Question: Should I pay a debt thats written off? ?

I had a capital one credit card and could not pay for a while and they wrote the debt off. Now a third party has purchased the debt and is attempting to collect. I was watching Suze Orman and she told a woman not to pay written off debt because it would not benefit her fico score.I didnt have the money when capital one wrote off the debt but now i do but i dont want to pay these scavengers especially if it wont help my FICO. Any suggestions? I was also considering offering a low ball settlement since they only paid pennies on the dollar for my bad debt. But i doubt they would sue me because its under $600.

Answer: There are only two times I would ever pay off debt that has been written off, the first would be if they were about to sue me and the second would be if they agreed to a pay foe delete agreement which simply says that in exchange for your payment they agree to remove the account from your credit report.

Suze is correct without this agreement paying old collections will not help your credit score at all as a matter of fact it will actually lower it because the accounts will become current rather then old.

debt settlement – Suze Orman

Debt Settlement Suze Orman is a post from: Debt Help Services

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Question: suze orman, I am $80,000.00 in debt. My debt is now outwaying my income.?

I have asked my dad for help and he will. Should I try to get one big loan and pay extra or should I do debt consolidation with a credit counseling service. I am not late. I have good credit. My debt/income ratio in not good. I make about 60,000.00 a year. I have destroyed my credit cards. Please help. Worried

Answer: With those figures, your best bet is probably to set up an appointment with a credit counseling agency or financial advisor and they will be better suited to advise you as to the variety of plans available to you both "in" your area and "for" your financial situation. Have your dad go w/you for personal support. You may be able to get out of the hole you're in WITHOUT digging a deeper one.

In the meantime.....
**Destroyed the cards? GREAT start!!!
You can also take better control of the other expenses that nip at you month to month by...
*get a cheaper cell phone plan-maybe even a prepaid one (you control your spending better that way)
*If you have the "full deal" cable tv service...cut it down to basic for a while till things iron out, you can always re-upgrade later.
*If you have ALL the extras on your home phone, get rid of it all and keep just basic service and MAYBE the caller id. Pick up a cheap answering machine for a one time expense rather than have the voice mail that you pay monthly for.
*Any other "installment" plans that you have PAY BEFORE THE DUE DATE! You'd be AMAZED at how much more will go to the principal instead of the interest.
*If you have "high-end" internet, cut down to basic for a while...that too can be re-upgraded later.

There are ALOT of little ways that you can cut down on some of the "over-head" while you get things straight. And you'd be surprised what you discover you can live without, You may end up realizing just how much and wonder why you were wasting so much money!

GOOD LUCK!

Suze Orman Oct 08 - How Does The Credit Crunch Affects You

Suze Orman Debt Consolidation is a post from: Debt Help Services

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Question: Question about Suze Orman’s Women and Money?

So I’m reading Suze Orman’s book Women and Money and in month 2 she thinks women should get their own credit card. I’ve never had a credit card and I honestly don’t want to get one because it seems like a big hassle and I have a tendency to compulsively spend. I don’t want the temptation and I’m not seeing the logic of getting a credit card when my debit card has worked just fine. Suggestions? Comments? Keep in mind that I know very, very little about finances and that sort of thing, which is why I got the book in the first place. This little piece about getting a credit card just doesn’t seem like a good idea for me. I’m not really in debt, just the $15,000 student loan. Other than that I’ve managed to keep up on bills and that sort of thing pretty well.

Answer: Good for you for wanting to learn more about managing your finances. If you like Suze Orman, I recommend you read her other book "Young, Fabulous, and Broke." It pertains directly to decisions young people have to make about their finances, and it's less touchy-feely than Women and Money seems to be.

About credit cards: you need to get one. Having a credit history (credit cards, installment loans) is important for a number of reasons.

1. First of all, a good credit score gets you the best/lowest rates on mortgages and home loans.
2. Not only that though, employers and apartment complexes are now checking credit reports before hiring/renting to you.
3. It's important to have good credit so it's available when you need it, too. If you ever need to take out a loan or use a credit card in an emergency, you'll need to already have good credit. It's like insurance; you have to have it before you need it.

You probably already have a credit history if your student loan is in your name. That's great--but having different types of credit is one of the key components of your score (installment loans, revolving accounts, mortgages are all different types). So having a credit card will only boost your score (unless you pay late on it).

You don't even have to use it if you don't want to--you can cut it up as soon as it arrives in the mail. It's better to use it a little bit and pay it off each month, but even if you never use it, just having one open revolving account on your credit report will be a big plus. One option--get a credit card you can only use at a gas station, so you don't risk overspending at the mall or anywhere else. Just use it for gas and pay it off each month.

Tonight's TV Hot List: Saturday, Jan. 2, 2010

Doctor Who8:30/7:30c BBC America Ask not for whom the bell tolls — or in this case, the drums beat — good Doctor. Keep the tissues handy because there will be tears in Whoville tonight, and, no, it won't be the Grinch's fault. One of sci-fi's ...

Suze Orman - 4 Oct - Attitude On Personal Finance

Credit Card Debt Suze Orman is a post from: Debt Help Services

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Question: Statute of Limitations for credit card debt: Where is ORC proof?

Where is the difinitive PROOF that Ohio Revised Code is 6 years for a credit card debt collection? Other Atty says credit cards are written contracts – 15 years. Judge says he is unfamiliar with any limit. HELP!! I have some ORC numbers, but cannot get clear where credit cards are considered NOT written contracts. The judge already told me Suze Orman is not an Atty and he cannot take her word for it – I already gave him copies of everything I could find that showed 6 years for Ohio, but he won’t accept anything that isn’t law in Ohio with the appropriate code numbers or cases that prove this law. Anyone with advice or clear law proving SOL exists for 6 years, please advise.
Law Library said they could not find any clear law and only one case that even mentioned an SOL – but that case did not define the SOL because it was not pivotal to their case.

Answer: Visit Creditboards.com or creditnet.com. Lots of helpful people there that might be able to point you in the right direction.

Good luck!

Suze Orman: Are you making these financial mistakes?

I know you've got the major risks in your financial life well taken care of: Your 401(k) is properly diversified to help you weather market volatility, and your reserve cash fund is on call to cover life's inevitable emergencies. Good work!

Unrealistic Credit Card Advice By Financial Guru

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Question: Can you recommend a good book on financial management of debt for a single, 30-something yr. old woman?

Are the Suze Orman books good? This is for my sister, who has a good job, but always likes eating out and traveling w/her friends. Thanks.

Answer: Go to DaveRamsey.com he has the best financial books out there.
read his book Financial Peace

Prenuptial agreements: Unromantic, but important

Prenups tackle real estate, division of assets and spousal support in case of divorce or separation. And more of them are being drafted.

Suze Orman Oct 08 - How Did The Credit Crunch Happen

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Dish has more premium channels than Directv including Showtime Beyond for horror and sci-fi films. You will have access to the Encore premium channels without even subscribing to America’s Everything Package. Take a vow to stop spending more money for less quality. Order Dish Network and spend less money on state of the art TV service with a signal that is sent straight to your house. Bring your movies to life with the impeccable high-definition that Dish has to offer giving you the same beautiful picture and sound quality as Directv for less money!

Many people are making New Year’s resolutions to save money and to spend more quality time with their families this year. What will your New Year’s resolution be? Will it be to quit smoking, lose weight or pay off bills? I did some searching online out of sheer curiosity for the most popular New Year’s resolutions. Here is the list along with the ways that Dish Network TV service can help you attain your goals for the New Year!

Most Popular Resolutions and How Dish Can Help You Turn Them Into Reality!

Spend more time with the family.

Dish Network offers many family friendly networks as well as premium channels with appropriate material for children. Entertain your children with movie channels like Starz Kids & Family or HBO Family.

Exercise more.

Dish offers many great networks that keep you moving with exercise programs that will help you get in tip-top shape in time for spring!

Lose weight.

There is a huge variety of shows available every day with Dish that offer great cooking and recipe ideas as well as tips on how to live a healthier lifestyle.

Quit smoking.

Check out the Discovery Health channel to learn more about the effects of smoking and you may have an easier time trying to quit.

Enjoy life more by spending time with favorite hobbies, getting out more, etc.

Watch inspiring shows on networks like Do It Yourself and HGTV to start those home improvements you’ve been putting aside all year! The Travel Channel is great for vacation ideas and will give you the opportunity travel the world in the comfort of your living room.

Quit drinking.

The Discovery Health Channel and other networks like BBC America offer information on the risks of alcohol consumption. Shows like Intervention on A&E are a great way to find inspiration to kick the habit.

Get out of debt (Personally I’m surprised that this is number 7 and not in the top three).

Find ways to budget your income and work your way toward becoming debt free with programs like The Suze Orman Show and learn more through infomercials about Kevin Trudeau’s book Debt Cures. Check your stocks on Bloomberg and discover ways to save money with consumer reports on your local news!

Learn something new.

Television has come a long way. It is not just entertaining but can also be a fun learning tool with networks like History, History International, CNN and much more!

Extend your help to others.

Get geared up to help others by watching shows like Extreme Makeover: Home Edition, Supernanny and more. Dish also has the religious channels you’ve been searching for.

Get better organized.

Genworth Financial CEO says ‘reinvent everything’

Some people would say, Genworth Financial Inc. CEO Michael Fraizer just has all the luck. Fraizer, a 52-year-old with no formal business schooling has risen to the top of a $9 billion company.

Suze Orman Oct 08 – What Do We Need Credit Card

Suze Orman Debt Management Program is a post from: Debt Help Services

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