@Anonymous wrote:
Ok, in 2015 there was a mass layoff of oilfield and I just happened to be on the back end of that one, finally 4 years later I’m trying to fix what I destroyed by living out of my means. I’m a father of 3 girls and I’m wanting to buy a house towards the end of ‘21 I’ve spent hours and hours on this forum reading different stories so I figured the best plan of attack is to ask for help.
Collections:
1 Midland funding 1538.00 ( fell behind 2015 )
I sent a pfd offering 40 percent. Is that sufficient? Also do I need to just send 1 and wait or send a few hoping it will land in the right hands. I sent it 14 day ago, as well as 4 other PFD letters so this questions applies to all collections.
2 midland funding 1510.00 ( fell behind 2015 )
3 trans world systems 730.00 ( switching electric companies and the fees they charged ( 2016 )
4 portfolio recovery 3370.00 ( fell behind 2015 ) There's 7 collections that will be deleted once you settle for less or PIF. Its their company policy to remove them from your credit reports once they're done.
5 receivables management 200.00 ( insurance cancellation fee 2019 )
Until I got the myfico I didn’t even realize these charge offs were affecting me, CK doesn’t show you this and I recently learned the hard way.
Charge offs
Barclays Bank (2015 ) current balance 2585.00 CL was 2000.00 so it shows 129%
Barclays Bank ( 2015 ) current balance 2612.00 CL was 2000.00 so it shows 131%
Matco tools (2015 ) shows 0 balance on 2 reports and 7500 on Experian. This was a secured loan BTW
Texas Trust CU ( 2015 ) current balance 4995.00
As of right now my UTI is at 80 percent but that’s because my report hasn’t updated showing 4 paid off credit cards yet, and by the end of January I will have almost every other open cc, loan, etc paid off, the only things that will be showing a balance will be these collections / charge offs.
As of right now my FICO 8 scores are
EQ: 583
TU: 621
EX: 613
So there not as terrible as you’d think. But I need them to be a lot higher, I know my mortgage scores are worse.
EQ: 546
TU: 575
EX: 609
I already have a plan to snowball all of my normal payments with in the next month. I’m sitting on the cash to pay 40 % of each collections for a PFD,
I just need help with what to do with the charge offs. Do I leave them alone even though some are reporting a balance? Settle on the ones with a balance? Or PIF even though most are 4+ years.
I really look forward to yalls help I’ve seen y’all do some magical things. And I’ll be open to every aspect of what y’all need.
Thanks!
Welcome @Anonymous . You can tackle most of the collections and have them off your reports. But they dont go against your credit card util %. Whichever CO has the higest interest. Go after it by offering a settlement amount. Start low and see what they come up with. Of course PIF looks better than settled for less for future credit. You didnt say what you can put towards the accounts on a monthly basis. That would help. And what is your states statue of limitations also.
Here's couple of points of information that may be helpful:
Statute of limitations for debt (which is a breach of contract) is 4 years in Texas and typically that would be calculated from the date of your last payment to the original creditor for the debt. So anything 2015 or older is likely outside the SOL for you to be sued.
Portfolio debt you can look up your account online with them and see if there is any existing settlement offer.
@Anonymous wrote:
Here’s the break down for the charge offs I figured I could better explain it.
Matco ( this one confuses me ) last update on EQ 07/18 balance of 0, update on EX 12/16 balance of 7853.00
Barclays Bank last update 07/18 balance of 2585
Barclays Bank last update 07/18 balance of 2612
Texas Trust CU update 10/19 balance of 4995
Credit one bank updated 7/18 balance 0, Kay jewelers updated 06/18 balance of 0, Cornwell tools, last update 12/16 balance of 0
Of all the accounts above. What was the DoFD? Was Matco also settled? If so. Dispute EX as so. I rearrainged the accounts. 0's on the bottom. The DoFD will determine when the SOL runs out. Th remaining ones with balances your going to have to come up with some kind of payment plan to get them paid or settled. They are affecting your util for now. The DoFD is whats needed to keep moving forward for now. Last update isnt a key factor.
