Hello, Dan here

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      Best of luck and the fact that they were sold may work to your

      benifit as I don’t believe you can be charged more interest.

      They were actually probably sold to a collection agency (which

      means the original creditor still has the account on the books

      but has told the collector to get what they can). The collector

      gets 20% of the fees collected. If you can’t get anywhere with

      them arrange a payment that you can deal with but make sure they

      understand there will not be any additional interest (especially

      if they are a collection agency). Also if you don’t like what

      you are being told aske to speak with a supervisor. But be

      prepaired when you get into this every blood sucker will come

      out of the woodwork with their hand out.


      — “Dan N.” <furyinmysoul@yahoo.com> wrote:

      > Thanks for all the good advice Donna.


      > Yes, it’s ALL credit card debt. But some of the accounts have

      > been “sold” so I wouldn’t even be dealing with the original

      > creditor. I’m going to see how far I can get on my own. Wish

      > me luck.


      > Best,


      > Dan



      > Donna Shad <sdbmshad@yahoo.com> wrote:

      > Dan,

      > It is hard to come back after finaciall difficulties. After

      > getting all the accounts settled you might want to take a

      > break

      > for about a year and then start the long climb uphill to

      > resestablish credit. The sooner you do this the better it

      > will

      > be for you in the long run. Leins and judgements stay on the

      > credit report for 10 years (as I understand it) even though

      > they

      > are paid off. Defaulted student loans also will haunt you the

      > rest of your days. Can’t get them off. If you are paying an

      > attorney expect him to give you at least a bi-weekly update

      > even

      > if he just calls and says I’m waiting for returned calles but

      > in

      > truth you’ll get just as far as he will.

      > The only reason to have an attorney to handle this is to keep

      > you from doing the work. But believe me most times you can

      > get

      > further than the attorney. It is hard to tell the customer

      > (even

      > one that owes them money) that they won’t settle it.

      > Collections

      > cost money to the company. It’s better to get something than

      > to

      > get nothing.

      > Now the important part is to learn something from all this.

      > It’s

      > hard to get out of debt so if it is not life essential don’t

      > use

      > credit to buy. We bought our son a car at an auction (I have

      > bought 1 new car in my 42 years of life and won’t do that

      > again). I pay cash for 95 percent of my purchases. The only

      > time

      > I use a credit card is on the internet (when I order a part

      > or

      > some specialty item) then a check goes out the next day. Or

      > college tuition which get’s paid back before the next

      > symester.

      > (the school charges more for financing than American Express)

      > I

      > am assuming that the majority of your creditor that you are

      > in

      > default with are credit card companies. They are the easiest

      > to

      > work with. They will have a special department for you to

      > speak

      > with all you have to do is call the number on the card and

      > ask

      > to speak with the default department.

      > If it is student loans it could be even worse (they will

      > attached all your property and they will seize the property.

      > They can force you into bankrupcy which their debt will not

      > be

      > removed. You can’t get out of that one. But you could set up

      > a

      > new schedule of payment that better fits your current budge.

      > If it is places like phone companies, cable companies ect you

      > will just have to dwindle down the amounts. Cell phone

      > companies

      > will usually settle for half of the bill plus a cancellation

      > fee

      > but it will depend on how you paid before.

      > Make a list of all the creditors you need to contact. Get

      > phone

      > numbers and account numbers and start making the phone calls.

      > It

      > will be uncomfortable but it can be done. If you find

      > resistance

      > that is when I would involve a credit counciling service or

      > an

      > attorney.

      > Take care

      > Good Luck

      > Donna


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