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When you are trying to repair your credit and have a debt in collection it is wise to settle or file bankruptcy?
You can often settle these debts for .30 on the dollar. Depending on the amount, it is better to settle. If it is something rediculous like $30k, than I would go BK. I do not recommend bankruptcy unless you tried to earn income from every single potential source including temporary job income. Only go for bankruptcy if and only if you know for a fact you will become homeless, and extremely hungry within the next month. In other words, try to pay debts off first.
What else can I help you with?
Can a collection ruin your credit report?
Yes a collection can ruin your credit report. Collections are similar to charge offs and will lower your score significantly all depending on the age of the collections and the amount owed. You can remove a collection by disputing it to the credit bureaus or by contacting the original creditor and working out a deal. Either way works well. You might have to hire a credit repair service if you decide to dispute it or have the money to settle the collection if you contact the creditor directly.
If you settle a chargeoff or collection does this increase your credit score?
Yes! I settled 2 collection accounts and my score stayed exactly the same.
Should one file for bankruptcy or settle with credit card company?
I have been considering claiming bankruptcy for quite some time now. I have no money and am a student. I was injured on the job a few years back and am going to be receiving a settlement offer from the worker's compensation company soon. The settlement would pay half of my credit card debt. Should I try to settle with the credit card company for less than I owe? Or should I still claim bankruptcy like I was planning originally? If I claim bankruptcy, will the money I get from the settlement be up for grabs? If so, can a bankruptcy lawyer negotiate a settle-for-less deal? Help!
Where can one get credit repair letters?
Credit repair letters are sent to lenders to demonstrate an attempt to settle debts and are the first step in financial repair. Chargeoff, Creditinfocenter and eHow are great places to find boilerplate letters.
How will settling credit card debt affect your credit score?
It will raise your score slightly. If you don't settle a delinquent account, the verbage on your credit report may read: "collection account", or "unpaid collection account". However, if you settle, the report may read "settled". By settling with the debt collector, you have made an attempt to fulfill your financial obligation. Therefore, your score will raise slightly.
If you settle an old credit card debt with a collection agency paying the negotiated price in full will the collection agency remove the collection from your credit report?
No the collection will not be removed from the credit report. They will show it paid in full.
Can a collection ruin your credit report?
Yes a collection can ruin your credit report. Collections are similar to charge offs and will lower your score significantly all depending on the age of the collections and the amount owed. You can remove a collection by disputing it to the credit bureaus or by contacting the original creditor and working out a deal. Either way works well. You might have to hire a credit repair service if you decide to dispute it or have the money to settle the collection if you contact the creditor directly.
If you settle a chargeoff or collection does this increase your credit score?
Yes! I settled 2 collection accounts and my score stayed exactly the same.
Should one file for bankruptcy or settle with credit card company?
I have been considering claiming bankruptcy for quite some time now. I have no money and am a student. I was injured on the job a few years back and am going to be receiving a settlement offer from the worker's compensation company soon. The settlement would pay half of my credit card debt. Should I try to settle with the credit card company for less than I owe? Or should I still claim bankruptcy like I was planning originally? If I claim bankruptcy, will the money I get from the settlement be up for grabs? If so, can a bankruptcy lawyer negotiate a settle-for-less deal? Help!
Where can one get credit repair letters?
Credit repair letters are sent to lenders to demonstrate an attempt to settle debts and are the first step in financial repair. Chargeoff, Creditinfocenter and eHow are great places to find boilerplate letters.
In bankruptcy is a judgment that was entered by a lawyer for a collection agency which resulted in a drivers license suspension a secured claim by the collection agency?
It depends on the judgment. If it is a Motor Vehicle Judgment it is not a secured claim which makes sense since they went after your license and not your assets. Sometimes these Motor Vehicle Judgments show up on your credit report and the only way to get it off is to settle the judgment or file bankruptcy. If it is not a Motor Vehicle Judgment it is most likely a secured claim.
How will settling credit card debt affect your credit score?
It will raise your score slightly. If you don't settle a delinquent account, the verbage on your credit report may read: "collection account", or "unpaid collection account". However, if you settle, the report may read "settled". By settling with the debt collector, you have made an attempt to fulfill your financial obligation. Therefore, your score will raise slightly.
How does settling a charged off account affect your credit?
It shows as a paid collection. Still a negative thing but shows you did settle account.
Can you settle a credit card for less if you have good credit?
If you have good credit and have lost your job or had a reversal of finances for some reason, talk to them . If they know there is a possibility of you going into bankruptcy, they would rather settle than pursue collections.Do NOT do this without legitimate cause. That would be fraud.You can also negotiate your interest rate. But ASK. They will never OFFER to help.
How do i settle bankruptcy?
The best thing to do is to consult a lawyer specializing in that area. The Federal Bankruptcy Court, in an official well regulated legal proceeding is the only one that can handle (hear, approve, settle, etc) anything to do with bankruptcy.
Recently got a letter from collection agency about unpaid dental bill from year 2000 never got a statement from the dentist?
Contact dentist immediately and see if you can still settle with dentist. If not, see if the collection company will give you a letter removing the late from your credit if you pay now in full. They will show you paid it in full but what you need is a removal letter from your credit if it was reported on your credit. Move quickly for the collection will stay on your credit 7-10 years.
When does a company declare bankruptcy?
A company is bankrupt when it is insolvent.it cannot settle its indebtedness.
