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Help with husband's CR

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Anonymous
Not applicable

Help with husband's CR

Working on my husband's credit repair.  He has Business intermingled with Personal.  Unsure how to actually deal with that kind of negative info. 

 

My husband has a Cap 1 credit card (personal) CHARGE-OFF for $282.  I'm not even going to try to go to them for help.  Can someone just tell me if I can make payment arrangements to pay it off and how that works please?

 

There's a Verizon bill (business) filed March 2012 for $58 showing as a Charge-Off on Transunion, a Collection on Equifax and I do not know about Experian yet.   What should I do, just ask for a PFD or pay it?

 

A Finance Company loan (business) showing as Charged-Off and as a Judgment.  $4,934.  I don't know if I should offer a 25% settlement and ask for a PFD or what?

 

There are a three other small collections that are business and personal and I guess I should PFD those??

 

Here's the KICKER! 

1 Individual (business) Federal Tax Lien $23,677 (showing on TU)

1 Individual (business) State Tax Lien $11,740 (showing on TU)

1 Joint (both of us even though I was a stay-at-home mom) Federal  Tax Lien $1,645 (showing on EQ and TU, Don't know about EX yet)

 

Mind you, there could be more taxes unpaid just not showing as liens yet.  I just don't know and that's a very dangerous situation.  Don't know how to approach that yet.

 

Thank you all more than you'll ever know!

Message 1 of 10
9 REPLIES 9
Anonymous
Not applicable

Re: Help with husband's CR

Any recommendations?

Message 2 of 10
LShawn08
Frequent Contributor

Re: Help with husband's CR

I say offer what you can at its minimum and see what they say and just offer PFD's all around, see who bites. I know tons of people have issues with Cap One but don't count yourself as one without trying first, you could be lucky. Just do it.
Starting Score:TU:791(Dec3), EX:783, EQ:000
Current Score: TU:786(Aug9), EX:776, EQ:782 (Aug8)
Goal Score:820 across all boards






If all pork chops were perfect, we wouldn't have hot dogs! -Steven Universe
Message 3 of 10
LShawn08
Frequent Contributor

Re: Help with husband's CR

Add: Tax Liens I believe you must pay in full to have them removed. Start with that smallest one and graduate from there.
Starting Score:TU:791(Dec3), EX:783, EQ:000
Current Score: TU:786(Aug9), EX:776, EQ:782 (Aug8)
Goal Score:820 across all boards






If all pork chops were perfect, we wouldn't have hot dogs! -Steven Universe
Message 4 of 10
Anonymous
Not applicable

Re: Help with husband's CR


@LShawn08 wrote:
I say offer what you can at its minimum and see what they say and just offer PFD's all around, see who bites. I know tons of people have issues with Cap One but don't count yourself as one without trying first, you could be lucky. Just do it.

Agreed.  I personally went to the CEO of Cap 1 for a dispute remark they had on my credit reports when I never initiated a dispute.

Message 5 of 10
Anonymous
Not applicable

Re: Help with husband's CR


@Anonymous wrote:

Working on my husband's credit repair.  He has Business intermingled with Personal.  Unsure how to actually deal with that kind of negative info. 

 

My husband has a Cap 1 credit card (personal) CHARGE-OFF for $282.  I'm not even going to try to go to them for help.  Can someone just tell me if I can make payment arrangements to pay it off and how that works please?

 

There's a Verizon bill (business) filed March 2012 for $58 showing as a Charge-Off on Transunion, a Collection on Equifax and I do not know about Experian yet.   What should I do, just ask for a PFD or pay it?

 

A Finance Company loan (business) showing as Charged-Off and as a Judgment.  $4,934.  I don't know if I should offer a 25% settlement and ask for a PFD or what?

 

There are a three other small collections that are business and personal and I guess I should PFD those??

 

Here's the KICKER! 

1 Individual (business) Federal Tax Lien $23,677 (showing on TU)

1 Individual (business) State Tax Lien $11,740 (showing on TU)

1 Joint (both of us even though I was a stay-at-home mom) Federal  Tax Lien $1,645 (showing on EQ and TU, Don't know about EX yet)

 

Mind you, there could be more taxes unpaid just not showing as liens yet.  I just don't know and that's a very dangerous situation.  Don't know how to approach that yet.

 

Thank you all more than you'll ever know!


Something similar to that  happened  to my friend's father's husband... Smiley Surprised

Message 6 of 10
Anonymous
Not applicable

Re: Help with husband's CR

This is a perfect example of why you should never operate a business as 'sole proprietership' unless its operating debt free (which is rare). Once a business has to take on debt it should be converted to a Close Corporation or LLC, in order to keep business debt separate from personal debt.

Message 7 of 10
Anonymous
Not applicable

Re: Help with husband's CR



@Anonymous wrote:

This is a perfect example of why you should never operate a business as 'sole proprietership' unless its operating debt free (which is rare). Once a business has to take on debt it should be converted to a Close Corporation or LLC, in order to keep business debt separate from personal debt.


Message 8 of 10
Anonymous
Not applicable

Re: Help with husband's CR


@Anonymous wrote:

This is a perfect example of why you should never operate a business as 'sole proprietership' unless its operating debt free (which is rare). Once a business has to take on debt it should be converted to a Close Corporation or LLC, in order to keep business debt separate from personal debt.


It is an "incorportated" business.  17 years old at that. 

Message 9 of 10
Anonymous
Not applicable

Re: Help with husband's CR


@Anonymous wrote:

@Anonymous wrote:

Working on my husband's credit repair.  He has Business intermingled with Personal.  Unsure how to actually deal with that kind of negative info. 

 

My husband has a Cap 1 credit card (personal) CHARGE-OFF for $282.  I'm not even going to try to go to them for help.  Can someone just tell me if I can make payment arrangements to pay it off and how that works please?

 

There's a Verizon bill (business) filed March 2012 for $58 showing as a Charge-Off on Transunion, a Collection on Equifax and I do not know about Experian yet.   What should I do, just ask for a PFD or pay it?

 

A Finance Company loan (business) showing as Charged-Off and as a Judgment.  $4,934.  I don't know if I should offer a 25% settlement and ask for a PFD or what?

 

There are a three other small collections that are business and personal and I guess I should PFD those??

 

Here's the KICKER! 

1 Individual (business) Federal Tax Lien $23,677 (showing on TU)

1 Individual (business) State Tax Lien $11,740 (showing on TU)

1 Joint (both of us even though I was a stay-at-home mom) Federal  Tax Lien $1,645 (showing on EQ and TU, Don't know about EX yet)

 

Mind you, there could be more taxes unpaid just not showing as liens yet.  I just don't know and that's a very dangerous situation.  Don't know how to approach that yet.

 

Thank you all more than you'll ever know!


Something similar to that  happened  to my friend's father's husband... Smiley Surprised


What exactly?  Tax issue?

Message 10 of 10
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