Re: Newbie Credit Problem

Posted by RLB (65.116.158.11) on November 01, 2002 at 18:27:01:

In Reply to: Newbie Credit Problem posted by Frank on November 01, 2002 at 16:11:15:

Frank

The credit card issuers have charged the debts off and sold them to collection companies. You'll, unfortunately, have to deal with them if you're interested in paying them off. Some issuers such as Providian will accept an offer and compromise for a lesser amount, depending on the age and amount of the debt. But beware; there's always the risk of one of them filing a lawsuit for the sake of obtaining a judgment--even on relatively small amounts like yours.

If you make it until the first of the year, there's a higher likelihood that the letters, etc. will become less frequent. However, those charge offs are still on your report, so don't hope for any credit anytime soon. Contact them one by one and make your best offer of settlement. Don't be bullied into paying more than you can afford or you'll surely be back in the same boat. Trust me; I've been there.

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