What do I look for to find a GOOD credit lawyer, adviser etc?

[badmouse]

I've gotten some really bad advice. I just want to pay off the creditors and start to rebuild my credit. It's not as easy as it sounds.

How to find good help?

Anyone???

 

[QED]

Be careful with your cash, and use it to your advantage.

First and foremost, don't let any derogatory items progress to the next level (i.e. don't let any 90 days debt go into a charge-off, don't let 60-day past dues turn into 90-days past due, 30-days past due turn into 60-days past due, etc.)

If you are considering paying off creditors which have already charged off your account, proceed cautiosly-- many times paying off a charged off account will have little to no real positive effect on your credit. Don't agree to pay anything on a charged off account unless they give you some concession on what they report to the bureau. Do not settle for them saying they will mark your account as "paid in full", as that means diddly-squat on your credit. You ideally want them to report your account as having never been charged off or late in the first place, or at most reported as 30-days or 60-days late. If they offer anything less, tell them you'll use your money to pay off other creditors who are more agreeable.

 

[badmouse]

Originally posted by: QED
Be careful with your cash, and use it to your advantage.

First and foremost, don't let any derogatory items progress to the next level (i.e. don't let any 90 days debt go into a charge-off, don't let 60-day past dues turn into 90-days past due, 30-days past due turn into 60-days past due, etc.)

If you are considering paying off creditors which have already charged off your account, proceed cautiosly-- many times paying off a charged off account will have little to no real positive effect on your credit. Don't agree to pay anything on a charged off account unless they give you some concession on what they report to the bureau. Do not settle for them saying they will mark your account as "paid in full", as that means diddly-squat on your credit. You ideally want them to report your account as having never been charged off or late in the first place, or at most reported as 30-days or 60-days late. If they offer anything less, tell them you'll use your money to pay off other creditors who are more agreeable.

Thank you. This is exactly the kind of thing I'm running into - yes, there are a bunch of charge offs, I can afford to pay them off, but exactly as you point out paying off isn't necessarily going to do anything. But, what IS the best thing to do?

Pay in full - no way, nothing happens.
Pay in full with promises of account reporting 30-day - nope, they don't do it and the the credit agencies say the written promises that I got are worthless
Pay in part - ditto
Don't pay - being sued in strange courts in multiple states
Kill everyone involved - too much blood to clean up later

The question is, how to find GOOD legal help? I can tell you the names of some bad lawyers . . .

 

[jlbenedict]

How far along past charge-off status are your creditor accounts?

Usually after charge-off, the next avenue of approach will be internal collections, and then the 3rd party debt collection agency. Since the original account has been charged off, it is deducted as a tax deduction for that tax year. So, usually after its charged off, the debt will most of the time get sold to a 3rd party collection agency. The collection agency will attempt to collect the debt, and give some of it back to the original creditor.

The best way to deal with the original creditors, is to offer a "Pay for Delete". Basically.. make a payment, that they will agree on, for a full deletion of the negative tradelines from your credit reports. Since the account is chaged-off and wrote off in the accounting books from the previous tax year.. it is a nice incentive for them to sometimes accept a "Pay for Delete", since the most important reason being, (1) $$$$. *cha ching*.. Isn't that is what its all about nowdays.. is the money..


When you offer to "Pay for a deletion", you have to get this in writing. That is a MUST.

Here is a good board for credit discussion. I nef there along with this site, while I'm at work I can relate to your experience, since I previously was out of work for a year, and every account I had, was charged off, and went to collections. I also just recently got sued.. I defended myself, and won. So, you don't need a lawyer, if you just research and read upon the laws that are in place.
CreditBoards

 

[badmouse]

Originally posted by: jlbenedict


When you offer to "Pay for a deletion", you have to get this in writing. That is a MUST.

Here is a good board for credit discussion. I nef there along with this site, while I'm at work I can relate to your experience, since I previously was out of work for a year, and every account I had, was charged off, and went to collections. I also just recently got sued.. I defended myself, and won. So, you don't need a lawyer, if you just research and read upon the laws that are in place.
CreditBoards

I have it in writing, but the agencies say that's not worth anything. That's why I need help.

Thanks for the link.

 

[bennylong]

If you haven't paid your debt in about 4 years, you're far better off doing nothing since the SOL goes in effect.

Paying off now will not help your credit score. The only thing that will help is time, time for the 7 years when it goes off your record as long as you don't try to pay again.

Paying now will ease your mind and stop the calls, but it won't help your credit score if that's what your intention is

 

[JEDI]

Originally posted by: badmouse
I've gotten some really bad advice. I just want to pay off the creditors and start to rebuild my credit. It's not as easy as it sounds.

How to find good help?

Anyone???

i've heard bad things about those non-profit credit counseling agencies.

edit you're 1st msg with what your owe, what your monthly expenses are, and what you make? and cross your fingers that someone here has good advice?

 

[Cable God]

Originally posted by: JEDI

Originally posted by: badmouse
I've gotten some really bad advice. I just want to pay off the creditors and start to rebuild my credit. It's not as easy as it sounds.

How to find good help?

Anyone???

cross your fingers that someone here has good advice?

creditboards.com