Just got rich, need help with bad debt - Pay For Delete?
Hey all, I have personal debt that has been unpaid since 11/2008 and 07/2009. The 2 entries appear on my Equifax report, and the total amount is about $1400 (between 2 credit items, an unpaid overdraft and a credit card), and i have been offered recently by creditors to settle for half.
I was looking for advice on what i should do, i dont consider waiting for these to fall off my report a viable solution as my fiance and I have recently received a windfall, and are looking to purchase a home sometime in/around the next 2 years with %20-25 down. This bad debt is holding us back.
Also i have heard about "Pay For Delete" through American forums. The premise is, you offer a creditor the amount in full, and they remove the debt from your credit report.
Questions:
1. Is Pay for Delete an option in Canada? If so, how would i go about doing this?
2. I've been mulling over settling for half, getting a secured card and trying to repair my credit. Is this the best option?
3. What do you think the BEST plan of action is for my situation?
Im just looking to repair my credit as quick as possible, and any advice is appreciated, welcomed, and begged for!
If these questions have been asked before and you have links to relevant threads please share.
I was looking for advice on what i should do, i dont consider waiting for these to fall off my report a viable solution as my fiance and I have recently received a windfall, and are looking to purchase a home sometime in/around the next 2 years with %20-25 down. This bad debt is holding us back.
Also i have heard about "Pay For Delete" through American forums. The premise is, you offer a creditor the amount in full, and they remove the debt from your credit report.
Questions:
1. Is Pay for Delete an option in Canada? If so, how would i go about doing this?
2. I've been mulling over settling for half, getting a secured card and trying to repair my credit. Is this the best option?
3. What do you think the BEST plan of action is for my situation?
Im just looking to repair my credit as quick as possible, and any advice is appreciated, welcomed, and begged for!
If these questions have been asked before and you have links to relevant threads please share.