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Repossession, and credit card problems
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Posted by Sean (146.142.4.32) on November 27, 2002 at 14:18:40:
Hi,
I am desperately seeking advice on what to do. What I have on my credit report is A repossession, and a credit card. I am 24 now, and the credit card I got 06/98 and never made any payment at all being the irresponsible 18 y/o male that I was, The credit line was for $209. I maxed it out buying gas to get me to college.. Today, I think they say I owe like $1400. I called them ( Capital one) and offered them $500 to take the money, report it as paid as agreed, and report it as an " R0 " instead of an R9. They declined, and said they could not talk to me for any less than $900. Any advice? I mean I want to get it taken care of, and seeing 2.5 times your principal seemd fair to me seeing as they have never seen a payment from me, ever.
The bigger problem is, I bought a truck on 01/99 and had problems keeping a job, it got repossessed, and i redeemed it 2x and then finally the 3rd time, I just didn't have any money to my name. But now it shows up 2x on my equifax report. bolth times, the same company ( GMAC ) and bolth times with the same account #. Anyways, now bolth of those are a little over $14k each. Now I am currently taking home $300 a week. So my budget with me living on ramen noodles, and if nothing happens and I have to fix my car, or buy clothes, or anything else, would allow me to put back MAybe $500, but I'd have to live on nothing. Does anyone have any advice on what I should do? I mean my plan was to save up money and make an offer of a lesser amount but It will take me years to raise enough on my truck, and then interest is adding up quick.. etc.
I briefly pundered a bankruptcy, but I fear the reprocussions of that down the road?
I know all of this was because I was an irresponsible punk kid, but now, I am living my life closer to being a responsible adult. I mean my new credit card gets paid on time, and so does everything else.
I'd gladly listen to any Friendly advice.
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