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SHOULD I JUST PAY IT OFF???? HELP!
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Posted by Matt (151.144.238.14) on June 05, 2002 at 12:12:55:
I posted earlier this week about a $12,000 CC debt in collections. The CA did not validate the debt. (I sent one of Linda's VALIDATE/DISPUTE letters). My next step is to send a cease and desist. My question is, #1 is there any way to stop the interest from accumulating? because it is INSANE the debt was $8000 when I originally defaulted. #2 I defaulted only 1 1/2 years ago and from reading other posts, it seems a lawsuit/judgement is likely because of the amount. Should I just begin to make payments anyway to avoid this going to court??? I had a very bad work related injury 2 years ago and was off work w/o pay sue to the worker's comp insurance dispute, which is why I began to default. I now have a settlement from that, and put $5000 in bonds and $5000 in savings after covering my other bills, and I spoke to a BK lawyer who says if I file BK they will take that $$, and if I get a judgement they will take it anyways. I know I should use that $$ to pay the debt, but it's more important to me to have a "emergency fund" in case something happens again..... I am only 21 and have had a bad run of luck, but I'm hoping to repair my credit by the time I'm ready to buy a house . What I'm thinking of doing is changing my bonds and savings acct into my little sisters name as beneficiary to protect my assets, and either do the BK or start to make payments to the CA (I have a new job and can afford $200-300 a month)..... Is there going to be any other way to avoid suit/judgement???? I've already been through so much, and I just want to leave this period of my life behind as quickly as possible !!!!
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