goingunder Posted October 5, 2004 Report Share Posted October 5, 2004 This is how I feel sometimes. Ok - I have a post below regarding a home equity loan, etc.I have debt - all debt is now "collections" - and dealing with CA's only - not OC's. No one will take "monthy payments" anymore - how do you pay if you can't pay lump sum and they won't accept monthly payments? I'd love to just take care of all of this, but at this rate, it will take me 10 years to pay this off - if I did it monthly ($25,000 total debt) - and by making monthly payments (if they did) - my credit wouldn't be repaired until at least then.I can handle the debt now (or a monthly payment I should say - much better off now than 4 years ago), But, I can't afford to do monthly payments on all the accounts separately. I would be better to have a loan of some sort to pay the debt off - and get it reported positive on my credit report and then have the existing loan in great standards with a TL on my CR to rebuild my credit - BUT, can't get credit, because of my credit - how do you win this race? I really want to try and straighten this all out. I'm tired of living this way. I could do $300 a month - but not $500.... I don't want this to take me 10 years to clean up and not even improve my credit until then. Can anyone help. Link to comment Share on other sites More sharing options...
willingtocope Posted October 5, 2004 Report Share Posted October 5, 2004 I'm sure some others will jump in, but here's my opinion...I think you've kinda run out of easy choices. First of all...trading unsecured debt (CCs I assume?) for secured debt is NEVER a good idea unless you get rid of the things that cause the unsecured debt in the first place. For most people, this means a significant increase in income, or decrease in expense.Second, while its admirable to want to pay off the debt you incurred remember this...if its been CO'd and is no longer with the OC, the US Taxpayer has already compensated the OC for their "loss". Your credit report has already been dinged with the COs. The collection agencies paid pennies on the dollar for the right to continue to hassle you, and that's really all you "owe" them...if anything. So...you can...1. Continue to DV, CMRRR, ITS, all that stuff to the CAs waiting for them to trip over their own incompentcy and arrogance so that you can trip them up with the FDCPA or FCRA, and then get your "we won't sue if you delete" agreement.2. Or, look into filing Chap 13...with an steady job, and some disposable income, you might pull this off. Be very careful...its full of pitfalls...but it might work. (I don't think you'd qualify for a BK 7). Link to comment Share on other sites More sharing options...
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