Okay I am 28 and have been in debt since I was like 22 and three years ago I moved to attend school and could no longer pay my debt counsler so everything went to hell in a hand basket. The sad truth is I do not even know who I owe or how much I owe so my question to the experienced is where do I start? I do not have the first clue on the beginings of this process or if debt consolidation is what I would be in store for? Any help from previous or current people who have had this problem please help I am desperate to get out of debt. Also if I go thru with the BK i was told by a friend I could pay the state where I live some few thousand dollars and they will clear your credit, is there any truth to that? Thanks people and Happy Holidays!
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Okay I am 28 and have been in debt since I was like 22 and three years ago I moved to attend school and could no longer pay my debt counsler so everything went to hell in a hand basket. The sad truth is I do not even know who I owe or how much I owe so my question to the experienced is where do I start? I do not have the first clue on the beginings of this process or if debt consolidation is what I would be in store for? Any help from previous or current people who have had this problem please help I am desperate to get out of debt. Also if I go thru with the BK i was told by a friend I could pay the state where I live some few thousand dollars and they will clear your credit, is there any truth to that? Thanks people and Happy Holidays!
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Well, I'd get a tri-credit report from ALL 3 reporting agencies (Which still may not show all, but most of them) and then slowly start tracking them down and getting them set up for a full fledged flush
As they have not been contacting you, they may just have charged it all off and given up without a skip trace placed..But then again, they could be just waiting to jump on you. -
First step is to start gathering info on what you owe, and also assessing your current income & expenses. Geneco is right that your credit reports may not show all you owe, so you also want to track down anything else that you know of. It can be overwhelming, but the main thing you want to gather is creditor names & addresses. If you can't figure out the exact balance, that is ok.
Since it has been a while, the accounts may be with collection agencies, may have been sold, etc. You'll want to list the original creditor, and any subsequent ones if you can. If you can't, the original will be enough.
Quick note-the accounts probably are 'charged off'. But, this is more a bookkeeping term for the creditor than anything of importance for you. They can still pursue you for the balances.Most of my information is from personal experience or HOURS and HOURS of online research. When you're searching online, keep in mind there is no guarantee that the info is completely up to date, and your situation is unique from anyone else's. Do your homework, and consult with an attorney so you can make an informed decision.Comment
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Ok, now this situation makes me wonder about something. How much debt did you have originally?
Staci If the creditors have discharged the debt and he has no idea what he owes, then he's obviously done a good job of avoiding them. How could this happen?Comment
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Yeah, you might want to start with your three credit reports...But how are you paying a debt counselor(or were paying) and not know what companies you were paying each month? That's actually where I started when I had to put together all the companies I owed...I attempted a debt management program 2 years ago, it didnt work out either, b/c I started school full-time...but I had a list from them of all the creditors I owed and it also had an estimated balance. I just started from there, then went to the credit reports, then started listing "other" things I owed, which werent on my reports...ie.Doctors, insurance, short-term loans, libraries, you name it. All I could think of.Comment
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Originally posted by losing_it
I had somewhere in the neighborhood of like 6k but then I had a wreck this past Jan. and now have like a 3k medical bill that is in collection. I get some calls on paying them but avoid them of course because they want all the money right then or in a week and if I had it I believe I wouldn't be in my current situation. Like I said I moved to go to school and left my job so and when I got to Houston I was unemployed while I was in school for like 4 months so the money I was pay CCCS ended. Now I still get some collection notices in the mail but there are some that I don't hear from period so I am sure they are just waiting for me to pay one then attack me all at once.
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Well, if it's been this long, they more then likely are simply adding fees and such. They'll catch up sooner or later...So, get with a lawyer and good luck!Comment
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I work for the BBB in Tennessee. We receive a lot of inquiries about debt consolidation companies; most of it bad. Very few consumers report success using those companies. I agree with everyone else - some of your debts may very well be in the hands of CAs. I would also get copies of CRs so you can find out what what is actually being reported. Not hearing from cc companies would make me nervous. It is usually the calm before the storm. I would probably consult an attorney...the consult is free.Comment
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In many states it is the law that medical and hospital bills can be paid monthly at whatever you can afford, even if it's only $25 a month and no interest can be charged.
Not sure about TX, though. (Snide comment re: their use of the death penalty semi-omitted) ArtComment
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