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Re: How long does it take to reestablish?

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Posted by Sarah ( on November 04, 2002 at 04:29:22:

In Reply to: Re: How long does it take to reestablish? posted by Linda on November 03, 2002 at 08:08:38:

I live in Illinois
OK Here's a list of the major debts:

Triad Financial Corp $7800 very recent...They repo'd the auto that secured the loan back in June. I've been making payments of $400 on this one. The original contract was drawn up in 9/00. The only hope I for this debt is that I can get it paid off ASAP!

US Dept of Education
Defaulted Sallie Mae loan from 4/99. Balance? About $7000. Been making payments of $200 a month for 3 months. They say that if I make all my payments on time for a year, they'll erase all negative marks on my credit report.

Illinois Student Assistance Commision (ISAC)
Defaulted student loans. I've been paying $150 a month on this for a few months. Balance is $5000. Signed on the debt back in 8/00. I've actually been thinking of consolidating this into some sort of program the Dept of Ed has.

Axsys Credit (Fingerhut) $989
Last paid in 4/98. I've been able to dispute this one off of 2/3 credit reports. I'm pretty confidant I'll be able to get it completely deleted.

Various medical bills totaling about $1000. Dates vary from 1996 to 2001.

Nationwide Acceptance Visa- Balance $900. I last paid on this account in 7/99. Shows as a chargeoff. Maybe twice a year I'll get a nastygram from them-no calls.

First Nat'l Bank of Marin Visa
$582 Last paid in 10/1997. No correspondance. Planning on letting it go the 7 years and falling off.

First Premier Visa
Balance $180- Current. On time payments for 1 year

Consern Education Program
Balance $350- Current $5 payments per month. No late pays

The way I look at it, I'm just going to have to bite the bullet and payoff my debts. I can't claim bankruptcy on the student loans, so there really is no point in attaching THAT stigma on my life for what equates to less than $10K. The majority of my debt is either too recent (I believe the SOL in IL is 10 years?) or secured through the gov't so I can't dispute it away. My credit is horrible, late pays everywhere, collections, paid judgements, chargeoffs, etc. Experian says my score in 467! I'm just hoping that if I pay all this junk off and keep up payments on what I have and maybe reestablish with another credit card or car loan in a couple of years, I'll be able to look people in the eye again. Am I kidding myself with the 4 year plan? Or will I have to wait 7 years for it all to fall off?

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