Another newbie here with a clean slate.
(by that I mean a somewhat freshly ruined credit, with no real trouble yet)
So let me breifly tell you my deal;
Had 730 FICO about 6 months ago.
Lost my job, no savings and the cards were maxed out.
6-7 different trade lines (MC
(x3), VISA, AMEX
, DISCOVER)totaling about 40k.
They all have been calling for sometime now, and at first I took the calls and told them I'll do my best to make a payment, but they all insisted on "something RIGHT NOW", so I just stoped taking the calls.
I think most just became charge offs, or about to any day now.
The calls have slowed down lately, and I think some sort of legal action may be in the works now.
I do anticipate a pretty good income from the business me and a friend have reicently started with the help of his family, so I may be able to pay this in the next 6-8 months.
So now I'm just looking for advice from the veterans of this site on how I should proceed.
1.Should I negotiate payments and if so, whats the best/smartest way of doing so? Should I do that with the OC
or the CA
? on what terms?
2.Pay the full amount
or try to settle for % of the original debt?
3.litigation? (if it gets that far, how to handle it?)
4.(I know its not the most ethical thing, but...) Should I try to get some stuff "knocked off" with the "not mine" plan? (or is it too soon for that?)
I guess what I'm trying to say is, "what do I do now? What would you (the veterans of this site) do if you were in my shoes now? (ofcourse you wouldnt be, with the knowledge and experience you have gained by being here)
Any help / advice will be highly appreciated, thanx in advance.
Edited by alexxx76, 18 January 2005 - 03:44 AM.