Help me! Please anyone

[rebuildmeSC]

I have a loan for co signed bad choice now its charged off about 20K. cannot get anything! I called up and they are willing to settle at 15,000. I want to take a loan somewhere else to pay that 15,000 and just pay it off. I also want to plead for paid for deletion request. statefarm is the bank. Can anyone help me with how to get around this??

thanks 

[llecs]

If you are inside your state's SOL, I would make sure I had 100% saved up or on the ready before doing anything. Sending any sort of letter inside SOL would increase the odds of being sued. Once you have the funds then retry your PFD and you can always offer the $15k in that. Do not call them. Keep it in writing.

[rebuildmeSC]

Thank you! seems like you have a clear vison on how things work. I also have one more question. How do i use credit to build savings. I make upward 80K and cannot understand why some people who only make 50K have savings of 45K +. How can i use credit to my benifit and so one any help would be appreciated

[llecs]

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@rebuildmeSC wrote:

Thank you! seems like you have a clear vison on how things work. I also have one more question. How do i use credit to build savings. I make upward 80K and cannot understand why some people who only make 50K have savings of 45K +. How can i use credit to my benifit and so one any help would be appreciated

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Other than maybe real estate and a few rare other appreciating assets, you cannot convert credit into an expanded asset base. In other words, you can't turn a loan into additional savings or turn a CC into cash. Now I've seen some earning $20k-$50k/yr and have tens or even hundreds of thousands saved. They do so through careful planning, wise investments, and making sure they are spending far less than they are earning, and having that money work for them (vs. working for the money).

[wHiTeSoL]

If you are talking about all the games people play with 0% balance transfer cards and such, make sure you 100% know what you are doing before you do it.