Already you have bad credit branded upon your credit report. On top of that, you now have multiple debts creeping into your life steadily. It may look like you have little chance for recovery. However, you do have a solid alternative that can help you overcome your debts while repairing the damages on your credit. This option is known as bad credit debt consolidation.
ipt:pageTracker._trackPageview(‘/outgoing/article_exit_link’);” rel=”external nofollow” target=”_blank” href=”http://www.e-debt-consolidation.co.uk/bad-credit-debt-consolidation.html”>Bad credit debt consolidation is a way of managing the repayment of multiple debts. It consolidates all the debts into a single one so that you end up paying a single installment to a sole creditor. Your debts may include unpaid utility bills/ store card bills/ credit card bills or unpaid personal debts. You may have any arrears, defaults, late payments, CCJ, IVA, bankruptcy or simply low credit score. But you do need to fulfill a standard criterion: your debts should total over £5000 and the number of creditors you owe to must be more than one.
If you are eligible for bad credit debt consolidation, then you can start repaying your debts easily. As mentioned before, all your debts will be merged into a single. Then the inetrest rates and fees on them are lowered or frozen, if possible. You will be given a loan which can help you repay the debts gradually. So you will have the following benefits:
* Repayment amount is lessened due to lowered interest rate
* You are accountable to only one creditor
* Making a single payment is simpler than paying multiple installments
You will make your payments to your debt consolidation agency and they will in turn distribute the amount among the creditors.
Bad credit debt consolidation can help you stand up on your feet again. It considerably reduces the burden of debts form your life. You will feel the pressure ebbing away as your debts get repaid each month. Moreover, your credit will also be repaired to a great extent. While choosing debt consolidation agencies, select one which has a good reputation and years of experience.
Watch the video related to credit debt
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Help answer the question about credit debt
What is the statute of limitations for credit debt in Nebraska?I received a phone call from First National Collection Bureau regarding a debt from Sept. 1998. I don't recall having an account with the bank they mentioned. They sent me a letter stating that if I don't respond to them in writing then they would assume the debt is valid. I have no records, even credit report, that shows this debt. Should I worry about this?
Contact me. My brother works for a company that "eliminates all credit card debt" (in other words, pay a fee significantly less then the credit card debt and you won't owe the credit card company a dime). (take a credit card cash advance to pay the fee LOL).
There will be no damage to your credit rating!
Make more money, quit spending, sell things to pay down your debt
A personal loan does not pay off debt. It just moves it from one institution to another. You have to change the habits that got you into this mess in the first place. That involves living within your means. You need to reduce your spending and/or increase your income. And use the savings to pay down your debt.
oscy999 must not have been hurt by this economic depression. I just love people who haven’t walked in the shoes, but sit on their throne and judge everybody else. SELFISHLY RAN UP? Not everybody was out buying big screen TV’s. Some folks who lost their jobs, (HOPING thngs would get better by now), were using their cards to pay for groceries, the doctor’s office, or car repairs trying to keep the old heap on the road. How dare you judge when you haven’t walked in somebody elses shoes.
it depends on how you define “old” nauticalman made it sound like all collection accounts have benn sold accounts which is not 100% true.dhfghdgschgdhgfhdgjgfjkgfjkgghsdgfjhgdsjgfjdgfjdgjfgdsjfgjdsgfjdsgfgdjsvbdbgfvc v jfgjfjbf fhvjcgvv c dhfjdhjfgd fhdhgv dhfjhdhjryrf fehj fehj dsuegue feje
I agree with AEinsteinSr. Just dont use credit cards. And honestly, using credit cards after you have already lost your job or took a cut in pay is pretty much about the 23rd thing on the list of things you should do in a situation like that. 99.99% of the time it just seems to make everything worse. I do think the fact that credit is becoming more exclusive and elite per the new laws and regulations in Feb will sort a lot of this out in years to come.
You need to dispute these accounts with all 3 credit bureaus stating the per the Fair Credit Reporting Act these accounts are to old to be listed on your credit report.
As stated by others, the SOL for your state is 4 years for open contracts (credit cards). Send them the reply they want only use this form letter (you fill in the blanks). This should send them away. If not then you can seek civil suit against them for minimum of $1000.
But make sure that this debt is for a credit card and not for a court ordered judgment. A judgment in Nebraska has a SOL of 5 years and is renewable.
Your Name
Your Address
City, State, Zip
Date:
General Revenue Corporation
Address
City, State, Zip
Re: Acct #XXXXX
To Whom It May Concern
This letter comes in response to your [letter dated xx-xx-20xx] (copy enclosed) concerning the collection of the above referenced account.
First, I want to inform you that I am well aware of my rights under the Fair Debt Collection Practices Act (FDCPA) and applicable State laws. Having said this, I hope to save both of us a great deal of time by informing you that I formally dispute the validity of this debt. In addition, I am aware that the time period limiting legal actions to enforce this type of debt in (insert your state or the state in which the contract was signed) has expired. Furthermore, I am aware that any attempt to bring an action in court that is time-barred may result in sanctions for filing a frivolous claim.
As of today, I consider this matter closed and demand that your agency and affiliates immediately cease and desist contact with me regarding this matter except to advise me that your debt collection efforts are being terminated. Further communication attempts of any form or substance are prohibited by the Fair Debt Collection Practices Act, 15 USC 1692a, et seq. I plan to report any such violations to my State Attorney General and the Federal Trade Commission and, if necessary, to take whatever legal action is necessary to protect myself.
Thank you for your prompt attention to this matter.
Sincerely,
Your Name
Hope this answer is of help to you
LEGAL DISCLAIMER: The answer provided here is intended for informational purposes only. It is not intended nor presumed to be legal counsel or professional legal advice
file for bankruptcy ,,,that is safe for you [and also practical],,,
Consolidating debt is an ideal way to reduce your amount and tenure of debt. You make a single payment to one lender on a certain date and this will help you clear off the debts faster.
I would recommend you to visit this site for more info about consolidating debt:
http://www.debt-explained.com/category/Ways-to-Consolidate-Debt.html
This video is packed with great information and your link looks interesting too. Check out the link in my profile if you’re tired of the phone calls and want to settle your debt.
Definately do not move out if it means that you will be paying rent. I would find a place to stay rent free until you pay off the credit card.
Sorry folks, we have been had, peed on, scammed and lied to.
WallStreet bailouts were rigged and a fraud, market manipulations,
high freqency trading, flash orders, naked short selling by:
Goldman, JPM, Cit, MorgStanley, Aig, stay away from this scum.
The Fed, Comex, ETF’s, Govt data: frauds. Your labor devalued to Zero.
Pull your money out, walk away from your mortgage and CC card debt,
We can beat them at their own game, buy pure silver bullion,
buy local mom and pop. Starve The Beast!
Not all collection offices purchases debts. Most are referred to them by the creditor.
If it IS a purchased debt, the money can no longer be paid to the original creditor as the account has been sold.
As for the last part, that is correct, however if you call the creditor they may likely refer you back to the collection office. Moreover, check in your contact with the original creditor it usually has some section giving them the right to collect on the debt, etc.
Given your credit history, you may not be able to get a loan of any kind. First you need to get hold of your credit reports. There are three major credit reporting agencies in the USA: Experian, TransUnion, and Equifax. Offhand, I don't know contact information for them, but you should be able to find snail-mail addresses and phone numbers for them online or in your local public library. Write to each of them or phone each of them to find out what their reports are saying about you. Once you know what the reports say, you will be better equipped to deal with it. You've received a summons to appear in court? What kind of court? Small claims? It sounds like you need an attorney. Perhaps you should consider declaring bankruptcy. In any case, don't ignore the court summons. Make sure that you show up in court, and if the judge orders you to pay, you have to pay. You don't want what is called a "judgement" on your record, because that *never* scrolls off your credit reports, like some other debts do after seven years. How much in debt are you? Hundreds of dollars? Thousands? Tens of thousands? There are credit counseling agencies in many locations in the US. Perhaps there is one in your area. Contact them, make an appointment, and see if they will help you. But they won't give you a loan. They will, at best, make it easier for you to pay off your debts.
if the debt is old it is almost certainly been sold off
It depends on how you define “old”,
Nauticalman made it sound like all collection accounts have been sold accounts which is not 100% true.
With the New Year creeping up on us faster than most of us would like, I cant think of a better way to start off the new year than learning how to stop the creditors from calling.
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