Paying off Credit card debt - Guidance

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Forum -> Household Management -> Finances

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amother

Tue, May 16 2023, 6:56 am

I have about 20k in CC debt, divided in multiple cards. Most of these cards I've defaulted on and so my credit has taken a real nose dive.
If I have the full amount to pay off everything at once, what would be the best way to do so? I've read on here that prior to paying off the debt I can ask/request from the CC companies to take my delinquent payments etc off my credit report.
Can anyone guide me on how to do this? Or in general what would be the best way to go ahead? I obviously want to salvage my credit as much as possible.

And please no posts about the stupidity, or craziness, or irresponsibility, or whatever it is you're thinking, of letting things get to this point. I can say all that with closed eyes. There were obviously reasons why this happened.

Thanks guys!

ellacoe

Tue, May 16 2023, 9:04 am

Speak to Norm at Angels of Debt

amother

Tue, May 16 2023, 9:36 am

Do you have his contact info?

amother

Tue, May 16 2023, 11:20 am

Bump.
Anyone any other advice?

amother

Obsidian

Tue, May 16 2023, 11:53 am

Following

SYA

Tue, May 16 2023, 12:11 pm

Call the cc company and tell them you have a hard time making the payments. If you pay it as one lump sum can they remove from your credit? Sometimes they lower the interest if you make a payment plan. You have to advocate for yourself.

The people and companies that help you usually charge a fee or percentage for helping you. That’s something to keep in mind.

amother

Moccasin

Tue, May 16 2023, 12:12 pm

How old is the debt? The cc company probably continues charging big interest. So if the debt was 20k 2 years ago, it's probably above 25k now.

amother

Tue, May 16 2023, 12:50 pm

The debt is in total 20k now. multiple cards.
I would like to pay it all at once but also want to have my credit cleaned up. will just paying off the debt be enough or do I actually need to pay one of the companies to clean the credit?
I've spoken to angel of debts; they are quite pricy especially considering the fact that I have multiple cards.
Thats where my question comes in, if I can speak directly to the bank and ask them to remove my account from the credit reports. Angel of debt claims that I cant but I've read on here that I can. So am wondering...

amother

Bottlebrush

Tue, May 16 2023, 2:23 pm

Try American Consumer Credit Counseling. We used them about 6 years ago. They negotiated with the credit card companies and set up a payment plan for us. Their fee was minimal. 800-769-3571

mikayla18

Tue, May 16 2023, 3:15 pm

You can try speaking to the companies yourself. Ask if you pay full now 1) can you get a break and 2) can they clean your record
Angels of debt etc will just do the same thing you're gonna do

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