ad AStra Recovery Services- $1512

3) I C Systems- $997

4) Revenue Enterprises $4952.19 ( $3196 settlement offer from them) ( Reporting 13 items in CR)

5) Sure Check Brokerage- $875

6)Portfolio Recovery -$832

7) Elite Financial $721

8) Credit Collection Service $283

9) Biorn Corporation $396

10) USA DISCOUNTERS LTD $818

11)SUNRISE CREDIT SERV- $2252

12) CREDITORS SERVICE Bure- $177

13) CREDIT CONTROL SERVIce- 283

14) check systems- $4,000

Now with all my creditors listed, what is the best pln of action? I have considered bankruptcy, but at this point im young and healthy, i have a job and with a year or two i can get ahold of this. So that is not something i want to do. I want to do this to prove to myself that anything is possible. I own this debt, and i want to get rid of it! My one goal at the end of this is to have a 713 or above credit score. The reasoning behind this is simple, i was in a bad spot a year ago and i was at a big name car dealer lot. An frankly i was treated like trash. I was told i needed at 650 credit score and 2 grand to get into a car. Well i didnt have the credit score, so i set at home and mustered up 10k dollars. I went back to that dealership and told the guy i have 10 grand to buy this car i wanted, so lets make it happen. long story short, the car ould have came to about 12 after everything was done, and i would have had to finance the rest. So after we set down he started going over numbers, and as i looked they wanted me to pay almost 2,000 in interested for a 2,500 loans!!! I said what kinda nonsense is this? i guy replied when you dont have credit, this is how we get you in the car you want. He told me his socre was 713, and he could get any car he wanted. That stuck with me, and this number wont leave me alone. That is why i have to fix my credit and attain this small goal of mine. p.s i ended up buying a car with my money straight out, and the engine died 4 months later. ( i still owe my Dad 10k, ill get to him soon enough)

So everyone, please give me your input on the best course of action. Should i pay the small debts back, to clear them off and work on the larger ones over time? Do debt companies settle for 30% of the total debt? I have just applied for the Capitol one secured card, and it is in the mail.

Thank You For Your Valued Input

1

Anonymous · ‎07-27-2017

@Anonymous wrote:
Hello All,

I have been on the forums for a while, i have for the most part been a bystander. I have read alot of information, and i have seen alot of success stories. My questions are not to complex, and i was hoping someone was in my situation and has som pointers.

Scores from Credit Karma- Transunion- 567, Equifax- 486,

Experian FICO scores ($1 first month membership) - Experian -600, Equifax- 575, Transunion- 612

First off i have about 30k-40k in debt.

1) 13k Car loan (repossesed) stem-purchase for my sister, and well she couldnt keep up with the note.

2) 16k in state taxes from 2012-2013

3) The other debt is various medical bills, old accounts that i never paid. I would say they are 10k-15k.

Credit King: $13,837 -( in good standings, current car)

My questions the small debt listed below (retrieved from credit karma (Reported on Transunion) ):

CLOSED

1) SYNCB/CARE CREDIT-Closed May 21, 2013 $0 (charged off as bad debt/purchsed)

2) Aarons Rent inc. $1523- Closed 04/17/2015 (Charged off as bad debt/Profit and loss write-off)
Aarons Rent Inc $846- Closed 07/22/2014 ( Charged off as bad debt/Profit and loss write-off)

3) Ally Financail - $13464- Closed (only reporting on Equifax)

In COLLECTIONS
1) Berlin Wheeler- $1618- Collections
2) Ad AStra Recovery Services- $1512
3) I C Systems- $997
4) Revenue Enterprises $4952.19 ( $3196 settlement offer from them) ( Reporting 13 items in CR)
5) Sure Check Brokerage- $875
6)Portfolio Recovery -$832
7) Elite Financial $721
8) Credit Collection Service $283
9) Biorn Corporation $396
10) USA DISCOUNTERS LTD $818
11)SUNRISE CREDIT SERV- $2252
12) CREDITORS SERVICE Bure- $177
13) CREDIT CONTROL SERVIce- 283
14) check systems- $4,000

Now with all my creditors listed, what is the best pln of action? I have considered bankruptcy, but at this point im young and healthy, i have a job and with a year or two i can get ahold of this. So that is not something i want to do. I want to do this to prove to myself that anything is possible. I own this debt, and i want to get rid of it! My one goal at the end of this is to have a 713 or above credit score. The reasoning behind this is simple, i was in a bad spot a year ago and i was at a big name car dealer lot. An frankly i was treated like trash. I was told i needed at 650 credit score and 2 grand to get into a car. Well i didnt have the credit score, so i set at home and mustered up 10k dollars. I went back to that dealership and told the guy i have 10 grand to buy this car i wanted, so lets make it happen. long story short, the car ould have came to about 12 after everything was done, and i would have had to finance the rest. So after we set down he started going over numbers, and as i looked they wanted me to pay almost 2,000 in interested for a 2,500 loans!!! I said what kinda nonsense is this? i guy replied when you dont have credit, this is how we get you in the car you want. He told me his socre was 713, and he could get any car he wanted. That stuck with me, and this number wont leave me alone. That is why i have to fix my credit and attain this small goal of mine. p.s i ended up buying a car with my money straight out, and the engine died 4 months later. ( i still owe my Dad 10k, ill get to him soon enough)

So everyone, please give me your input on the best course of action. Should i pay the small debts back, to clear them off and work on the larger ones over time? Do debt companies settle for 30% of the total debt? I have just applied for the Capitol one secured card, and it is in the mail.

Thank You For Your Valued Input

The main issue is the negatives that is going to hold your score down.

I would suggest working on paying down what is still active and try to keep those positive. The others will fall off over time.

You could pull your credit report to find the DoFD to know when they will fall off fully.

You could take the snowball approach to your debt. I commend you for trying to get out of this without filing for bankruptcy. I hope you pull it off.

Anonymous · ‎07-27-2017

Welcome to the forums.

I would not rule out BK and consider it an option as you're contemplating what steps to take to start the process of rebuilding. Two things to consider is what debt is sill within the statute of limitations in your state as you do not want to be sued and have a judgment placed against you and what debt is updating monthly. How much income do you have monthly to go towards paying off your debts? Rebuilding is not a quick process and requires one to change how one views credit. Continue to pay off your current obligations in a timely manner to build up positive payment history. You can attempt to negotiate PFDs on the collection accounts. Creditors are under no obligation to remove a negative tradeline, but taking care of your debts if you are financial able to do so when at least show future creditors that you pay what you owe. Sometimes we might not be in a financial position to pay back debt, so BK should be contemplated if realistically you cannot take care of these obligations.

Good luck and let us know what you decide.

Anonymous · ‎07-27-2017

@Anonymous wrote:
Hello All,

I have been on the forums for a while, i have for the most part been a bystander. I have read alot of information, and i have seen alot of success stories. My questions are not to complex, and i was hoping someone was in my situation and has som pointers.

Scores from Credit Karma- Transunion- 567, Equifax- 486,

Experian FICO scores ($1 first month membership) - Experian -600, Equifax- 575, Transunion- 612

First off i have about 30k-40k in debt.

1) 13k Car loan (repossesed) stem-purchase for my sister, and well she couldnt keep up with the note.

2) 16k in state taxes from 2012-2013

3) The other debt is various medical bills, old accounts that i never paid. I would say they are 10k-15k.

Credit King: $13,837 -( in good standings, current car)

My questions the small debt listed below (retrieved from credit karma (Reported on Transunion) ):

CLOSED

1) SYNCB/CARE CREDIT-Closed May 21, 2013 $0 (charged off as bad debt/purchsed)

2) Aarons Rent inc. $1523- Closed 04/17/2015 (Charged off as bad debt/Profit and loss write-off)
Aarons Rent Inc $846- Closed 07/22/2014 ( Charged off as bad debt/Profit and loss write-off)

3) Ally Financail - $13464- Closed (only reporting on Equifax)

In COLLECTIONS
1) Berlin Wheeler- $1618- Collections
2) Ad AStra Recovery Services- $1512
3) I C Systems- $997
4) Revenue Enterprises $4952.19 ( $3196 settlement offer from them) ( Reporting 13 items in CR)
5) Sure Check Brokerage- $875
6)Portfolio Recovery -$832
7) Elite Financial $721
8) Credit Collection Service $283
9) Biorn Corporation $396
10) USA DISCOUNTERS LTD $818
11)SUNRISE CREDIT SERV- $2252
12) CREDITORS SERVICE Bure- $177
13) CREDIT CONTROL SERVIce- 283
14) check systems- $4,000

Now with all my creditors listed, what is the best pln of action? I have considered bankruptcy, but at this point im young and healthy, i have a job and with a year or two i can get ahold of this. So that is not something i want to do. I want to do this to prove to myself that anything is possible. I own this debt, and i want to get rid of it! My one goal at the end of this is to have a 713 or above credit score. The reasoning behind this is simple, i was in a bad spot a year ago and i was at a big name car dealer lot. An frankly i was treated like trash. I was told i needed at 650 credit score and 2 grand to get into a car. Well i didnt have the credit score, so i set at home and mustered up 10k dollars. I went back to that dealership and told the guy i have 10 grand to buy this car i wanted, so lets make it happen. long story short, the car ould have came to about 12 after everything was done, and i would have had to finance the rest. So after we set down he started going over numbers, and as i looked they wanted me to pay almost 2,000 in interested for a 2,500 loans!!! I said what kinda nonsense is this? i guy replied when you dont have credit, this is how we get you in the car you want. He told me his socre was 713, and he could get any car he wanted. That stuck with me, and this number wont leave me alone. That is why i have to fix my credit and attain this small goal of mine. p.s i ended up buying a car with my money straight out, and the engine died 4 months later. ( i still owe my Dad 10k, ill get to him soon enough)

So everyone, please give me your input on the best course of action. Should i pay the small debts back, to clear them off and work on the larger ones over time? Do debt companies settle for 30% of the total debt? I have just applied for the Capitol one secured card, and it is in the mail.

Thank You For Your Valued Input

1

Confused.

I come up with about $90k in debt when I eyeball this.

How underwater are you on your current car?

What is your income? Living expenses? How much per month can you put towards debt?

I am not one to easily suggest bankruptcy. The answers to the above questions will ultimately decide, but it may end up being a very viable option.

Anonymous · ‎07-30-2017

My current car is on time every month. The debt above is 16k taxes, 13k (reposessed car), 13k current car (in good standings), 20k in all othr debt.

my monthly income is about 3k. After expenses im left with about 800. I have about 3k that i can use to pay off alot of the small collections, wondering if that is okay?

update-

I have a Citi secured credit card- $200 deposit, Capitol one Secured $200 deposit, and i have a credit builder loan i just signed up for. The cards shoudl be here by 08/11/2017. the loans first payment is 08/26/2017. It should report soon after.

I live in kansas, most of my debt has first defaulted in 2013. How do i find the statue of limitaitons on debt for kansas?

The biggest thing why i do not want to file bankruptcy, is because i cannot include the back income taxes on it. If i could i would spend the $1500 and do a chap 7. To me it makes no sense to wipe out all my debt, but still have a 16k tax bill, plus a even crappier score.

Anonymous · ‎08-09-2017

UPDATE-

FICO Scores

Ex-612

Trans- 609

Equ- 576

up alot of points

Anonymous · ‎08-10-2017

thomasWU79 I say try to direct disbute all collections on all 3 credits.

I have all the information if you need it and how to do it. pm me i have all the letters everything.

Anonymous · ‎08-11-2017

Statute of limitations in KS for written obligatoins/contracts = 5 years. All other implied debts = 3 years.

Anonymous · ‎08-13-2017

HEY! thanks for the offer, i actually paid a guy on youtube for all the letters, tmeplates and vidoes. it was about $45 dollars. So far ive gotten 10 things off with the first wave of letters,.

Anonymous · ‎08-27-2017

Update- These are my scores from Privacy Guard- Experian-614, Transunion-577, Equifax-622.

Although credit Karma says i have a 600-Transunion, 485-Equifax.

Which one if most accurate?