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christy d | A im 10,000 dollars in debt and all my stuff has went to collections how should i pay this debt off ? |
i have a loan that is 2,000.00 and the rest are credit cards. how much should i pay on them each week and how do i rebuild my credit because i want to buy a house in the next 2 to 3 years? |
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Veritas et Aequitas ()
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First you need to get them out of collections. So work out a deal to pay the back payments and get it in writing so they take the stuff off your report. Don't pay until you get a letter from them stating they will remove the negative remarks (type it up and send it into them, when you get it back then pay them).
Then you need to pay off your highest APR and work your way down. Put as much money as you can towards the highest APR and then the minimum payments on the others. It will take time but in your timeframe you should have your credit in good standing and be able to buy a home. |
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hoehi
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Get three jobs and start sending payments. You wont be able to get a house with all that debt |
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Stormy
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You should speak to a financial assistant, because I would have to know way too much info that you shouldn't reveal online to help you specifically. I can tell you NOT to go to a "debt consolidation" firm-the vast majority are real scams, even-no, especially-the not-for-profit ones. |
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gimponwheels
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It depends a lot on your income. If you make $200,000.00 a year, it's chump change, if you make $2,000.00 a year, you are SOOL. Don't despair, though, contact your creditors and work out a repayment plan. You will have to tell each of them exactly what your owe and what you make. You will have to make a realistic budget for yourself. Tell the truth, and you will have to agree to put most of your disposable income in the repayment pot, and cut out a lot of luxuries. If you show that your best attempt can't meet the minimums on your cards and loan. your debtors will probably agree to adjust your interest and payments. You can declare bankruptcy, so any creditor would probably agree to get something rather than nothing. When you get ready to buy a house, look for a fixer-upper that you can buy on contract (If your state allows land contracts). Sometimes you can find rent to own places that are unsalable as-is,and no renter will fix them. It's like a giant game of let's make a deal, Don't shoot for your first house to be your dream house. My first house was a mobile home on a lot I bought from a guy who agreed to sell it to me if I made payments for 5 years. Look for a farmer who has a small plot of land on the wrong side of a new road from his other ground, a house in a not-so-good neighborhood, etc. then work to fix the problems with what you bought, resell and buy better. after fourty years I owe $95,000 on about $350,000 in property. A six bedroom house for me and rental properties that cover about 90% of my mortgage. Only took me forty years. Never hurts to start work with a mortgage broker (I have used H&R Block Mortgage for the last six or seven years. Bet you didn't even know there was one. Any HRB office can fix you up with a referral.) Brokers love to help people make plans for the future, it means a lot of recurring business, and if you stay with the same broker, they can get your loans cheaper and cheaper as your worth increases. BTW. get rid of your cards. Don't cancel them, just lock them away and NEVER use them again until they are all paid off. |
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No name
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I am in the same situation as you. Fortunetly I am getting a settlement and I can pay them all off. But if that wasn't what I was doing then the first thing I would do is look at my budget---how much can I afford to pay on my bills each month? Example: if you can spare $200 a month & you have 5 bills then you can pay $40 a month on each bill. Second thing is to call every company you have credit with (even the collection agency) and tell them you are having a hard time but you want to pay your bills off. TELL THEM WHAT YOU CAN AFFORD----DO NOT LET THEM TELL YOU WHAT YOU HAVE TO PAY!!!!!!!!!!!! In my experience collection agencies try to make you commit to a certain amount but if you can't afford it...don't do it. The other thing is most collection agencies will work with you and set you up an arrangement where they stop over-limit fees and late fees if you give them your checking info and agree to let them take the money out each month for at least 6 months. Some will even set up those arrangements and stop fees until you are below the limit. The main thing is to call them & set up arrrangement but be sure to have handy how much you can pay & don't agree to anything more than that. Good luck to you & hope this helps. |
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Michelle118
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You need to talk to your creditors and work out a payment schedule you can stick to. To pay everything off as fast as possible with the least amount of money you pay the minimum on all debts except the one with the highest interest rate. Pay as much as you can afford towards that one. Once that is paid off continue paying the minimums on all cards buy the one with the next highest interest rate. Keep paying off the card with the highest rate until your debt is gone. In the mean time don't charge anything new and watch your spending so that you have enough money to really put a dent in your cards. It will take a while but it will pay off.
Also, given that you're already in collections you may not be good enough in 2 years to buy a home. Check your credit score twice a year though from myfico.com. It will cost about 15 for a fico score from one of the big three credit reporting agencies. Ideally you want over 720 to get the best rate on a mortgage. Anything less will cost you more with a higher interest rate. Don't take a higher rate figuring you can refinance later to a lower one once your fico score is higher. The current credit crisis is now showing people that refinancing isn't always possible so you shouldn't count on it.
This takes time and effort to do. Keep at it and don't give up. The benefits of it will be wonderful! Good luck. |
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Chris C
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Get a part time job if you need too and start paying. How do you eat an elephant? One bite at a time...take on one debt at a time and giv'er....
Pick the smallest debt and start making extra payments on that one (IE: IF the payment is $50, bump the payments on that one up to $75, or whatever you can afford). Once the smallest one is paid off, take that entire payment ($75 from the last example) and apply on top of the next smallest debt (IE: $75 (payments from paid off debt) + $75 (amount of payments of the next smallest) = $150 payments). Now you are making double the payments so that one will get paid off really quick. Once that one is paid off, take the payment amount from that debt and add it to the next smallest payment ($150 [last paid out debt]+$100 [next smallest debt payment] = $250 payments). Lather rinse repeat. You will constantly be making the same total amount of payments (IE:$300 a month...$50+$75+$75+$100), but as you pay one off, you shift that money to the next one. By paying these off with a system like this you will pay them off very rapidly you will show that you are able to handle large payments of $300, plus it may help your credit score by getting these cleaned up fairly quickly. |
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shdema
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get your free credit report dispute any charges you think that you did not do. talk tothe IRS and make arrangements, but that is a lot of debt. and you might want to file bankruptcy, you can still by a home after filing bank...Hell how can you buy a home if your broke? |
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Feroze R
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10,000 is a lot of debt to pay.you have to sit down with your family and friends.that if they can lend you interest free loan or what ever the bank pays for laying in the checking or savings,you are willing to pay double as an interest on the loan money you need to pay off the debts in once, and for all.so you do not have to worry any more for your credit.and it will automaticly will be the best for your home loan,in future after,two years from now, you are planning to buy.
so five people(family & friends) each with a $2000 for you as a personal loan,you must provide a written note how much every month you are going to pay every month,first the princepal and when all and each of the person you pay off then calculate the interest for each and every one deserves,and pay that too.
i do not know how much you are making? but hope you are making quite good amount,that you are planning to buy a house.assuming,thirty thousad yearly,then you must pay each and every personal loan lender of your family and friends you must pay $100/- each,so $1000/ month you must pay.regularly without any stop.that will be finish in ten months.then two more months you calculate the interest for each and every lender and pay them off. even you pay off every thing,now you must keep the $1000/mont as you still paying off the loan,but in fact that will be for your down payment for the time you will be ready to buy a house.to do all this these two years will be very very hard for a person who never cared for the money, used and abused the money on spending without thinking for the side efects,that almost can ruin and leave you behind with your financial future, at least for seven years.
it seems that now you realized it and thinking in a right direction.for that you have to sacrifies in each and every way how to save money than thinking ,how to spend the money.only two years controll will lead you towards financial freedom.make a habbit,that you will not use the credit card if you do not have money to pay in full.any thing you need to buy,just buy cash.if you do not have money in your pocket or bank then you do not deserve to spend period.
try to find a second job to get out from the debt.the more you spend your time in making money the less time you will have to spend,so naturally you will have a lot of savings to pay off the debts.good luck. |
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World D
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Offer them .10 cents on a dollar or tell them you will file bankruptcy and they get nothing, cos you have nothing |
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