credit card debt collection

[sammyjoe]

What is the name of your state? Michigan
I wish I never did this. I have 3 credit cards that are charged off on my credit report, sold to other collection company or lawyers. They call alot when a new collection company buys the debt, when I don't answer for a long time a new collection company buys the debt and starts all over again. 1st card $2500, 2nd card $6000, $3rd card $6000. I haven't made any payments for three years or so. Could you tell me what will happend next and could I make a deal with these companys to pay them a fraction of the debt and call it good. I figure if my credit report is already damaged, can they do more harm? Thanks Michigan

[ihatearizona]

How long ago did you last pay the original creditor??

As for paying them, you'll want to try for a pay for delete (you pay, they delete their info from your credit report). Do all of this in writing.

For more info go to [url]http://www.creditboards.com[/url]

[sammyjoe]

The last time I made a payment for the three cards was around January 2001 Thanks ihatearizona

[ihatearizona]

Well, the SOL for MI is 6 years so you've got some time to go yet. Be very careful on how you proceed as you are still sueable until this 6 yr mark passes.

[sammyjoe]

Pay to delete, will this remove the credit collection company or credit card company or both or just the bad stuff, makes your credit score go down or up or stay then the same? Offers for settelment ($6000) try $1500 to low to high?

[ihatearizona]

Originally Posted by sammyjoe

Pay to delete, will this remove the credit collection company or credit card company or both or just the bad stuff, makes your credit score go down or up or stay then the same? Offers for settelment ($6000) try $1500 to low to high?

If you are able to get the collection agency to agree to a pay for delete, you want them to delete the entire tradeline. It should have the effect of having your score go up (unless you lose age - FICO is a weird thing).

As for your offers, I'd go no lower than 50% to start off with. Anything less and they won't even listen. Chances are you're going to have to pay somewhere between 50% and 70% to obtain the deletion.

[sammyjoe]

I was looking through old statements from each card company and thats where I came up with the $1500 because thats what they sent my then. Now, the collection companys sent offers for around $2500. But, they dont say anything about what they would do on my credit report.

[ihatearizona]

Go to the website I posted earlier. There's LOADS of info over there to help you out on this quest.

[sammyjoe]

thank you i will