I Need Credit Help Before I Die

Question

7 years ago while going through a divorce my ex had added some charges to credit cards in my name. This was a very hard time for me and I ran from alot. 1 credit card ran up to $1000. At the time I had moved out of town and stopped paying on the bill. Now later I am finally able to start repairing my finances. They keep selling the debt which keep renewing the debt and adding finance charges. I know it is MY debt that I should have taken care of 7 years ago. BUT it is now up to $5,000 and I am not sure how I am going to ever get this off my credit and pay it off as they are trying to say they only will take lump sums. Is there a way to get this off my credit or not pay or pay less? I know I sound like a wit, I am just trying to get over this mistake of the past. I do not have contact with my ex and last I heard he was without means. Any advice is appreciated.

Answer 1

they can dun you for the amount from now on if they want .it will only appear on your credit report for 7 yrs.pull your credit report if it's still on there do a calculation and be sure the time has passed.if 7 yrs have passed ,appeal to the credit bureau to have it removed,by law they are required to do so..........tom

Answer 2

1. Contact the collection agency.  Explain the situation.  Most will work with you to set up a payment plan or even propose a settlement.  Settlements will show on your credit report, but the debt will be paid.  Make sure you get everything in writing.  Do not agree to anything without a written copy of the agreement.  

2. Check out your credit reports.  Dispute any information that is incorrect.  You'll be surprised by how much info can be wrong.

3. Stop using credit cards!!

4. Make payments on time every month!!

5. Open a secured credit card.  This is a card that you load your own money onto, but it reports to the credit bureau just like an unsecured credit card.  Once your debt is paid off, this is a great way to rebuild credit.

If you need to speak to a  professional credit counselor, this is a really good company, www.balancepro.net. They are non-profit, therefore, you don't have to pay anything for their services.  Whatever you do, don't ignore the problem any longer.  It will just continue to get worse.  Good luck.

Answer 3

You need to sit down and figure out what your monthly bills are.  Get an idea of each number.  Then call them and tell them that you want to settle this debt now but there's no way you can give them that much.  They will ask your financial information and will either try to set up a payment schedule that works for you or they will agree to "settle" for a lesser amount.  Once you get the amount lower and you have made some payments they may even do what's called a charge off and that means they'll just record your debt as $0.  They can't help if you don't ask for the help.