My Credit Score and Debt; also Statute of Limitations in PA?
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Bill wants to know:
My credit score for Experian is 529. I have 17,700.00 in total debt. I have 0 credit available. I have NO current credit cards or loans. I am buying a car on a buy here pay here basis at 320/month (80/week). I am 23 years old. I want to pay off everything but don’t know the best way to do so. Thinking about bankruptcy, thinking about a lawyer, thinking about a payment plan with a debt consolidator. Also thinking about paying off the least expensive ones first and keep at it till done.. Also, if the statute of limitations has passed, will things drop off of my credit report?
My credit score for Experian is 529. I have 17,700.00 in total debt. I have 0 credit available. I have NO current credit cards or loans. I am buying a car on a buy here pay here basis at 320/month (80/week). I am 23 years old. I want to pay off everything but don’t know the best way to do so. Thinking about bankruptcy, thinking about a lawyer, thinking about a payment plan with a debt consolidator. Also thinking about paying off the least expensive ones first and keep at it till done.. Also, if the statute of limitations has passed, will things drop off of my credit report?
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Tagged with: Bankruptcy • Credit Debt
Filed under: Credit Reports
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17k isn’t a whole lot of debt, especially when considering bankruptcy.
The expiration of the statute of limitations just means you no longer have a legal obligation to repay the debt. The length of time delinquent accounts can remain on your credit report (7 years) is governed by the Fair Credit Reporting Act.
WOW! FIRST OFF RELAX AND PRAY! I have had a similar situation. Sit down, put all bills or debt together, and pay off your credit card debt FIRST! Think about a debt consolidation program as well – only if you need to. Pay the car off quick. Get a second job f you need to. U r 23 but you have a lot of work to do, BUT it can be done. Once you re OUT stay OUT… Grace and Peace!
I am trying myself to clean up credit after a nasty divorce. What I suggest is getting copies of credit reports from all 3 bureaus. Or if you are getting collections letters, write them a validation letter. Make the collections agencies prove you owe them. You can look up samples of those on the net. I don’t know what your income is but you can also write the collections a ‘pay for delete letter’ A pay for delete asks the debt to be removed from reports in exchange for payment. I have done research as to when the SOL is in PA. I live in PA myself. Some say 4years or others 6. Pa won’t put their statutes online. Who knows?
If none of these suggestions fit you, then look for a lawyer who deals in bankruptcy. See if they give free first time consultations. They passed new laws in bankruptcy in 05 so some rules may have changed. Hope this helps…