Man, after all this bullshit with the economy caused by them, I can't believe anybody still has ANY qualms about fucking the banks over at the first opportunity.
Good on ya subigo.
Good on ya subigo.
Credit Card Debt - Debt Consolidation - Am I Fucked?
- Thread starter digga121
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I was in the same boat as subigo only I had about $40k in credit card debt. It got to be that I couldn't make the minimum payments so I just stopped paying. So far it's been 5 years and the worst that has happened were phone calls and letters. After about two years I started getting credit card offers again and now I have one card with a small balance that I keep on top of. My credit score is decent considering. I haven't checked to see if those old debts are still on my credit report though.
Same here, let me know if you need help. C.C. debt is the worse (especially with more then 5% interest).
P.M. me if you what help.
P.M. me if you what help.
yea debt settlement, wrecks your credit. But its only for people who have messed up credit, and cant make the payments. So if you make payments on time, and have a good rating, dont use debt settlement. If you pay the minimum you'll pay the rest of your life. Sounds like your credit is already destroyed by not paying and only paying the program.
You got 2 choices,
1) stay in the program, pay your debt. wait 7yrs or so for it to come off your report.
2) bail from the program, pay no one. wait 7yrs or so for it to come off your report.
option 2 is better, pay nothing. either way it will take time to get a clean report.
However, you can clean your report much sooner. Theres lots of books at the book store that show you how to do it.
you can run off of secured cards in the mean time..
also get a new phone/cell # so the collectors dont get in your head.
i have a 730 rating. I still get a collections letter from 15 years ago. no calls tho. and its not on my report.
You got 2 choices,
1) stay in the program, pay your debt. wait 7yrs or so for it to come off your report.
2) bail from the program, pay no one. wait 7yrs or so for it to come off your report.
option 2 is better, pay nothing. either way it will take time to get a clean report.
However, you can clean your report much sooner. Theres lots of books at the book store that show you how to do it.
you can run off of secured cards in the mean time..
also get a new phone/cell # so the collectors dont get in your head.
i have a 730 rating. I still get a collections letter from 15 years ago. no calls tho. and its not on my report.
legalcreditcures.com
Not my affiliate link but I've got one if you want me to bank some dough.
Tim is a freaking stud when it comes to debt collectors and their bullshit practices, I can't even get these bitches to call me back now after the knowledge bomb I dropped on them last time (they violated the FDCA and I recorded them doing so) because they know they now owe ME money.
I got my copy free but if I'd paid ten times what he's asking, it still would be the best money I ever spent.
And yeah, that's Mike Metzgar in the video.
Not my affiliate link but I've got one if you want me to bank some dough.
Tim is a freaking stud when it comes to debt collectors and their bullshit practices, I can't even get these bitches to call me back now after the knowledge bomb I dropped on them last time (they violated the FDCA and I recorded them doing so) because they know they now owe ME money.
I got my copy free but if I'd paid ten times what he's asking, it still would be the best money I ever spent.
And yeah, that's Mike Metzgar in the video.
This is totally wrong thinking here. Yes, you have bad credit, so what? These companies will actually still fight over the chance to hold onto your balances. Don't assume the worst here, especially when it's costing you big money.
Call one or two places, and ask. Get the lowest percent on balance transfer possible. Rinse repeat.
First off, remove the concept of credit from your mind for at least the next 5 yrs or so. There used to be a time when you had to have a credit card to do certain things like rent a car, etc., but now a secured/prepaid option is available as close as your corner market. You can even make one-time VCCs with your Paypal acct. Once you adjust your mindset to only buying things you can pay for up-front, you will be surprised at all the things out there you used to think you needed.
Whatever you do, be prepared to make some new "friends," even if you settle or pass the 7-yr mark, it comes with the territory. Anything you get in your name, utilities, bank accts, phone, forms you fill out online, opens you up to these people trying to shake you down.
Be prepared to send C&Ds to their address in the event they start contacting your relatives or employers. And if you come across people like this who aren't afraid to violate, put a lawsuit on them or they will keep doing the same to everyone else.
I'm not saying skip out on your obligations, but even if it was a matter that has supposedly been settled, your name will probably be on several lists just for one account. Know your rights, because if they believe that you don't, a lot of them will have no problem taking advantage of you.
Whatever you do, be prepared to make some new "friends," even if you settle or pass the 7-yr mark, it comes with the territory. Anything you get in your name, utilities, bank accts, phone, forms you fill out online, opens you up to these people trying to shake you down.
Be prepared to send C&Ds to their address in the event they start contacting your relatives or employers. And if you come across people like this who aren't afraid to violate, put a lawsuit on them or they will keep doing the same to everyone else.
I'm not saying skip out on your obligations, but even if it was a matter that has supposedly been settled, your name will probably be on several lists just for one account. Know your rights, because if they believe that you don't, a lot of them will have no problem taking advantage of you.
You're fucked already if you have some negative marks on your credit reports. Those are going to be extremely hard to get rid of - check creditboards.com that was listed above for the best advice on getting them removed.
There's two things here - statute of limitations for collecting debt (length varies by state) and how long any marks stay on your credit report. Basically if you can go 7 years without needing a house or car you can say fuck it and just avoid them like Subigo did (and I did, ironically in the same year 1998). However the $11K one is tricky. That's an amount where they may be willing to try and track you down and take you to court. For $5K and under it's not worth their time, they'll just sell the debt to a credit collection agency and write it off their own books.
Whatever you do, do not pay then stop then start up again. That resets the 7 year clock to 7 years after the last activity date which is your last payment date. So those negatives can stay on for 8-10+ years if you do that.
And avoid those companies, they're all ripoffs and don't do anything that you can't do yourself. All they do is try and settle your debt for less (which you can do with the CC company), take a profit from you and your credit score still gets fucked.
And Jryan has some spot on advice with the pre-paid cards if you need cards for adwords or whatnot online.
There's two things here - statute of limitations for collecting debt (length varies by state) and how long any marks stay on your credit report. Basically if you can go 7 years without needing a house or car you can say fuck it and just avoid them like Subigo did (and I did, ironically in the same year 1998). However the $11K one is tricky. That's an amount where they may be willing to try and track you down and take you to court. For $5K and under it's not worth their time, they'll just sell the debt to a credit collection agency and write it off their own books.
Whatever you do, do not pay then stop then start up again. That resets the 7 year clock to 7 years after the last activity date which is your last payment date. So those negatives can stay on for 8-10+ years if you do that.
And avoid those companies, they're all ripoffs and don't do anything that you can't do yourself. All they do is try and settle your debt for less (which you can do with the CC company), take a profit from you and your credit score still gets fucked.
And Jryan has some spot on advice with the pre-paid cards if you need cards for adwords or whatnot online.
Actually I agree with Subigo. They are all crooks. They are not playing fair, neither should you.
CreditBoards.com is pretty awesome. I go over and read the posts of some of the knowledgeable posters over there from time to time just for fun. If my finances ever shit the bed, I know that place will be one of the first places I'll be frequenting for good info.
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