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Can you write to the Credit Bureaus to Remove Debts before their 'time is up'?


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3 replies to this topic

#1 HighTide

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Posted 22 January 2012 - 12:38 PM

Hi, new here & need advice...

Background story: (my question is at the bottom/last paragraph in bold if you want to skip this!)
I have well over $30K in debt (credit card). I had this with my now ex-husband over the course of our 12 year marriage. After our divorce, we did a short sale of our house. I contacted a lawyer (the spuse of a Dr. I worked for, bad idea!) to see about claiming bankruptcy. Come to find out, all of the credit cards were in my name, my ex was only a 'rider' on the accounts so I was responsible for all debts & did not have to split any debts with him. Neither of us had anything in savings & lived paycheck to paycheck anyway. I was laid off from my job, I left a message for the atty stating to hold off on filing it (not like he was doing anything anyway with it). I called back 2 days later, stating to proceed. Several months later when I finally got back in contact with him, he claimed he did not receive that message & therefore did not proceed with anything... The catch? I had gotten into a car accident, and am now involved in a lawsuit against the other driver (100% other drivers fault, deemed by insurance company). This now threw a wrench in the bankruptcy case as there may be lawsuit monies involved. I became frustrated with my attorney for not following up with me or filing the case, etc. I had already completed my part of what needed to be done (credit class, already paid him, provided him with all info), he just dropped the ball. I'd had enough of him.

In the meantime I met a woman at work that told me she was over $200k in debt at one point and was about to file bankruptcy. Once she found out she was going to have to pay a treasurer the money and still have it on her record for 7 years, she was like no way am I doing this... She took it upon herself to negotiate with each of her debtors instead & worked with each one. She was debt free not long afterward. After hearing this, I decided to fire my atty and request my money back that I paid him. He gave back the $1500 I paid him. I decided against filing bankrupcty. My car accident lawsuit is not yet settled, they are still in the process of requesting records from my docs, etc. so it will be awhile for that to settle and when it does settle, I have no idea what that will be. So that was my plan. Until I heard the following...now I'm up in the air...

I met another person that said ah, that debt falls off your credit report in 7 years anyway, don't bother since you haven't been paying it for 3 years now.. Another person just blew my mind by telling me he got out of $600K (yes $600K) in debt by pulling his credit report, and any debts he did not pay for TWO years he simply WROTE TO THE CREDIT BUREAUS AND ASKED THEM TO REMOVE THEM FROM HIS ACCOUNT. I requested my credit reports to do this & I see accounts that are charged off & in collections. IS THIS POSSIBLE?? TWO YEARS?? He claimed he is debt free. I wanted to see if anyone else has heard of this or done this because I cannot believe the two year thing. I always read/hear Seven years. We are both in PA by the way.

Yes, this is very very long, but it's got all the details, didn't wanna miss anything. Thanks if you read it & thanks much if you reply and for any advice!!

Lisa



#2 HighTide

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Posted 22 January 2012 - 07:47 PM

to clarify 'before their time is up'...meaning before they will naturally fall off the report on their own. Sorry for any confusion! :)

#3 leonel619

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Posted 23 January 2012 - 08:44 PM

You can always dispute an item on your credit report. Typically if a creditor does not respond within the required amount of days, the item will be deleted from your credit report. While this may be a (shady) tactic to remove a valid item from your credit report, it does not prevent a creditor from attempting to collect on it. I'm not a lawyer, but if the information found on Creditcards.com looks like the credit card company may have 4 years from the date of deliquency/last payment in order to sue if Pennsylvania law applies (again not a lawyer, so not really sure here).


Also, if your lawyer had continued with the bankrupcy process, know that it would not be immediate. If I remember correctly, you declare if you are a party in a lawsuit in your filing. You also typically get asked about changed in your financial situation before your discharge. If you are not already talking to a laywer about this situation, it might be advisable.






#4 vickpr

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Posted 24 January 2012 - 10:14 PM

the short answer to your question is, "maybe". It really depends on the accounts and the creditors and it is definitely not as easy as writing to the reporting agencies and asking to delete. There is a lot of BS involved. A lot of us have been working on getting stuff deleted and adding new positive accounts for well over a couple of years. It is going to be a long road, but well worth it. You also have to worry about the possibility of getting sued. Are your debts within SOL? Please go over to the beginners section and start reading about "credit repair" once you've made up your mind. If you choose to file BK, then good luck! This time, make sure you're in regular contact with your attorney.




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