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Trying to work out my Plan... Please Help


choosymom
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I've read so much here in the past few days that I think I've fried my brain :shock:

I'm trying to get my husbands credit in order for a mortgage. Our house is sold, we will close very soon and will then have $10,000 that could be used to settle the 2 credit card accounts that are screwing things up. His scores are EQ-600/TU-587/EX-570.

The first is MBNA, charged-off. NCO is now calling about it. The debt is listed on his CR at MBNA charged-off. It is also listed at NCO as charged off/Seriously past due...etc., with a different account # at each CRA. At the time of charge off from MBNA it was about $13,000. NCO tacked on fees and stuff to total over $16,000 now, but have mailed a settlement offer at $11,000.

The second is Nextcard. This one only shows up once on his report, as charged off Nextcard. I have been getting calls & letters from a collection agency- Platinum Recovery Solutions, Inc. They are not listed on his credit report anywhere. Are they Nextcard in disguise, or what? That debt was charged off at about $13,000, and Platinum has mailed me a settlement offer of $8600.

So, I need to get 2 OC's and 1 CA off his report. We have to move out by Oct 1, is it even possible to fix this up in time to get a mortgage before then? We have a relative with excellent credit who is standing by to co-sign, if it comes to that.

I've read about the debt validation, and am kind of fuzzy on that. I mean, I know we owe $$ to the 2 OC's- do I contact the OC's first about settlement? If the OC's settle with me, then would I DV the collection agencies and dispute them with CRA's?? Am I coming at this totally backwards and upside down? :?:

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There are companys that tout debt elimination on the web..the idea is that the debt is illegal in that there is no security..only your signature...Ive seen sample letters where they get the debt wiped out..and taken off the CR...I contacted 1 and the fees range upwards of 3 to 5 k...but they say the process takes a month or so..I do not believe fees can be charged on a written off account..only on judgements and that is around 9% apr...so if your looking to pay out $19,600 in settlements...may be worth giving an elimination company a call.

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