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About Regan Shinski
Expertise
I can answer questions on collections, repossessions, bankruptcy, credit repair, credit counseling, FICO scores, credit planning, and the cause and effect of credit related decisions. I can also answer questions on collection settlements and preparing to sue your creditors for false debts and credit credit reporting.

Experience
Fifteen years ago I was financially devasted due to severe health issues. I filed bankruptcy, had a foreclosure, car repossession, tax lien, and ruined credit. I immersed myself in credit law. I settled dozens of accounts and had them removed to improve my credit. I personally sued four creditors and collection agencies and won cash settlements for their false reporting on my credit reports. Since then, I have completely recovered and have nearly $100,000 in revolving credit lines and perfect credit. I have owned a credit repair company for the past five years and have an additional three years of specific work in the collections and debt management industry. I am fully versed in the Fair Debt Collection Practices Acts (FDCPA), Fair Credit Reporting Act (FCRA), and have used them successfully in collection settlements and lawsuits for myself and others. I am also familiar with and abide by the Credit Repair Organizations Act (CROA). I have deleted or helped delete literally hundreds and hundreds of derogatory items from consumers' credit reports and helped negotiate many settlements with collection agencies and creditors. I have also advised people on bankruptcy at any stage. In the current credit market, I have successfully advised numerous people on how to obtain credit and how to negotiate for better terms.

Education/Credentials
BA University of Minnesota

You are here: Experts > Business > Corporate Law > Collections Law > Paying off- Charged off Credit Card Debt without being contacted first

Collections Law - Paying off- Charged off Credit Card Debt without being contacted first

Expert: Regan Shinski - 11/4/2009

Question
I went through a divorce back in 2005. I had a car loan, and Credit cards that have all gone in to Charge off status on my credit report. They have not contacted me at anytime. I would like to clean up my credit. I will be leaving for a deployment overseas and will be gone for two years. I'm lost if I should contact them or wait out for a few more years for it to be outside the statue of limitations. The total debt is around 20k.

Answer
Hello James:

There are several issues at play in your case. First, proper credit repair takes a minimum of 6 months in most cases. Are you being deployed before then? If so, you may want to wait.

Secondly, are you going to need improved credit overseas? If you need improved credit for a specific reason immediately, it may be worth it to at least get a start on it. If you don't really need the credit over there, I would probably wait.

Thirdly, in general, you will not be at risk of being sued without cause while you are overseas. This helps. If you are without your knowledge, it can likely be taken care of when you return. If you are served or receive court documents while you are over there, you should reply to the court saying you are overseas in the military. That should keep you from getting a judgement and may ease some red tape when you return.

If you wait, the SOL may expire in some cases. Many creditors may ignore or drop any claim. In some cases, the SOL may be tolled while you are overseas. This basically means the SOL pauses for the tie you are over there.

Finally, you may not even need the credit repair after you get back. Most of these should fall off your credit reports after seven years - 2012. If you are not getting back until 2011, it's only about year at that point.

I can't make the decision for you, but I hope this info helps. Thank you for serving our country. God bless you and stay safe.

Regan
mbscompany@aim.com

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