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Someone, anyone please help me Im new to credit repair


rccola71
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Hello there, I am brand new to this site and my credit is in desparate need of assistance. I just ordered the book today and should have it next week, but I don't think I can wait that long for answers to my burning questions. Before I found this site, I got a copy of my credit report about 1 month ago and I had 3 collections and decided to pay them off. That was of course before I knew I could try and settle for less money or even dispute the debts or get pay for deletions. Anyway, That leaves me with a repossession that has a balance of 9,000 with WFS Financial and a settlement with All-State Insurance for a car accident I had back last year. My question is should I make arrangements to pay for deletion and is that even an option for a repo? And if pay for deletion is not an option what is the benefit to me to be out 9,000 when its still going to remain on my credit report anyway? The All-State claim I am going to make payment arrangements before it gets sent to a collection agency and ends up on my report. So 2 days ago I got a letter in the mail from a law firm who now has the repo in their office and the amount I am to pay in full is more than is listed on my credit report. Should I dispute the validity? Try to settle or what? Help me please!

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Well lets see, I turned in the truck back in October or November 2005 bc I purchased the vehicle before i was accepted into nursing school. and what happened was the further along in school, the less hours i was working and I never expected that I would not be working full time. Long story short, I couldnt maintain paying rent and utilities and other bills and maintain the truck payment and insurance on the truck. so needless to say, the accident I had in the truck was when I had let my insurance lapse and Geico wouldnt cover me. so the accident was in April or may of 2005. The All-state claim I dont believe is on my credit report yet and i would like to settle that before it is applied.

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Ok, that all makes some sense. The car was voluntarily turned in/reposessed, I always hear that's a better thing than if they have to come out to your home to retrieve it.

Where do things stand for you financially? Are you working a good paying job full time?

Elyse

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I am working full time back at my job as a surgical tech, and I am about to take a travel nurse assignment that will allow me to pay off the repo by the end of my 13 weeks contract, but I dont know if I should pay it off if its not going to improve my credit at all. i did learn this week that a paid vs non-paid collection has the same effect on your credit score. so I dont know if i should try to get a PFD from WFS directly or try to dispute it first or what. I really appreciate you trying to help, you have been the only person to respond so far 8]

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The one thing I can tell you is, it definitely DOES NOT improve your credit to pay a collection. I just paid one and not only did it NOT improve my credit, but my score actually DROPPED. I can't honestly attribute the drop in score to the payment because I was doing OTHER stuff to (disputing, adding fraud alert) but I can say it didn't help me to pay it. It's depressing, isn't it? :cry: I truly feel if a consumer pays their debt that it should be worth SOMETHING. They have plenty of punishments in place when we fail to pay a bill, now they need to add rewards for when we DO pay them!!

If it were me, I'd prepare a settlement offer. I'd make sure to research the "While you're in it...debt settlement" section of our discussion site. Get some good ideas on wording, how to approach it--read the papers here on debt settlement by clicking on the link above the credit card offers that says, "settle debts" etc and go from there.

Some initial thoughts-I'd start by asking for a pay for delete in exchange for you paying it off. If they will not budge or counter offer (which I hope they'll counter offer, but it's only been what-a year?) you can possibly send a 2nd offer to pay 80% for a reporting of "Settled in full." Just some initial ideas--With that amount if may be worth your while to hire an attorney if they won't budge on a settlement with you. As a side note; I think sometimes it's better to offer the settlement to the original creditor directly. That's mainly if the CA is merely "assigned" the debt versus all out "owning" it.

And your welcome! :)

Elyse

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