Help me spend $20,000 -- pay collections or nah?

[jsully87]

I have a LOT of debt. About 2 years ago I got pregnant - depressed - and stopped paying everything. I have somehwere around 55 accounts reporting as negative.

I have about $20K I can throw at my credit and see how it effects my scores -- theyre all sub 500. I do have a few current and never late accounts.

Theres ALOT of Midland Funding and a few Portfolio Associates.

Any tips? Advice? Anyone wanna look at my report and give me an idea of what to pay first? I've already paid down my current/open accounts.

[simplegirl]

I would try and list them out and how much they are. Midland funding will delete after payment if the debt is 2 years old. Portfolio Recovery will delete 30 days after you pay.

[jsully87]

Also -- curious about Authorized User accounts - after a Divorce -and charged off -- can I get them off my report??

I just went on Portfolio's website.

I have 4 accounts listed - and 2 they are saying to call another number. ??? Guess they don't want my money.

Portfolio Associates:

Capital One - $3505

Synchrony Bank (Amazon)-$4596

Barclay's - $1974

Capital One - $1359

Midland Funding -

Maurices	8578563509	$422.32
VS	8577517069	$1,319.50
Buckle	8579050934	$983.72
Express	8579075177	$802.49
Overstock	8579021862	$1,797.45
Pier 1	8579071349	$1,005.88
Walmart	8578406615	$938.95

I also have Jefferson Capital - for Fingerhut $3306

[simplegirl]

 If your just an authorized user I want to say you can dispute it as not responsible for the account. Also they will delete even if you settle so you don’t have to pay in full.

[jsully87]

So i should just pay what I can however? There's no rhyme or reason to how old things are or whatever? Like does it matter what collections I pay first??

[gdale6]

Do not pay any AU amounts as already stated just dispute them as not responsible for repayment just an auth user this will take care of them. Dont just start hitting things what you want to do is make a plan and go in order of that plan. I would first take out the ones that are updating on a monthly basis as these are hurting you the most. You can try PFDs with collection agencies, OCs are extremely hard to get one from but you can try. If you have medical collections these are the easist to remove

[pgtackle2003]

I have dealth with both Midland Funding and Portfolio collections on my report. My balances were only a bit lower than yours. I was also in a similiar situation where I had some cash and wanted to settle these but also didn't want to spend all my cash. What I did is call both of them up and tell them I am trying to get these resolved but I don't have x amount of dollars they said I owed. You will have to decide how much you want to offer as a lump sum as they will ask "How much money do you have". Personally I would offer about 1/2 maybe even less than half. They will go speak to their supervisor to approve. In both cases I was able to get them removed from my credit report after about 60 days. Midland removed on their own but I had to dispuate Portfolio. Once I disputed Portfolio they never responded to the dispute and was removed from my reports.

Hope this helps

[RobertEG]

A primary consideration is the status of the statute of limitations on each debt.

While still within SOL, the debt owner can sue and obtain a civil judgment, adding to your woes.

After expiration of SOL, you have a defense against any civil action.

Which debts are still within your state SOL?

Additionally, making any payment on the debt will, in most states, "reset" the SOL, so you should use caution in making any partial payments unless the creditor agrees that it constitues a settlement of all debt obligation.

[Shooting-For-800]

55 accounts reporting negative???

I would not pay anyone that was no suing me.

Save the money and see who files.

[Anonymous]

I would dispute all accounts to see who dropped then take the advice of the others. That is what I would do but some would advise against because they are your accounts.