cpt_ross

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  1. I am ready to draft my initial letters to CRA's. I have searched/read for hours on this wonderful site, however, have not come up with an answer to a question I have. How many TL's should I dispute on my initial letter(s)? I have read that there are different schools of thought on whether to write one letter (Per CRA) with all of the disputes or an individual letter (Per CRA) for each TL disputed. However, I am not sure on how many to dispute. The closest I read to an answer was a post simply stating as an initial step, to 'dispute all negative TL's' with the CRA's. I have one repossession, 6 loan default/settled accounts, and 4 collection accounts on my CR's. I am new to this, but disputing all of that at once seems excessive. I know the answer to this is subjective and I am sure different people have had success with different strategies as far as this goes. I am posting to get some feedback on what has worked for others, so I can make an educated decision for my credit repair efforts. Also, I am unsure on whether to go with one letter (Per CRA) or one letter per TL (per CRA). Does the number of the items I intend to dispute play into this? Any experiences/input, whether the results were positive or negative, will be helpful and greatly appreciated. Thank you, RG
  2. I have a motorcycle financed through Capital One. I have not made a payment in about 10 months. I am self employed and the motorcycle is registered to my office address. Last week a guy a few suites down from me told me that Capital One came looking for me when I was not there. Yesterday, they came by and I was there. I told the guy that I had to figure out what to do and I would call him. The remaining balance is about 7K from the original 16K. I have it in the garage of a relative and rarely drive it (I have literally only 10 miles on it in the last 2 years). In retrospect it was a huge mistake to purchase, but it was my mistake and no one else's. So, I fully planned to fulfill my obligation to pay for it until my wife was laid off 10 months ago. Unless I turn it in or they bring a Sheriff (Can they do that?) by to force me to give it up, there is no way they will be able to find/repo it. I am not writing this to try and get out of my obligation. Looking more for advice on options. I finish some secondary schooling in October and in November I will be able to at a minimum, make payments in the original monthly amount. I am not opposed to turning it in or keeping it and working it out. At this point, I just really want to do what will best serve my future credit. Another of my concerns is that I do turn it in and they auction it off for 3-4K, and with fees I still owe 5K and have nothing but a deficiency to show for it, when paying it off would be a few more thousand and I would at least have a motorcycle worth 5K. I have a few other credit card accounts that I am trying to pay off and then I want to start the credit repair process. So, I am not sure what to do. Is it better to turn it in and the deal with the deficiency later? Keep it (Can repo guys hassle me at my office?) and start to pay it off in a few months? Is it harder to work on removing 'late pays' with or without a repo, or does it matter? Should I absolutely avoid repo (Voluntary or involuntary)? I work with clients one on one and definitely do not want to be 'visited' regularly by repo men. Yesterday the guy just walked in my front door. Is there a way to stop this? I want to call Capital One, but I am sure my 'I know I have not payed you in a very long time, but give me a few more months' will not go very far. Thank you in advance for any input, Ross
  3. I have a motorcycle financed through Capital One. I have not made a payment in about 10 months. I am self employed and the motorcycle is registered to my office address. Last week a guy a few suites down from me told me that Capital One came looking for me when I was not there. Yesterday, they came by and I was there. I told the guy that I had to figure out what to do and I would call him. The remaining balance is about 7K from the original 16K. I have it in the garage of a relative and rarely drive it (I have literally only 10 miles on it in the last 2 years). In retrospect it was a huge mistake to purchase, but it was my mistake and no one else's. So, I fully planned to fulfill my obligation to pay for it until my wife was laid off 10 months ago. Unless I turn it in or they bring a Sheriff (Can they do that?) by to force me to give it up, there is no way they will be able to find/repo it. I am not writing this to try and get out of my obligation. Looking more for advice on options. I finish some secondary schooling in October and in November I will be able to at a minimum, make payments in the original monthly amount. I am not opposed to turning it in or keeping it and working it out. At this point, I just really want to do what will best serve my future credit. Another of my concerns is that I do turn it in and they auction it off for 3-4K, and with fees I still owe 5K and have nothing but a deficiency to show for it, when paying it off would be a few more thousand and I would at least have a motorcycle worth 5K. I have a few other credit card accounts that I am trying to pay off and then I want to start the credit repair process. So, I am not sure what to do. Is it better to turn it in and the deal with the deficiency later? Keep it (Can repo guys hassle me at my office?) and start to pay it off in a few months? Is it harder to work on removing 'late pays' with or without a repo, or does it matter? Should I absolutely avoid repo (Voluntary or involuntary)? I work with clients one on one and definitely do not want to be 'visited' regularly by repo men. Yesterday the guy just walked in my front door. Is there a way to stop this? I want to call Capital One, but I am sure my 'I know I have not payed you in a very long time, but give me a few more months' will not go very far. Thank you in advance for any input, Ross
  4. Up until May of this year, all 3 of my credit scores were in the 700's. Started falling behind on my credit card payments, and things had gone way down hill (All 3 currently in the mid 500's) since then. I have come into some money to be able to settle my 8 accounts (5 have been closed by creditor and 3 are still open). I have been in contact with a 'debt negotiator' who has looked over my credit reports and come up with the following strategy: 'Preserve' the 3 accounts still open by paying them up, and later challenging the derogatory items reported. 'Settle and delete' 5 accounts that have already been closed. 'Settle' for the least amount they will agree too (He charges a flat hourly fee, not a % of settlement). Also, as part of the settlement agreement, he plans to get the creditors to agree to totally delete the account from my credit reports. Like it never existed. I have never heard this was even an option. This is where I have questions. 1.Does this actually work, and if so, is it a realistic outcome? 2.Is total deletion a good thing? I know that not having an account with negative info is good, but would it be easier/better to settle and challenge everything later? Most of my accounts had perfect payments and were 3-5 years old. 3.My oldest account (Washington Mutual) had perfect payments since I opened in 2000. On this account, because of the length of great history, would it be better to settle and challenge the late pays/status later? Of course, my intention is to rebuild my credit. Any advise/input reflecting this, would be greatly appreciated. As a side not, I have 3 auto loans that are 2-3 years old. I have managed to maintain perfect payments on these. I mention this because I know maintaining these will help my scores. However, I am not sure how/if at all I should let this effect how I proceed. Thank you, Ross