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Please critique a NEWBIE'S plan


miss_detroit
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hi all. i've been a lurker on this board for the longest, but with the new year coming, i'm getting geared up to finally take charge (pun intended!) of my credit situation. i have been unemployed for a year and a half, but expect to start a new job soon. due to foolish choices in college and sporadic income and lack of financial discipline, my scores are in the low 500s due to credit card and phone bill charge-offs and 3 judgments. i would like to blend the tactics found here and in how to pay your debts and live properously--a combination of budgeting to include fun stuff as well as debt repayment, validation and verification, and settlement with installments that fit my budget. here's my course of action, please tell me what you'd do differently:

1. obtain most current credit reports. i'm getting mine through a homebuyer's program, so i'll have the trimerged files with scores.

2. send validation/verification letters to all ca's there. my basis for validation is that i have a parent with a similar name to mine and i know for a FACT that some accounts on my report aren't mine. i would like for them really only to provide me with a copy of a signed contract and i can accept the debt as mine as well as tell me who the oc was. :?: : how do you find out if the debt has been only assigned to a ca (and i could thus deal with the oc) or actually sold?

3. work out a settlement with validated debts. pay in installments only for deletion of ca tradelines. :?:how do you get an oc to reage an acount?

4. dispute anything left over, people who aren't working with me, with the cras.

In terms of the judgments, I have no idea where to begin with them. i haven't been working steadily in order to be garnished. should i go to the courthouse and present them with my budget to make me judgment proof?

last question: i'm trying to keep my bally's account open, i am very behind with them. i don't know if i will still be able to go to the gym if it gets sent to collections. they haven't done it yet, but they keep threatening. i think i should call them just to make sure they keep working with me.

i feel i am operating for a position of strength(ha!) because none of my ocs have gotten paid in maybe 4-6 years. any money they get should be music to their ears.

thanks so much for reading this post and sharing your advice. i do sift through the board, but if you have specific posts you can point me in as well, i appreciate it!

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Guest jeeptravel

1. obtain most current credit reports. i'm getting mine through a homebuyer's program, so i'll have the trimerged files with scores.

Good idea. You'll need full account numbers though. Make sure they have them. If not, I know TU includes full acct #'s.

2. send validation/verification letters to all ca's there. my basis for validation is that i have a parent with a similar name to mine and i know for a FACT that some accounts on my report aren't mine. i would like for them really only to provide me with a copy of a signed contract and i can accept the debt as mine as well as tell me who the oc was. :?: : how do you find out if the debt has been only assigned to a ca (and i could thus deal with the oc) or actually sold?

Good idea. Just demand that they validate the debt per the law. It is fine to contact either the OC or the CA. One wil satisfy the other. I always prefer contacting the OC because they don't have to make a profit to get their money back.

3. work out a settlement with validated debts. pay in installments only for deletion of ca tradelines. :?:how do you get an oc to reage an acount?

There is info on reaging and settling with creditors on the main page of this site. I also have some stuff I can email you if interested. It's available many places, including at the book store or library.

4. dispute anything left over, people who aren't working with me, with the cras.

In terms of the judgments, I have no idea where to begin with them. i haven't been working steadily in order to be garnished. should i go to the courthouse and present them with my budget to make me judgment proof?

You'll never be judgement proof no matter what your budget looks like. Once you file BK ch 7 you become in a state of "freeze" where no one can collect and they hae to stop contact until the case goes to court. Other than that, there is no "judgement proof" situation.

last question: i'm trying to keep my bally's account open, i am very behind with them. i don't know if i will still be able to go to the gym if it gets sent to collections. they haven't done it yet, but they keep threatening. i think i should call them just to make sure they keep working with me.

If you call them and offer them pennies on the dollar per month they SHOULD take the offer and keep your account open. Remember they don't have to do anything, so try to make it worth their while.

i feel i am operating for a position of strength(ha!) because none of my ocs have gotten paid in maybe 4-6 years. any money they get should be music to their ears.

Check the SOL on these debts You may not be obligated to pay them any longer. If that is the case you have a lot of power to pay them pennies on the dollar in exchage for their reporting to be amended w/ balance zero and as PAID.

thanks so much for reading this post and sharing your advice. i do sift through the board, but if you have specific posts you can point me in as well, i appreciate it!

Here's the best one I know of at the given moment:

Credit Repair 101

Best of luck. Let me know if you have further questions. I am sure MANY on here wil be happy to help because we have all been there.

jt

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for unpaid items and even teh judgments, look at your credit report. They will come off in 7 years, so if you are close, you might let sleeping dogs lie.

Judgments are toughies. I loved it when an old judgment debtor would call my office and want to settle. it usually means that, lke you, they are getting their act together adn are probably trying to get a car or house. We gave away the accruing interest on the judgement, and always demanded at least the judgment amount. So, I would be careful with those, too. And remember, you could probably get a CRA to delete an old judgment by claiming " not me" and asking them to delete when they cannot validate. But getting it off the CR is not the same as losing the judgment.

You may want to consider BK if only to get teh past behind you. Go see Mary Hunt's articles at www.cheapskatemonthly.com If you haven't read her already, you will enjoy it!

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thanks you two. all the info is much appreciated! i'll nose around for the reaging info. i've checked the sol (crazy how that's the appbreviation for another phrase!) for my things and just have to go through and calculate where i'm at. i also have been wading through mary hunt's site and found an excellent recipe for perfect brown rice! i'm about to post to see how others have dealt with bally's now.

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Only one thong i see wrong, if you get the trimerge reports then all of the reports will start to run together, thus making it more difficult to DV some accounts as to the true and exact dates of last activity, i made this same move a year or so ago, and it almost messed me up , but i have another agenda going. hope someone else jumps in ?

Still learning 8-)

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Guest jeeptravel
Only one thong i see wrong, if you get the trimerge reports then all of the reports will start to run together, thus making it more difficult to DV some accounts as to the true and exact dates of last activity, i made this same move a year or so ago, and it almost messed me up , but i have another agenda going. hope someone else jumps in ?

Still learning 8-)

Trimerge? Do you mean a split file? I have heard of that. If you are talking about a 3 in 1 credit report with privacyguard or mycreditkeeper or Truecredit, this just means a 3rd party pulls one of each and puts them on the same page. None gets info about the other, and none start to run together.

I'm a little confused about why you see this as a bad thing. I've subscribed to a 3 in 1 www.mycreditkeeper.com for the past 5 months and it's been great. It hasn't affected my ability to dispute anything.

Anywayz-- like I said, your post is confusing for that reason. Please explain.

jt

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  • 3 weeks later...

Hi ya jeep! what happened to me all of my cr,s showed different dates , and after several pulls (this is on mine) the files started coming together in regards to the reporting dates, But bear in mind with me this is over about a six month period, and after some ITS letters, maybe it was just a coincidence? however i will never know? thats why i only pull single reports anymore, but we both know how the silly cra,s are! lmao! oh! by the way, I started pulling 3n1 first, then went to the singles, stranger things have happend!

Hey i,m still learning!

8-)

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