Announcement

Collapse
No announcement yet.

Should I pay my debt first?

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    Should I pay my debt first?

    I have a lot of personal debt that I would like to pay off. They've been sent to collections already. I am going to be paying them off throughout the next few months but should I pay them first or contact a credit repair company first and pay them through them? Any advice is appreciated.

    #2
    Welcome to SA. There are a lot of points to consider when faced with debt already in collection. If you are ok with outlining facts we may be able to help with facts you need to know and understand.
    * Is any of this debt originally a student loan?
    * How old is each of the various debts?
    * When [approximately] had you made the last payment on each of the separate debts?
    * What is fact and what is a scam?

    http://abcnews.go.com/Blotter/credit...ry?id=18511718

    Be very careful, ask a lot of questions, get facts in writing.
    Why do you believe someone has the power to make a problematic or negative credit history vanish?

    Comment


      #3
      There isn't anything a "credit repair" company can do for you that you can't do yourself. It will take even longer for you to get out of debt because companies don't work for free. Call all of your creditors and get on payment plans. If you have any cash on hand, you might be able to negotiate a discount and pay them off sooner. The collection agencies I worked with would not give any discounts unless you had enough to pay the discounted bill in full.

      Comment


        #4
        My student loan hasn't defaulted or anything. I'm on income based repayment for that. I'm more concerned with my personal debt. So, should I pay them off? Would it show anywhere that it has been paid off or something?

        I'm sorry, I'm pretty new to this whole credit thing and my loans and such are less than a couple years old...

        Comment


          #5
          Nevermind

          I just realized my answer.

          Comment


            #6
            Credit repair does work to a point. I am not sure how much they can get done, but at one point in my stupidity I had over 20 credit pulls and they were able to remove every single one of them in a couple weeks.
            Everything happens for a reason. Sometimes that reason is you're stupid and make bad choices.

            Comment


              #7
              Clear your all debts within a given period of time because credit repair agencies will also suggest you to do the same thing. Before going to credit repair companies make sure that your credit report has minimum errors to rectify.

              Comment


                #8
                Call first

                I suggest to pay off your debts, you don't have to call first the credit repair company.

                Comment

                Working...
                X