Question by Karl: Credit card debt – pay the due? How can I remove the bad credit history from my record?
I have a Credit card debt (Chase Bank $ 2k and Bank of America $ 4k) Should I pay the due? How can I remove the bad credit history from my record? I know that even if I pay it off the record will still stay on my history.
Answer by Sweating Pay the collection agency.
Ask here how to negotiate a settlement and how to do it right.
I have seen people settle for half of what they do.
Do not give them any access to your checking account info. Mail a certified check.
And get the settlement in writing first. An email will do.
The item will remain in your reports for years.
History cannot be erased or deleted.
The good side:
- It prevents them from suing you in the future.
This means wage garnishments or tapping into your asses. With fees attached.
- By paying your credit can start to recover very slowly over the years.
- A future lender or creditors will see the amount as PAID. Very beneficial.
Question by I see what you did there: What happens if you cannot payback credit card debt and owe money on your repo car?
Ok so If you cannot payback your credit card debt I understand that the debt will be transffered over to a collection company or agency and they will get in contact with you to pay off it’s debt.
Now if you have very low income, have no money in the bank, just a small shop with very low income can they end up taking your shop, take away what is in ur house and stuff?
Answer by Christine Yes. Your best action would be to enroll in a credit management program. They consolidate all your debts and pay them every month for you. You just pay one bill to the credit management company. They usually negotiate your interest rate down to 6% or less, often 0%. They appreciate your effort to try to get out of debt.
The other choice is to declare bankruptcy, but essentially you end up paying off your principle on the credit cards anyway, and you get a smear on your credit. Plus the creditors just might seize your assets anyway.
Question by hsptlbedcrawl: Will credit card debt affect my ability to get a student loan?
I currently have about $ 2,000 in credit card debt (one card). I never miss a payment and am paying a little more than the minimum each month. Will this negatively impact me for a federal student loan? I’m planning on going to grad school next year.
Answer by i_get_radio_signals any debt will affect your ability to get a loan. The best way is to got a credit score website and do a free trial and see what they rate your credit score. that is the best determinate of whether you will get a loan to not.
Question by Brad: Who is responsible for credit card debt if somebody dies? Or does the company eat it?
Say somebody has X amount of credit card debt, then they die but still have that debt to the credit card company outstanding, what happens? Does the company have to write it off as bad debt or ? Perhaps the company can hit up that person’s estate. But let me pose another question then – what if that person’s estate does not have enough money to cover that credit card debt.
Question by : How should I pay off my credit card debt when I just received a lump sum of money?
I recently received a good amount of money from a work related injury and now have the opportunity to pay off the $ 20,000 of credit card debt I now have in collections. Should I just pay the complete amount I owe or should I settle with the credit card company to pay only 25% of what I owe. This debt has been in collections for two years. What option would be better in the long run? I figure I’m already so late on payments how much worst can my credit get if I settle.
Answer by David Z good idea to try and settle. if they would settle for 25-50% that would be a nice break for you.
the settlement will be a ding on credit report but probably not much worse than has already occurred.
Question by weakestlink11: How can I get a bank to file a satisfaction of judgment on a credit card debt?
I am executor of a relative’s estate. There is a snag in selling the house because of a judgment on a credit card debt which means there isn’t a clean title to the property. The estate attorney says that although the bank statement shows $ 0 on the debt, they haven’t filed a satisfaction and he says he doesn’t know how long, if ever, it will take. I am baffled that the attorney can’t seem to get this worked out. I tried calling the bank myself only to be told they would “look into it”. Is there anything that can be done to expedite this?
Answer by Calvin C female=executrix ‘) anyway you have the fun job of waiting the only way the debt would affect tittle is if the CC issuer has sued and won a judgement and that causes no snags in selling as the closing agent simply pays the debt at closing this is done every day of the week. If you are saying the judgement was paid too bad things were done in that order however the bank has 30 days to send the realease to registery of deeds