Planning Your Finances Blog

Deborah X. Dates: Hello,

My question is how will paying charge offs that are on my credit report affect my credit score? Some of these charge offs are as old as four years.

I would like to know if paying them off or settling worth it at this point, since it has been so long.

If paying them off will increase my credit score, how long after making the payment before I will see the increase in my score? Thanks for all response in advance.
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Karolyn asked: Hi,

I joined the group after the initial part of this discussion. We have a ARM that matures in May.

Can ya explain what my options are for reducing debt?

I.e.: refinance with fixed rate (will do if I have to, hate the appraisal process- ill and house needs cleaning and fixing up, would have to hire someone- will do it if necess- but wondered what my other options are)

What steps would I need to Take? Thanks for any help

K in NW FL
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Dvine Angel: Hi everyone. I am a married mother of one, I work full time and I also receive some disabilty from the military.

I am in tons of debt (credit cards, auto loans, personal loans, car loans, tax debt, medical bills, store credit, etc, ect). Almost everything is in collections and I’m so afraid to answer my phone, it’s making me physically ill.

I am seriously considering bankruptcy because I don’t see how I can ever pay off the debt I have AND pay my bills and household expenses. Any advise? I have the only income in the house (about $51000.00 before taxes). I hope I’m not giving too much info and I hope I’ve given enough.
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Hi,

My name is Heather and I guess there are a lot of people in debt like me hu? Well I’m in a big fix and I was hopeing to find some advice. A little about my situation:

I’m 21 and a single mom, I’m not able to work for health reasons right now and am relying on my Disabled Mom and Dad to help me out. I lost my apartment and everything I owned when I was 20 and trying to go to college in Illinois because I had several studant loans and went through an id theft to boot. My natural mom (I’m adopted) took out about $18,000 worth of credit out on me and that’s made it impossible to get any kind of debt consolidation loan. Anyway, I ended up pregnant and now have an 18 mth old little.
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Cat asked: Let me start off by introducing myself. I’m from Georgia. Married and mom to 2 kids. I have 2 CC debts totaling just under $18,0000.

American Express @ 11.24% $10,500

BofA LOC @ 19.99% $ 7423

I’m not behind on any of my payments, but I’m exploring the option of debt settlement. How is it done? What are the right questions to negotiate a settlement? etc…

I’m expecting to have $6500 by April 1st or so. Some advice would help.

Thank you in advance.
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Hi!

I am in debt. very seriously in debt )to the tune of $100LK). I was barely managing till last summer then I started missing payments. I am not constantly called at work and at hone. One CC has dropped me to a collection agency. what do I do? I have avoided all the calls cuz what do I tell them….I have no money to give anyone right not.

some cards I am OK with….up to date and sending minimums in each month. I’m up to date with my car. I’m up to date with my house. but about 4-5 card I am behind in.

share your wisdom with me….please.

thanks!

ceci
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Nino: Hi everyone – I joined this group a week or so ago, looking for some ideas. Over the last 2 years, I’ve sunk more and more into debt, for many reasons. Add a 20% pay cut over a year ago, and I feel like I’m about to sink under!

Today seemed like an all time low. I contacted one of the credit places that offers to help organize and pay off all your debts, and after going through income, expenses and bills, they basically recommended bankruptcy! I do NOT want to do this. I went through bankruptcy in 1994, and spent many years rebuilding my credit, and am so upset to be in this situation.

After crying for a while, I am considering closing our some money I set aside for my kids’ college. I can take the money out in April, if I can hang on until then. It’s so depressing to raid this funds, but if the alternative is bankruptcy…….I don’t want to do that. Once I’m out of debt, I can built their funds back up, right?
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Artsy sent his question: Hello everyone,

I don’t know if this is the right forum for this question, but I’ll ask it, and the moderators can of course not post it if it’s off topic for this group.

I am interested in feedback about debt and dating. I got back into dating just over a year ago. I have done some dating, and am seeing one man regularly who lives about 3 hours away.

My financial situation was at its worst all last year, my second year of home ownership, after I’d taken on home improvement loans. Then came the inevitable unexpected needed repairs, and I got behind. My financial life has never been great – for 20 years I pursued a career as an opera singer, but never “made it”. Luckily I did find computers, and have done well with that (big leap in income). But I have always overspent my income to be able to fund my “art”. A couple of years ago I gave up opera all together, and now I’m a computer geek instead (lol).
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Branch wrote: This hit close to heart…..I have a very dear friend whose credit score before the Fico changes was 740.  She had late pays, a repo, you name it, due to debt incurred for her divorce.  It cost her quite a lot ($10,000.00+) to free herself from her ex, and he has not paid a dime since the divorce over 2 years ago.

Anyway, she met and moved in with a man last year.  Recently, during his drinking times, the problem has arisen about credit.  He equates credit score with love.  She heard repeatedly that she was supposed to have her head on straight, good finances, blah, blah, blah.  When the worse finally came to be, she had obtained her score and showed him.  The change in him was amazing, to say the least.  Me, I would dump him in a heartbeat.  If my credit score (which is not good) was chosen over love, then I don’t need him.
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Casey: I think I wrote to you guys previously ergarding a situation I had with my former apartment complex.

I sent the apartment complex a letter requesting reciepts and a copy of the performance bond they reponded and sent me a copy of the performance bond that I signed, i dont remember signing it and they sent me a copy of the Apartment cleaning checklist that I signed, which listed the fees for the items they are charging me for
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