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Help, Need Advice!!!
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Posted by Drowning in Debt!
(63.149.163.162) on June 15, 2004 at 18:28:16:
Hi everyone, I'm hoping someone (or a few of you!) can give me an opinion on my situation. My husband suffered an injury in 2002 which kept him out of work for two years. During that time we were forced to charge tens of thousands on CCs, and ultimately decided to sell our home rather than have it taken out from under us. We were lucky enough to gain a small amount of equity from the home sale, but my previous 740 credit score has turned into a 540 due to the 5 or 6 charge-offs on my report. Before leaving NV, we were beginning to receive attorney's letters threatening lawsuits from Discover ($14K balance) and Citibank (about $8000 total), to which we sent the Bud Hibbs letter to in a hope to throw them off in time to sell our home. We have since moved to a new state (left a PO Box in NV) and aren't sure where to go from here. We struggled for MANY years due to my husband's surgeries, and we are NOT in a hurry to give our only money to collection agencies. As far as I'm aware, we do not have any outstanding judgements against us at this time, but I am VERY worried about them in the future because of the new cash in our bank. Should we call the original creditors and offer to settle? If they refuse to settle, will that remind them that we exist and stem a lawsuit? Capital One did not charge-off a $250 balance we had with them last year, and have raised it up to $1026 with late fees/interest. We called them last week because, according to our credit report, they are the only card that has NOT charged off. They offered to settle for $900 - WAY over the original balance. Where to go from here?? I realize we owe this money and would like to settle now that we have a little cash to work with, but I don't want to stir anything up either - ANY AND ALL ADVICE IS GREATLY APPRECIATED!!
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