Card Credit Debt Repair Settlement

I had a medical problem and couldn't work for 2 years and really hurt my outstanding credit history. I had a $5,000 Visa card debt and a $19,000 Mastercard debt. I got on a payment program on both cards, offered to me by the banks. I paid both down to below the limit. The $19k one re-activated my account and I have continued to pay it down to $17k. The $5k account, I missed a payment, was dropped from the program and it has now climbed with late fees and penalties to $7010. The bank offered to settle the whole debt by paying $5010 (70%) by Sept 15th. Last I checked my FICA was 575 or so.

Here is my question? Will I have a more difficult time getting my credit rating up if I do this 70% settlement by paying $5010 by the 15th or would it be better to do the following - pay roughly $3,500 asap and then pay the rest off over the next 4 months? My goal is to repair my credit in the shortest time possible. I have about $3,500 now and might be able to borrow $1510 more but it will hurt.

check these links, then decide what you want to do, they might even get you to change your mind!
see the FAQ on the first link down but really there's plenty of advice throughout if you have time to read:
http://credit-cards.ebookorama.com
http://finance.ebookorama.com
http://credit.ebookorama.com
http://credit-repair.ebookorama.com
good luck!
if it helps please remember me cheers

2006-08-31 00:24:01 by Brian Mack

debtrelief911.com - Get Rid of Credit Card Debt Now! Learn How to Eliminate Your Credit Card Debts in 90 Days Without Debt Consolidation or ...

I've always had excellent credit (730+) until I graduated from college a couple years ago. A year ago I entered a credit settlement program on about $10K of card debt from school.

I'm married now and we didn't think the housing market would be so low so quickly, and we're trying like mad to pay off my settlements and repair my credit. I need a new credit card, but ONLY for the purpose of having a credit line, so that I look good to mortgage banks. I finally make enough that I would never need to use it.

Aside from paying off my settlement (one account is left), how can I start fixing things?

You can look to get a credit card from a credit union which are easier to get than a bank and will leave you with the credit line open.

If you don't get that then look for a secured credit card.

Other things that you can do are:
1. Get a utility connection and phone connection on your name and build points on that.
2. Look to increase your credit line and spend about 30 - 35% of your credit line and then pay off your debt.
3. Pay off your debt on time and in full.

All the best!

2008-08-18 15:01:31 by bduns

Price: $19.99

Recently, I was put in a very difficult position due to my husband losing his job. My income was all we were living on and we have 2 kids to care for. While my husband was job hunting I racked up some pretty good charge card debt because I had to pay childcare for two kids as well as our regular bills just from my own paycheck. Leaving nothing left really. So I called the credit card companies directly and had some luck with them working with me. Other places weren't as nice and could care less where I stand. I am set up with payment plans for some, but as I said, others refuse to really help me.

I've spoken to some different people associated with these CC's and they have mentioned settlement offers. I'm in no position to do this quite yet but it's definitely an option. Because it's still a struggle, I pay what I can even if it's $10. My credit is toast and I'm trying to repair it so am I better off doing small payments or better off saving up for the settlement offers instead?

Have you thought about speaking to a credit counselor--there are options out there--like a debt managment program. I went with Debt Counseling Corporation--after much research. They helped me with a budget and we found areas that i could reduce and she gave me great tips on saving that i did not think of. You should call them --at least check them out to see what they suggest

http://www.debtcounselingcorp.org

2007-10-10 11:00:03 by Momto2inFL

Price: $4.87

We have really horrible credit. We have at least $8,000 in credit card debt alone. We also have medical bills, utilities from my husband's bachelor days, and insurance bills. All of these things haven't been paid in over 18 months. This is the plan.

1) Debt Settlement/Consolidation. It will take us 18 months to pay it all off. Through http://www.creditsolutions.com (Let me know what you've heard?
2) Then we are going to hire someone to do a credit cleanup/credit repair to erase all or most of our negative marks on our credit. (cost from about $900)
3) And finally, we are having my mother (who has excellent AAA credit) add us to two of her major credit cards and carry us as account shareholders for one year. We are going to help her make her monthly payments ect, but not actually have or use her cards.

Hopefully all of this will land us with some fair credit to be approved for home loan in say... 3 1/2 years.

Let me know what you think. How would you do this

You have a great plan.
Ditch the $900.00 credit repair scam. If your mom has great credit yes it makes sense, otherwise it will make it worse.

Make sure your mother has you designated you as "authorized user" only and NOT "joint account holders".

Tt takes a few days for her good credit history to change your points. (beware that some credit cards don't report authorized users to bureaus). Double check.

Pay everything on time...pay extra when you can.
(your credit will be better in about 18 months) even though you still show a balance through the program.
DON'T aplly for a mortgage till you pay this all up.
Good luck.

2007-04-19 07:35:15 by Ashley V

I am working with US Consumer Advocate on my 76,000 debt on credit cards. Started last week to work for a settlement. For the past two days I am getting calls from a guy at Federal Debt Relief Systems fdrs.org. He promises to do a better faster job then USCA and repair my credit (yea right) and no lawsuits involve or any bad debts turn in to IRS. I am confused! Has anyone worked with any of them or have used a debt settlement co or this FDRS. I feel now that I made a mistake...but at the same time I don't. Please help me!

aztecatx60, Debt relief is a common issue many americans are now experiencing. Every legitamate debt relief service providers will consult with you for free. http://www.debtreliefreview.com Try contacting serveral debt relief services and inquire about your questions and compare thier answers. You should be able to tell which ones are providing useful advice.

Good Luck.

2008-07-18 07:53:42 by aztecatx60