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Comment on is this debt consolidation a good idea? by Bill

Bill — Fri, 30 Dec 2011 10:24:34 +0000

It would cost you approximately $ 600 p/mo for 3yrs if you could get a good consolidation loan @ 10% interest. If you have reasonable credit and income I would check with your bank or credit union to see if they would help. Beware of Credit Repair Companies as their charges would put you deeper in the hole.

Comment on is this debt consolidation a good idea? by kazoo

kazoo — Fri, 30 Dec 2011 09:43:34 +0000

I personally do not trust any debt consolidators. If these are your lawyers I would suggest telling them your plan for paying off your debt. You can pay it off without going through debt consolidation. I paid a good $ 10,000 off in about 24 months by selling stuff I did not need and paying smallest to largest loans off. Once you get the smallest loan paid off you add the extra money that was going to pay that loan to the money you now have to pay the next loan and so on. It’s called the debt snowball and it works. And best of all it does not damage your credit score. In fact it strengthens it. Good Luck

Comment on is this debt consolidation a good idea? by Dan B

Dan B — Fri, 30 Dec 2011 08:51:09 +0000

Everything in your posting tells me that the people you are talking to are speaking with a forked tongue. Get everything in writing. Verbal promises and agreements aren’t worth the paper they are written upon.

The word “lawyers” bothers me and indicates to me that your credit is already ruined. Let’s do some simple math. $ 18,000 / 36 = $ 500 per month @0% interest, not even close to $ 350 that they told you. In 3 years, you’ll pay only $ 12,600, a far cry from the original debt of $ 18,000. Do you have anything that releases you from that $ 8,000 that you mention? If not, then you will not get released from that debt.

Are they REALLY lawyers? If not, they are in violation of the FDCP Act.

Why are they not going through the court system to get a judgment against you? Are these very old debts beyond the statute of limitations?

You are not getting a consolidation loan. You are refinancing an existing debt – probably at a higher interest rate.

NEVER, EVER get a car loan through a dealership. If you can’t get one through your bank or CU, you can’t afford the car.

The only good thing they states was “you can’t use your credit cards for 3 years.” Smart move. It’s the credit cards that got you into trouble in the first place.

You can’t “re-establish credit”. Your credit is already established. You’ll have to start improving the ruined credit you have. It’s just a matter of semantics.

Credit cards are a scam that CC issuers have been running for years and years. You don’t need a credit card to build credit. Work on building a savings account before you look at credit card accounts.

Comment on Is a collection agency allowed to use my credit against me? by D W

D W — Thu, 29 Dec 2011 10:25:49 +0000

No, they are not allow to do this. you need to go to your town civil court and place an counter sue againt them. They have broken a fdcra code. you can find a list of these codes by doing a search. sue you creditirs. there is a simple list of how to understand the sec codes that collectiona gencies break daily . but lay people do not understand that they rights have been broken. do this immedaltely. Good Luck… and do not be afraid to sue them I was affraid and I got over it remember its up to the judge not them. we hav to fight back agaisnt these junk debt credit collection agencies…………… DW

Comment on Is a collection agency allowed to use my credit against me? by stephen l

stephen l — Thu, 29 Dec 2011 10:23:58 +0000

You could have professionals negotiate a settlement to get you out for a lot less.

Comment on Is a collection agency allowed to use my credit against me? by biwagirl20

biwagirl20 — Thu, 29 Dec 2011 10:12:51 +0000

First things first, dorimn 9 is way wrong.

The bank has every right to turn bad debt to a collection agency and the agency can and will take further action up to and including LEGAL action.

No that said, the collection agency was perfectly legal in doing what they did with your credit, they have permissable purpose to pull your credit report. It is however you choice how you use your credit cards. I do not reccomend paying you collection debt with a credit card, not a good idea. I would sned them a letter disputing the debt, you said that tis was the banks error, so why agree to pay it? Prove it is not your responsibility and then if necessary, have your day in court.

Good luck!

Comment on Is a collection agency allowed to use my credit against me? by dorim_99

dorim_99 — Thu, 29 Dec 2011 09:58:02 +0000

Try sending a payment to the bank. If they keep it then they are giving tacit agreement to the payment plan. I would deal only with the bank as they made the deal and as long as you are making regular payments they cannot sue you for the balance. I could be wrong but I don’t believe that the collection agency can legally take “further action”. They can threaten all they want but if you tell them to stop calling you then they have to stop. All they can legally do is report to the credit agency which has probably been done already anyhow.

Comment on Is a collection agency allowed to use my credit against me? by Kelly

Kelly — Thu, 29 Dec 2011 09:52:52 +0000

I have had some trouble with there agencies before. They are just trying to scare you. Did you know that they work on commision? They want that money from you so that they can get paid. They called me, trying to scare me into putting my debt on a credit card (which is the worst idea ever, don’t do it.) I asked to speak to the supervisor of the credit agency, and if that doesn’t work, if they are still being rude..call the better business bureau.
In the end, I told them multiple times that I couldn’t afford anything but a payment plan, I told them how much, and that I would NOT give them the number to my checking account…in the end, they had no choice.
Don’t be rude to them, just stay firm. They are intimidating, I know, but just stick to what you want and can afford.
(Don’t give them your checking account number. They don’t need it. )
In the end, make a copy of each check that you send to them, so that you have proof that you are paying them, and the amount you are every month.
Hope this helps!!

Comment on Q&A: Is it to my advantage to pay a collection agencies on a debt that a credit card charges it off as bad debt? by DJ

DJ — Thu, 29 Dec 2011 04:17:12 +0000

If I had this problem, I would call the credit card company and tell them I had the money and offer to pay the balance in full if they will remove everything negative from the credit report. This includes settling the problems with the two collection agencies. Make sure every detail is agreed in writing before you pay. Most companies will negotiate if you’re serious about paying. Never pay a collection without negotiating it’s removal from your credit report first. A paid collection is just as bad as an unpaid one. I learned this from experience.

Comment on Q&A: Is it to my advantage to pay a collection agencies on a debt that a credit card charges it off as bad debt? by Micki

Micki — Thu, 29 Dec 2011 03:30:35 +0000

Ugh – what a mess. You need to find out who truly owns your account. Make arrangments to get it paid off as soon as possible. If your write to the credit bureaus and let them know that these are duplicate entries with the appropriate backup, they will remove one of them. Make sure you keep copies of everything you get from each of them so you are protected going forward.