Unemployed and PFD

[toodles12]

Right now, I'm a SAHM (no income) and trying to clean up my credit. I have 6 collections that are set to fall off this year. I'd like to get them off sooner but I can't afford to dip into the household budget that much to PIF to PFD.

What would be a reasonable amount to start with to PFD? Is 10% too low?

I've already had one of the CA do a HP (assuming to get a judgement) and haven't heard anything yet.

I already have one CA trying to get money from me for XH's loan that I stupidly co-signed. Since I have no income, they waste both our times every 6 months taking me to court. XH won't stay put in one address or hold down a job long enough for garnishment.

I figured since I'm technically unemployeed and the collections are set to fall off this year, I really don't have anything to lose by offering to PFD. I just want to know if 10% seems like an okay amount to offer?

[Kevin5974]

Worse they can say is no. Set aside the 10%. If they decline, bump it up to 20% and save that additional money should they choose to accept. Good luck!

[guiness56]

Are they all within your states suing SOL?

[toodles12]

Some are within but the majority aren't.

I'm kinda at a stalemate because I won't be going back to work until 2018 and the SOL will have expired on all of them by at least one year. We didn't plan it this way but I won't be going back to work till my youngest is in Kindergarten and she's only 12 weeks old now.

[guiness56]

I would just leave everything alone for now.  Any offer you give them could prompt them to try to sue you.  Or try if the SOL has expired.

If they are due to fall off this year, I'd let them.

Keep in mind unpaid debt does not go away.  They can continue to try to collect forever. 

If you don't have the money, you don't.

Congrats on the new baby.  I have a brand new granddaughter that will be 2 months this month.

[RobertEG]

There are legitimate reasons to rely simply on CR exclusion, but in my opinion, if you know the debt is outside SOL, I would attempt the PFD, not only to get earlier CR deletion, but more importantly, to satisfy the debt.

Once CR excclusion occurs, it throws a layer of dirt over the collection, making it harder for others to exume.  However, CR exclusion does not preclude it being discovered by other means, and does not permit you to state, if asked, that you have no unpaid, delinquent debt.  It is, in my opinion, best to get satisfaction of the debt.

[toodles12]

Congratulations on the grandbaby!

I'd like to try and settle these with a PFD. I want to get my slate clean and feel good about knowing I don't have any collections floating around.

Honestly, I'm not worried about being sued because I don't have anything to take. I don't live in a state where my husband's assets can be taken and everything in our home (we rent) is in his name.

I have been taken to court at least 3 times since 2010 for my exhusband's old car loan that he defaulted on and had repossessed. I go in and tell them the same thing every time. They won't take payments of $50 a month, so they don't get anything. It still chaps my hide that I was forced into signing for that stupid car.

[guiness56]

Do what you feel is right.

Start sending out PFD with an offer.  Most of the debt is so old they will probably accept anything.

[toodles12]

Most of the debt isn't much really. The total is less than $2200 and a lot of it is medical I was stuck with because I was the primary on the insurance.

I shouldn't have said I don't care to get sued because I do, but I really don't have the option of PIF.

I'm taking the view that they should be happy that I'm attempting to take care of it all instead of just letting it fall off my CR and out of SOL.

[guiness56]

Yes, they should be happy to get any amount of money.  Most of them are 6+ years correct?