Expert: Regan Shinski - 1/31/2011

Question
I am trying to fix my credit and just opened a bank account.  Checking and Savings.  About 6 or 7 years ago I had an accident and my car was compounded because I was driving on a suspended license.  I was unable to pay to get the car out and they repossessed my car to sell it again.  They still want me to pay $4,754.  About 2 years ago I had another checking and savings account and they put a hold on it.  I want to make good on this debt and keep these new accounts open.  I know they will put another hold on them once they find out about them.  I don't make a lot of money, but I want to move on with my life.  What should my first step be?  Should I contact them and make payment arrangements, or will that only give them the info they need to put another hold on my account??  I have been scared to open a new account, but I really want to make this thing go away.  Can you help me?  I live in Illinois.

Answer
Hi Jason:

I really suggest you contact me because there is more information I need and would rather talk to you about it.  The situation is potentially serious enough - taking of your cash - that I don't want to direct you improperly.

Basically I will need to find out a little history.  Briefly, one thing that would help is if you know if there is a judgement against you or if the previous funds were taken through the same bank or through an automatic debt program.  This answer will affect how your new accounts are treated and what steps you would need to take to protect it.  There are also statute of limitations questions that may play into this.

I'm sorry I cannot give you a more direct answer.  This is just not the best forum in your particular case so contact me through the "contact" form at www.ficofighter.com.  I will reply/call you quickly - no obligation.

If you prefer not to contact me in this way, I guess the first step is what I mentioned above.  You need to find out if there is a judgement against you.  Get copies of your credit reports if you do not have them.  A free copy can be obtained once a year at www.annualcreditreport.com.  Once you find that information out, post another question to me because how you proceed with a judgement is significantly different that say, if the account is outside the statute of limitations with no judgement.

All steps that you take would essentially be through credit repair.  Again, this is a serious issue where you really can do more harm and extend the time you are dealing with it for many years if you are not careful.  I really think you should consider professional repair in this case.  Go to www.ficofighter.com for more information but again, even if you just contact me through that site, I can guide you a little better than here - with no obligation.  If not, find out about the judgement and post again.

Good luck, I hope this helps.  

Regan

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