New Collection coming... is there anything I can do to prepare/have less impact on my scores?
At the end of 2018 (Nov) I found myself in a tough spot. Our 2014 Explorer broke and was going to cost $5-$6K to repair. We did not have the money to fix it. My wife had been diagnosed with Stage IV Breast Cancer in 2016 and for those of you who ever dealt with long term medical situation you know how devastating that can be on the financial state of the household. Long story short I was left with no choice but to let the car get reposessed by Ally. Balance left on the mortgage was $19K. We got another car since the closed loan appeared on my credit but now apparently the debt was sold to American Coradius International LLC. I just received the collections letter a few days ago so I know it will soon show up on my credit. Is there anything I can do to help this situation? I hate to have another dip in scores this will cause but it looks like it's inevitable.