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Home > Brutal honesty at work, Part II

Brutal honesty at work, Part II

January 30th, 2008 at 06:14 am

On January 2 of 2007, I posted an entry called

Text is Brutal honesty at work and Link is http://pinchthatpenny.savingadvice.com/2007/01/02/brutal-honesty-at-work_19673/
Brutal honesty at work. That entry was about what was on one of my credit reports. Sadly, that same credit report, pulled about two weeks ago, hasn't changed except that item #2 is now slightly over $1300 and we no longer have the house payments. Unfortunately, we don't have the house payments because we lost the house in foreclosure. It is what it is, though.

Well at least there's nothing new on it but I'm shamed that a full year later I'm still trying to figure out what the hell to do with all that debt! The total on my three credit reports is close to $7000. DH has about the same amount in old debt. :::deep breath:::

I do have a tentative plan in mind. I can't deal with it all right now but I'm going to get a firm plan in place and get that stuff dealt with quickly. Some of it is due to roll off before long but I owe the debts and I'm going to pay them. It might take me awhile but I'm going to do it. I'm tired of those things hanging over my head and I want them gone!

I feel better just 'fessing up...again.

Posted in Failures or Near Failures, Credit and Old Debt, Just Life | 6 Comments »

6 Responses to “Brutal honesty at work, Part II”

  1. lost in debt Says:
    January 30th, 2008 at 12:21 pm 1201695664
    1201695664

    I help my clients clean their credit reports all the time. The best option typically is "debt settlement" if you have limited time and money. However, before you settle debt with any collection agency, you need to validate the debt and make sure that agency still owns the debt,junk debt buyers typically will sell your debt if they cannot collect so you will see more than one reporting on the same debt on your credit report. For instance, let's say you have a Capitol One card, it gets charged off by Capitol One - there is one negative on your report. Capitol One sells the account to 123 Collection company, they report to the bureau that they own the debt, so you get another negative on your credit, then they can't collect so they give up and sell it to ABC Collection, so another negative is made on your credit. If you go and settle with 123, they will take your money, but they don't own the debt any longer so ABC comes to collect. It's best to go back to the original creditor and see if they will work with you and once you can settle with them you can notify the credit bureaus you have settled the debt and provide them with the evidence and ask for deletion of 123 and ABC because it's duplicate debt. The charge off will still show on your credit report for 7 years, but what will be added is "Paid - Settled for Less", which is better than a chargeoff.

  2. Broken Arrow Says:
    January 30th, 2008 at 12:59 pm 1201697985
    1201697985

    I'm glad that you are able to face them in the glaring light. Better than burying one's head in the sand. Smile

  3. miclason Says:
    January 30th, 2008 at 02:23 pm 1201703000
    1201703000

    you go, Denise!...
    I know the feeling... I was checking my balances yesterday and, eventhough I've paid about $300 in one cc, the actual balance is only about $60 less than it was 3 months ago (because of their stratospheric interest rate!)...it's not much, but it's progress!

  4. denisentexas Says:
    January 30th, 2008 at 02:46 pm 1201704399
    1201704399

    Lostindebt, do you have a sample letter used for validation?

  5. lost in debt Says:
    January 30th, 2008 at 04:33 pm 1201710781
    1201710781

    Sure - if you'd like to email me with other questions please feel free to do so at
    lostindebt@yahoo.com

    Best of luck.

  6. lost in debt Says:
    January 30th, 2008 at 04:34 pm 1201710893
    1201710893


    Date


    Collection Agency
    Address


    While reviewing my recent credit report, it has come to my attention that your agency list a collection account owed to you. I am disputing this debt and in accordance with the FDCPA, I am requesting validation of this debt.

    I ask that you immediately stop reporting this information on my credit report and stop all collection activities as this is not accurate information and leaves a negative impact on my credit report.

    With your reply, please provide me with the following documentation:

    1. The agreement that allows you to collect on this debt on behalf of the creditor.
    2. The signed agreement by the debtor agreeing to pay the creditor.
    3. The documents regarding the payments made on this account which describes the current balance.

    Sincerely,


    Your Name
    Address



    (Send this return receipt requested so you have proof it was received).

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