Question by Sarah G: Please – credit help for a veteran?
My fiance has $ 30k in debt because of unavalability of employment when he got out of the military. He is now working full-time and can start paying. Unfortunately 6 accounts when to charge-off’s. My first questions: Would he be eligible for debt consolidation. Second Q: If not, and we negotiate is is realistic to negotiate a smaller settlement when you are only making payments and can we actually negotiate taking the entire thing off his credit report?
Any answers will be helpful! =)
Best answer:
Answer by snowrider98023
First Nothing will come off his credit report. They will have to fall off. 8-10 years. You can go back and start paying or take a settlement on these, they will help get his credit back up quicker, but you are still looks at years to re-cover not months.
What do you think? Answer below!
Tags: 10 Years, credit, Credit Help, Credit Report, Debt Consolidation, Fiance, Full Time, help, Please, veteran
First off – thanks for your husband service to and your sacrifice
Debt consolidation is a bad idea. The things they do you can do on your own and you don’t have to pay them. Majority of them are scams anyway.
Paying them off is going to be tough but you’ll need to adjust your lifestyle ie get on a budget. Pay your lowest debt first (keeping all debt current).
In order to settle, you will need to go at least 6months without paying. The debt will be sent to collectors who pay pennies on the dollar. At this point you could negotiate on a settlement (you could negotiate to 50 cents to the dollar). Be sure if you settle you will need to get the settlement in writing send it certified mail and make your payment via money order (something without your bank info on it).
Be warned you could also be sued and they can garnish your checking account (based on your SSN).
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