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Re: Which way is best?How do I begin to repair credit?


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Posted by Linda on January 26, 2002 at 12:51:36:

In Reply to: Which way is best?How do I begin to repair credit? posted by Beth on January 23, 2002 at 13:20:30:

OK, it will take you a long time to pay these debts off, but that is probably one of your choices, if you can budget and handle money, and your kids don't mind thrift-store clothes.

If you take this route, get rid of the check and bank fees issue first. You will have files with Chex Systems and maybe Telecheck. The bank can tell you which ones, or you can just write those companies and find out. They are considered credit reporting agencies, and have to send you the info from your file just like Equifax does. Writing bad checks is a misdemeanor is most states, and definitely not something you want to live with.

Then I would tackle the judgment - it can cause other problems for you.

After that tackle the most recent debts first, and work backwards.

The thing to pay off last is really the medical bills, since many potential creditors are somewhat lenient about those.

So, if you prefer to pay them all off, make up a plan and a budget and get started. :)

Your other option would be bankruptcy, and for that you need to see an attorney and find out if you qualify. Write down all the questions you have about what will happen if you do bk, and ask the attorney, if he/she does not answer them while explaining about bk.

Go see the attorney anyway, just in case you do end up having to take bk.

Now the fun part:
Once your debtors see that you are paying someone else, they will all be after you with a vengeance. Get ready. I would get caller ID and an answering machine (no identifying info on the answering machine outgoing message),and a P.O box if you can afford all this and making the payments too. ;) When this new collection activity starts, someone may take you to court trying to get THEIR money. If they start threatening you, send them a letter telling them they have to wait in line. If they sue anyway, go with the bk plan instead.

Honestly, knowing what is going to happen, my best advice is, see the bk attorney and file if you're eligible. But it is your decision, you are the one who has to live with it.

Just keep in mind that you are going to stir up a hornets nest, and that something else bad can always happen - none of us has any guarantees that things will go smoothly.

Good luck!

Linda


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