Hi all.
I'm new here. I found this forum when looking for advice on repairing my credit. I'm grateful for the wealth of information found here.
I fell on some hard times about a year ago. I had several credit card accounts and started falling behind to the point where I could no longer afford several of my minimum payments and stopped paying on those accounts altogether. I am now in a position where I can start rebuilding my credit, so looking for advice and support along the way.
I have 11 credit card accounts, 6 of which are either closed, charged off, or sold to a collection agency. The rest I am current on (3 closed with a payment plan, the others still in good standing but virtually maxed out). I would like to get these all taken care of eventually, by settling the charge off accounts and paying off the accounts in good standing.
The accounts I am most concerned with are 2 accounts which have been sold to portfolio recovery, as from what I read here they are difficult to deal with and have an inclination to sue. They have just been sold to them about 6 weeks ago, so I am hoping to take care of them before it comes to that.
Does anyone know about how long it takes for them to sue? Like I said they have just gotten them, and the only communication so far has been an intro letter.
I read that they doing do PFD, so any advice on how to negotiate a settlement so that it can be removed later? Or any other tips inn negotiating with them in general would be appreciated.
As for the other debts, I am wondering if I am better off settling all the delinquent debt first, or paying down my open cards?
With my financial situation as it is, I am hopeful to have all of this resolved in the next year or so.
