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hilbro

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I want to negotiate my debt with the collectors, consolidate all debt and get a low...
I want to negotiate my debt with the collectors, consolidate all debt and get a low interest loan to pay. Any advice in for me in where to take the first step?

Thanks in advance

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Be very careful, could reset CB reports

Hello, it's good that you want to do this, but make sure you understand the ins and outs beofre you do. How old are your debts? 

I recommend you take a hard look at when the accounts are scheduled to come off the report. If you go to your free annual report - annualcreditreport.com each account should have some wording that says "scheduled to report until, xx/2013. You would need to do this for all 3 CBs.

If the account(s) is scheduled to come off in 1 or 2 years (or what you think would be the magic #), then i would not contact them and set up a payment plan or even pay it off. Reason: This is considered an event that could start the reporting clock all over again. So instead of the account coming off in 1 or 2 years, you've just re-set it to 7 years (time bad stuff gets reported to CBs).

Also, there is a statute of limitations that a debt collector can sue you for the debt. Some states are 3, 6, 7 years. That doesn't mean they can't try, just that they legally cannot sue you. Check it out by state:

http://www.nolo.com/legal-encyclopedia/statute-of-limitations-state-laws-chart-29941.html

Reply by
hilbro

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Thanks you for the valuable information. My accounts are from 2007 - 2008  from Florida. I have not been in the USA since then, got a job in a Central American country, so nothing has been reported, no credit card has been used. But, now I am planning on moving back and I want to improve my record. 

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