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settle 11k debt


Guest chintuk
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Guest chintuk

I currently have 11k cc debt.I stopped monthly payments on all but one credit card since 2002.Here is my credit summary from equifax(transunion looks similar)

total accounts:10

total open accounts:1

total closed accounts:9

accounts in good standing:3

accounts currently past due:3

negative account history:6

----------------------------

accounts currently past due:

1)Asset Acceptance Corp(now balance is $5400) transferred from Next card($2000 limit)

2)Credigy(now $4000) transferred from MBNA ($2000 limit)

negative account history:

1)Asset Acceptance - Past due:5400 - status:Collection account

2)capital one - past due:1200 - status:charge off

3)credigy - past due:4000- status:collection account

4)discover - past due:0- status:charge off

5)mbna - past due:0- status:charge off

6)next card - past due:0- status:charge off

A friend refered me to this awesome forum.I am planning on doing the following(as suggested by him).

Do "pre opt screening???".

Dispute all old addresses with equifax.

once equifax does this,equifax will send me my credit report which will have "date of last activity" on all accounts(my online report does not have this

date).Based on this date I can calculate my SOL.All my CCs were opened in SC,and I am residing in NC since 2003.

I then request "debt validation" from one of the CA's(asset acceptance llc,credigy...etc).

Please correct me if my assumptions/approach is wrong.

1)If the CA's do not respond with all the information that I have requested, can I ask for deletion?

2)Should I consider "Written Contract" or "Open-ended Accounts" when calculation SOL? http://www.creditinfocenter.com/rebuild/statuteLimitations.shtml

3)I am pretty sure that some of my accounts are past SOL.Do the CA's normally respond if they know that my account is not in SOL?

4)If I do not get any response from the CA, can I request the reporting agencies to remove it from my credit report?How long should I wait?

5)My fiancee has very good credit.Should I apply for "additional credit card user" now or after all this has been settled?

Thanks in advance.

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