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23 & me (and my mess)

HowDoesThisAllWork
Frequent Contributor

Re: 23 & me (and my mess)

@Ross1998 

 

So, as promised, attacking this in multiple posts as each post will be a bit longer (and I do not want to muddy the waters.....).

 

The plan is to contact each one....request a PfD (or, a "Pay for Delete").  The PfD will remove this negative account from your credit report.  The goal is to remove all six of them.  You will need to negotiate with each.  Those Collection Agencies that will entertain the idea of a PfD may or may not have some "requirements" in place before doing that.  What might these requirements be?  Well, one common requirement/condition is that the account that is in collections must be in collections for two years before they will consider a PfD.  Please research each of the Collections Agengies before contacting them.

 

For the Collections Accounts - which I suggested that you attack first - here is some information for you and the order in which I would attack (but, hey - you do you and whatever might work best for you):

 

1. Collection Agency is "Calvary Portfolio Services"
Debt: $472


2. Collection Agency is "Portfolio Recovery Association"
Debt: $656


3. Collection Agency is "Jefferson Capital Systems"
Debt: $717


4. Collection Agency is "Jefferson Capital Systems"
Debt: $767


5. Collection Agency is "Calvary Portfolio Services"
Debt: $1,406


6. Collection Agency is "HP Sears"
Debt: $3,747

 

So, where do you find out if said Collections Agency does a PfD?  We got you covered here in this forum.  Please take a look at the following link:   Collection-agencies-that-do-PFD 

 

I looked for you.  I found the following in the above link:

 

1. Jefferson Capital - will delete in exchange for payment. Settling prior to payment is possible.
2. Portfolio Associates - will delete per statement on their website. Installment payments and settlements get deleted, too.
3. Cavalry Portfolio Services - will delete per statement on their website. Installment payments and settlements get deleted, too.

 

So, that leaves HP Sears as the sole unknown here.

 

I found a couple of "recent" posts that reference HP Sears.  Please perform your own search.  But, this is the most recent post that I found:

 

HP Sears 

 

It is IMPERATIVE that when you contact each of the Collections Agencies that you are prepared to negotiate and that you follow through with whatever you agree to do.  Some CAs will accept 30% while others will "only" go as low as 60% (or so).  Part of the negotiation may also be something like, "Hey, I will pay you 40% of the total amount RIGHT NOW if you will (a) accept that and (b) agree to remove this account from all three credit reporting agengcies".  If you say something like that then be in a position to pay said 40% (or whatever you agree to pay) on the phone.

 

I wish you well with this.  You can do this.  We are here to help you.  And, to be *THAT GUY*......the Collection Agencies are not required to do PfD.  And they will VERY LIKELY not put this in an e-mail or in a letter.  And, this can take a few tries.

 

 

FICO8 Scores as of 2021 JULY 21:


FICO Auto 2/4/5 Scores as of 2021 JULY 21:


FICO Bankcard 2/4/5 Scores as of 2021 JULY 21:


FICO Mortgage 2/4/5 Scores as of 2021 JULY 21:


Starting Score: Exp 699
Current Score: Exp 699
Goal Score: Exp 750


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Message 11 of 20
HowDoesThisAllWork
Frequent Contributor

Re: 23 & me (and my mess)

@Ross1998 

 

Additionally, let's address the existing current accounts that you do have.  Please continue to use these accounts responsibly.  If possible, keep the utilization under 29% (which may or may not be possible at times.....please do not freak out if you exceed this....it will be updated in one month so you will have a chance to correct that).

 

Focus is to pause.....to breathe.....and to create a plan of attack.

 

Then, execute said plan of attack.  Keep in mind, though, that life happens.  If you come off of the rails, so to speak, then the focus is to have only one "bad" month (translation: one month where we do not follow the plan of attack well) and to not allow that one month to become three months - or more!

FICO8 Scores as of 2021 JULY 21:


FICO Auto 2/4/5 Scores as of 2021 JULY 21:


FICO Bankcard 2/4/5 Scores as of 2021 JULY 21:


FICO Mortgage 2/4/5 Scores as of 2021 JULY 21:


Starting Score: Exp 699
Current Score: Exp 699
Goal Score: Exp 750


Take the myFICO Fitness Challenge
Message 12 of 20
HowDoesThisAllWork
Frequent Contributor

Re: 23 & me (and my mess)

@Ross1998 

 

One last thing....

 

Are you aware of the web site annualcreditreport.com?  Since the pandemic hit, we are allowed to access our credit reports every week (aka, every seven days).  This is in effect through April, 2022.

 

If I were you, I would go to that web site and would check each of the three (Equifax, Experian, Transunion) and make sure that the six collections and three charge offs that were shown on your Experian report are also showing on your other two (Equifax and Transunion) ***AND*** that there are not other "derogatory accounts" listed on your other two.

FICO8 Scores as of 2021 JULY 21:


FICO Auto 2/4/5 Scores as of 2021 JULY 21:


FICO Bankcard 2/4/5 Scores as of 2021 JULY 21:


FICO Mortgage 2/4/5 Scores as of 2021 JULY 21:


Starting Score: Exp 699
Current Score: Exp 699
Goal Score: Exp 750


Take the myFICO Fitness Challenge
Message 13 of 20
fishbjc
Senior Contributor

Re: 23 & me (and my mess)

you're not in awful shape.  As others have stated, you can get removals for payment from three CA.  Can you pick up a P/T job to help earn extra cash?  If you keep plugging away, you'll get there.  You're 23, you're still growing and learning.  Keep good and detailed records, make a plan and stick to it.

 

You CAN do this and your nights will be more restful.

Message 14 of 20
kr43002
Regular Contributor

Re: 23 & me (and my mess)

In your shoes I would do my best to save up some cash, enough that if you were to loose your job your not going to go homeless or hungry.

I would NOT put that in a bank account, somewhere safe you can trust.

After that I would follow what others have stated on here, do research and attack the debt little by little, in a calculated manner. 

BK7 DC 5/21
5 Month Post DC
Gardening Since: Im bad at that...
Current Fico: 617 Ex 10/20/21
Goal Fico: 690 8/22
Total Credit Line $1700

Banks

Credit Cards

Loans
Message 15 of 20
kilroy8
Super Contributor

Re: 23 & me (and my mess)

A few things to be aware of:

 

If you pay towards any of the bad accounts, it resets the 7 year clock where they age off. I wouldn't pay until you can PIF, and arrange for delete.

Today, creditors most always get their money, so getting sued and garnished could be in your near future. If they go to court, amount owed goes way up.

You might want to consider BK to prevent the above and start over, unless you see yourself coming up with the money to pay in the near future.

Message 16 of 20
FireMedic1
Super Contributor

Re: 23 & me (and my mess)

I would keep your cards at AZEO and not at 28%. Right now card use isnt the problem. Actually no need to use the cards for now. But have 1 report 20 bucks and then pay it. The money your putting out in interest can go to the debt. If you cant pay it dont charge it. You can donate your plasma at a local center and can make up to $800 a month depending on the centers offers. Check your local plasma donation centers. Most have great new donor offers. You can give 2 times in a 7 day period. This may help a lot.






Homeowner since Sept 2020. My posts are JMHO. My siggy is not to brag. Just sharing my experiences after BK from learning here from rebuild to recovery from the @ 540's.
Message 17 of 20
FireMedic1
Super Contributor

Re: 23 & me (and my mess)


@kr43002 wrote:

In your shoes I would do my best to save up some cash, enough that if you were to loose your job your not going to go homeless or hungry.

I would NOT put that in a bank account, somewhere safe you can trust.

After that I would follow what others have stated on here, do research and attack the debt little by little, in a calculated manner. 


Huh?






Homeowner since Sept 2020. My posts are JMHO. My siggy is not to brag. Just sharing my experiences after BK from learning here from rebuild to recovery from the @ 540's.
Message 18 of 20
kr43002
Regular Contributor

Re: 23 & me (and my mess)

With that much cash being owed, it isn't hard for a creditor to seize the cash in the account. My mom was going through a rough patch and owed a creditor money. They wiped her accounts clean, with a court order of course.

BK7 DC 5/21
5 Month Post DC
Gardening Since: Im bad at that...
Current Fico: 617 Ex 10/20/21
Goal Fico: 690 8/22
Total Credit Line $1700

Banks

Credit Cards

Loans
Message 19 of 20
FireMedic1
Super Contributor

Re: 23 & me (and my mess)


@kr43002 wrote:

With that much cash being owed, it isn't hard for a creditor to seize the cash in the account. My mom was going through a rough patch and owed a creditor money. They wiped her accounts clean, with a court order of course.


A few things have to happen first. They dont just come out of the blue and wipe you out. A judgment creditor cannot levy or garnish a bank account until the creditor has filed its lawsuit, served the debtor with process, and obtained a judgment. In the meantime the savings is making interest. Especially if its a CU. Maybe pennies but it helps pay the debts.






Homeowner since Sept 2020. My posts are JMHO. My siggy is not to brag. Just sharing my experiences after BK from learning here from rebuild to recovery from the @ 540's.
Message 20 of 20
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