need advice plz

[Anonymous]

I cosigned a phone line and they defaulted and the collection agency wont reduce the bill and on top of that they 

said the bill has gone up since they recieved it because the phone was added on. 

my score is 745 and I dont have the money to pay such a high bill. 

[RSX]

i would ask them if they can setup a payment plan - this will affect you for some time, if you don't get it paid off

sorry this happened

[M_Smart007]

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@Anonymous wrote:

I cosigned a phone line and they defaulted and the collection agency wont reduce the bill and on top of that they 

said the bill has gone up since they recieved it because the phone was added on. 

my score is 745 and I dont have the money to pay such a high bill. 

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Hi @Anonymous and Welcome to the forums!

I would call and explain that you do not have the money,

but you would be willing to pay if they gave you a reduced amount.

you might also try to get a "paid for deletion", and document everything.

If you get nowhere? .. ask for a supervisor ..sometimes they have the power to do things front line reps cannot.

Good luck!

[Anonymous]

thanks and i did call and they said they wont reduce the amount. And it doesnt make sence that the bill went up after they recieved it.

How many points will this take from my score?

And one more thing , it is not on my report yet

[RSX]

the bill may be going up due to late fees/penalties/interest - this wont stop going up

very hard to say about your score - but as a guess a charge off could be 50-100 pts likely

when you cosign anything, the lender is putting you fully on the hook to pay it off - either party - they dont care

so this is essentially your loan now - and all penalties will be applied to both of you

[BmoreBull]

I would call and ask if I could get on a payment plan in lieu of letting this hit your reports. The higher your credit score, the more effect a recent derogatory account will have. I had two accounts that had went to collections and hadn’t hit my reports yet. One was a medical bill for $100. I promised to pay it on pay day if it wouldn’t hit my reports. They agreed and I paid it. The other was a Comcast bill where I had defaulted and broke my contract. It was for $544. I really didn’t want to pay that much, but they weren’t budging and I had already received a letter from the collection agency. They agreed to recall the collection agency if I paid in full. To me, in this rebuilding stage, it was more important to not have any new negative accounts hit my reports. With your scores, I would be as protective as I could. This one account could have a damaging effect for the next 7 years.

[Iusedtolurk]

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@Anonymous wrote:

I cosigned a phone line and they defaulted and the collection agency wont reduce the bill and on top of that they 

said the bill has gone up since they recieved it because the phone was added on. 

my score is 745 and I dont have the money to pay such a high bill. 

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With that score and the potential major point loss for a recent derogatory I would definitely try to access the funds from somewhere to pay it off. 7 years of punishment is definitely not a good place to be.

I would call them and see what type of deal they would agree to so it won't hit your credit report.

I would take out a loan which is way quicker than applying for a new credit card (but I would apply for one also and you usually get it in 7-10 days).

Whatever you decide the goal should be to avoid a derogatory at all cost.