What would you do?

[Anonymous]

Hi friends! What would do if you were me;

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Total debt : $14874.00  across 12 creditors. Mix of collections, chargeoff's and one judgement for an autoloan which isn't reported in public record for some reason. 

Debt age is  2013-2017.

I have:  Secure Visa : $10,000 credit limit with utilization about 2% lol. Secure personal loan :$3000 @ 12 months, no early prepay fine. and one or two closed in good standing lines from a a few years ago.

I have solid income with $62000 cash in savings including the funds backing my secure trades.

I have sent all 12 creditors a custom PFD letter based on the the template provided as these forums about 2 weeks ago. So far I've heard from only two creditors that completey ignore the letter and just say pay this amount and we will report as "account paid" to the 3 bureaus and one of them was a debt for $1200 and the mailed me a letter saying they will settle for $673 instead of $1200 and report as account settled?

So far these aren't the results I was hoping for, still waiting on more responses everyday but I'm wondering what would you guys do? I feel like giving up because my goal was to get a mortgage in the next 2 years. Thanks for all your support! 

[Anonymous]

Don’t give up! I started out with a 645 now in up to 725  from a crisis back when I had my first condo . You can do this the creditors usually will only settle if they send you a letter . I contacted all 5 past due bills ( water , gas, power , internet & cable . I talked to them all many times over a year over the phone . I have been in your shoes with $28997 in debt from my wifeys student loans . I payed all of them off with my savings as it did hurt to see the $ go down in my savings . I look at it this way the sooner they are paid and you speak to physical people let them know hey be honest is #1 . We all go through hard times and let them know hey I had a rough patch in my life . In my case lost my job right before x-mas. Stay focused and keep your head up . For myself I always tryed to stay positive listening to music when I was down & watching fluffy on YouTube & comedy to cheer me up . You can do this I believe in you pay it off and watch your score move up .

[Anonymous]

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@Anonymous wrote:

Hi friends! What would do if you were me;

'

Total debt : $14874.00  across 12 creditors. Mix of collections, chargeoff's and one judgement for an autoloan which isn't reported in public record for some reason. 

Debt age is  2013-2017.

@I have:  Secure Visa : $10,000 credit limit with utilization about 2% lol. Secure personal loan :$3000 @ 12 months, no early prepay fine. and one or two closed in good standing lines from a a few years ago.

I have solid income with $62000 cash in savings including the funds backing my secure trades.

I have sent all 12 creditors a custom PFD letter based on the the template provided as these forums about 2 weeks ago. So far I've heard from only two creditors that completey ignore the letter and just say pay this amount and we will report as "account paid" to the 3 bureaus and one of them was a debt for $1200 and the mailed me a letter saying they will settle for $673 instead of $1200 and report as account settled?

So far these aren't the results I was hoping for, still waiting on more responses everyday but I'm wondering what would you guys do? I feel like giving up because my goal was to get a mortgage in the next 2 years. Thanks for all your support! 

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Add two more secured cards to your mix. Do it now so the accounts have time to age. The only need to be a few hundred dollars each.

If any of the chargeoffs are credit card accounts that are showing an unpaid balance (by the OC not the collector), those are a double hit on your scores, they hit your payment history side as well as you UTI side. Get them settled even if they won't delete.

[RobertEG]

A currently delinquent debt can result in additional derogs on your credit report if the debt has not yet been charged-off, not yet reported for collection, or still within SOL.

Obtaining a PFD is the best result, but paying bad debt to avoid additional derogs being added is also a consideration.

Which debts are approaching the reporting of a charge-off, or have not yet been placed for collection, or are still within SOL?

[Anonymous]

Autoloan is a charge off that I paid. One or two are with the OC and everything is within SOL