Debt consolidation for collection accounts?
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Can you seek consolidation if you only have collections in your history? Thats the only thing that's hurting my credit. I don't have any credit card debt or repo's or anything like that. I have alot of payday loans that went into default and they're on my credit. Also once you go into default with a loan company and then pay them off are you elgible to reloan with them? I'd also like to know how to obtain my chexsystems report.
Debt consolidation for collection accounts?A word of advice: before you pay off those collections, try to negotiate with them that they will take all mention of the problems off all the credit bureaus. IF SO, GET IT IN WRITING! They want the money, they are negotiable.
How would you be doing this consolidation?
About reloaning with the loan company: it is up to each company to qualify or reject you. If they went to collection, typically they figured you would never pay them so a collection company paid them maybe 8 - 25 cents on the dollar and just try to get back what they can from you. Thus the lender may have already absorbed the loss from you and not be so open. Maybe if you have a good reason, like health problems.
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