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Valued Member
Posts: 38
Registered: ‎05-23-2012
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No clue on where to start

Hello guys. 


From what I've been reading so far I see that this is a place that I can gain more knowledge on how to repair the damage that i've done to my credit.

I am willing to take the step to pay off most of my negative items, however from what I've read I am a little confused on wether or not this is a good idea.  All of my negative items are in collections, and i have 3 judgements on file.  One is a garnishment from BOA for a car loan.  I left my job for a family issue in 2006 and fell behind on my bills and lost my vehicle as well.  The Marshall is responsible for the BOA  account now and was wondering could I negotiate with them or is it useless.  The other negative items, I would like to contact the collection agencies and see if they would take any settlements but I am not sure how to go about that.  Is making a payment plan with them a good idea.  This is my first attempt at communicating with this forum so please forgive me if I am not asking the correct questions. 



Obstacles are things you see when you take your eyes off your goals
Valued Contributor
Posts: 1,206
Registered: ‎02-19-2012
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Re: No clue on where to start

Do not make payment plans as if you default on that the CA can report thaT as lates as well and it will look like two seperate accounts as well as bring that account alive again therefore extending the CRTP. DOnt deal with them until you have cash in hand.  As for the judgements were you properly served? If so contact attorney for Plaintiff and work out a deal to have it removed from credit report in exchange for payment. PFD is your friend. Start with the accounts you can pay now and work your way up the list. Get a binder get all reports keep notes this is your 2nd job for the next few months Get cozy.  Also get a secured card immediately to start generating a positive account.


When you get your reports look for any and all mistakes. Match up any accounts good or bad with addresses. If they dont match and you arent living there put in dispute and get rid of them. Same goes for variations in your name. If you pay off account that gets deleted from reports get that address gone. Do one round of disputing addresses then get some collections offf then 3-4 months later fgo back at the  addresses.


This is a Marathon not a race!  Good Luck Any questions? Just ask everyone is very helpful.Smiley Happy

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Epic Contributor
Posts: 29,563
Registered: ‎03-19-2007
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Re: No clue on where to start

[ Edited ]

Initiating a payment plan may be good or bad, depending on your situation.


First, what is the status of the statute of limitations on the debt?  Have you reviewed your state SOL statute?  When did the account first become delinquent, and has thereafter remained so?

Most state SOL statutes begin the running of the SOL with the DOFD on the OC account.  Some states have provisions for resetting the SOL based on payments.

So entering a payment plan may reset the SOL.  Check that out.


Anything you do regarding a payment plan will NOT reset the credit report exclusion period.  The exlcusion of a collection is based solely upon your DOFD on the OC account, and is unaffected by any subsequent payment status, period.


If you do enter a payment plan, your negotiated terms would preclude legal action on their part provided you continue to meet those terms.  So it could be beneficial, but breaching that agreement could set up a whole new cause of action on their part, so make sure you can comply with any terms you agree to.


I would suggest doing some homework on your state SOL statute before making any decisions.

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