Posted on 11/08/2012 6:27:43 PM PST by VastRWCon
Hello Freepers, asking for help from the smartest people I know of. My daughter got into a lot of credit problems, and well dear old dad is trying to help her out. I was wondering if anyone knows of a good reliable credit repair company. I am not so interested as cleaning up her credit as I am in getting all the different bills that she owes into a single monthly payment so that they can all be paid in full. Yes there are a lot.
“no, stop. being a white knight is never good. I get the desire to help her. The question is how to help her. The issue is enabling. If this is a one off then ok. Sit down and make sure the entire problem is known. It’s time to be father not bank, law not rug.”
You have no idea how much I agree with you. I have two sisters that got into similar trouble when they were young adults, and my parents rescued them. Long story short, nothing has changed and they are in their 40’s and 50’s. They still expect someone else is going to rescue them, and they try to make everyone in the family feel guilty for not doing so. “what’s going to happen to my kids?”, etc.
This needs to be nipped in the bud. You have to make her go through the pain and pay it off herself, so she can learn from it, or it is going to happen over and over, and you’ll end up having to pick up the pieces your entire life.
“He’s asking for a trustworthy way to help his daughter. He isn’t footing the bill.
Your advice sucks”
Yes, he is trying to help his daughter, but he has also stated that he is going to pay off the bills for her. Please read reply #22:
http://www.freerepublic.com/focus/chat/2957306/posts?page=22#22
I did miss that. Big mistake
Credit repair companies are like unions.
They represent themselves .
Don’t ignore calls. Pay anything you can afford. No company is going to go broke if you string the payment along , especially large companies and doctors offices.
I have a $3000 doctor bill I’m paying $30 a month. It’s gonna take a while.
Have many other doctor bills paying monthly also.
It’s not revenge for the high bill. Just paying what I can budget.
Most companies are sympathetic to some extent as long as your making effort to pay your debt.
You can also loan your daughter money and only charge interest you lost.
Or no interest knowing you will get paid back sometime. Even deduct for Errons she helps family with.
Every time you make a payment the 7yr clock starts over.
I do appreciate the fact that your paying your debt. It took me 6 years to pay off old debt from the mid 90’s but I did and felt much better about it.
My credit score went from 630 to 770 after steady progress. I plan to keep it there.
A very close friend of mine is currently using Christian Debit out of Florida (for what it’s worth). He is satisfied with the work they have done, and continue to do.
OOPS, meant Christian Debt.
You cannot repair the credit. You will suffer the same as if you go bankrupt. At least if you go bankrupt, you wipe out the debt.
Peter Frances Geraci says so.
I’ll repeat for you dummy. You want to help the kid? Cut her loose and tell her to grow up
To VastRWCon,I believe this was directed to you from Morris70:
Credit repair companies are like unions.
They represent themselves .
Don’t ignore calls. Pay anything you can afford. No company is going to go broke if you string the payment along , especially large companies and doctors offices.
I have a $3000 doctor bill I’m paying $30 a month. It’s gonna take a while.
Have many other doctor bills paying monthly also.
It’s not revenge for the high bill. Just paying what I can budget.
Most companies are sympathetic to some extent as long as your making effort to pay your debt.
You can also loan your daughter money and only charge interest you lost.
Or no interest knowing you will get paid back sometime. Even deduct for Errons she helps family with.
“Note: I am going to help her pay them all off(a month or two if possible”...I know you love your daughter but make her work thru this with your guidence...A man I know paid off his sons $40,00.00 debt only to have his son come back two years later and say ‘Dad I’m in debt again’...Dad had nothing left to give...True story. I don’t mean to be hard but it does happen.....”V”
Don’t use a credit repair service. First of all, this is something you can help her do herself. It is important that she fix this mess, it will give her the much needed motivation to not make the same choices again.
Second, most of them are scams that will take your “Fee” and then do nothing. There is no way to repair credit unless she was victimized by fraud. You can not remove any true event that has happened, i.e. late pays, write-offs, etc.
Go to www.daveramsey.com and check out his baby step system. She can fix this mess and she will be better off by doing the hard work herself, while you are her accountability partner.
One more thing. I don’t know where you are, but I’d wager that there is a 99% chance that you have a Financial Peace University within a few miles of your location. They are held at local churches and it would be a great thing for your daughter to attend.
It can be found at the same Dave site I just posted to you.
“After seven years, non-Federal debt disappears from her credit report.”
Sure, that is the specifics of the law. However, it gets reset whenever it is sold to a collector, or whenever they send a new notification...It gets pinged at each new transaction as a “new” debt.
Interesting. So you are saying that collection agencies selling a debt back and forth amongst each other for a penny could keep a persons credit score in the tank indefinitely?
I wouldn’t put it past them. They are scoundrels and will do anything up to and including breaking the law! What I do know is that they do sell them before the 7 years, and each time the sale occurs it is sold for a lesser percentage than the full amount. New company equals “new” debt that reactivates on the credit report.
ALWAYS ALWAYS ALWAYS get them to agree in writing to remove the negative account from the credit report.
They want your money, you want a clean report. I’d rather pay the debt in full and have the account removed from my report than get a discount have it on my report with a “settled for less than owed” notation and the likelihood of a 1099 for the other half of the settled amount.
Also, even though a bill collector has it. Always try to get the original creditor to pull the account back and deal with them. If they still own the account you will find the original creditor much more willing to agree with you. Also, if you can get them to agree to either change the reported info to positive or delete it all together you can get the account completely off the report.
Sure, that is the specifics of the law. However, it gets reset whenever it is sold to a collector, or whenever they send a new notification...It gets pinged at each new transaction as a “new” debt.
Wrong. That is the way it happens sometimes yet, however, it’s ALWAYS from the date of first default for the 7 year clock. What your talking about is re-aging the account and is a violation of the FDCA that you can sue (and win!) for.
She has a severely handicapped 38 year old deaf|Blind daughter, I doubt I will do that.
Dummy
hey rwb you should repost your comment to VastRWCon, as he’s got the issue and your post is right on point. He needs to be reinforced so he can have the steel to do the right thing.
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