I now have the CASH to pay off $40k in long-overdue, in collections, CC debt. HOW to best do this? (or perhaps NOT do it at all???)

hey I didn't say I wouldn't pay it back !

but, as its not a simply a case of just paying it back and being done with it, their are credit reporting issues involved...

I wanted to know all my options in regard to negotiating how to best pay it back. After all, I'd be a fool to not know all my options before dealing with a CA (especially as CAs are known to be purposefully deceptive, and often dishonest).

As for me "having the means (many times over) to pay it back."

Thats not true, I do currently have enough to pay it back. But whether its wise for me, as someone who is unemployed, to give every bit of cash that I have on hand to pay off years old debt is the best choice is something that I am researching.

and yes... I will have more money in the weeks or months ahead, but doing my research now seems like the WISE choice, as all these negotiations, and the research needed beforehand takes time.

As for settlements, and paying less than I owe, thats just something that I was considering, or at the very least, asking about... as a result of them writing me a letter and making me an offer (it was not an idea that I hatched on my own, or even considered)

In fact, this inheritance came out of nowhere, and was unexpected. So, I just recently got $40k (in the last couple of weeks) and i have NOT YET gotten the IRA or other inheritance money yet. I don't have that money yet!

so puh-lease...

enough with the moralizing! I had ZERO ability to pay this money until very recently. And, although I accept responsibility for my actions in getting into this debt years ago, I didn't know then ANYTHING about financial management, and even know i know VERY LITTLE. I am actively trying to learn even the most basic things.

A couple of months ago, I was scrambling to pay my rent each month, and often not even able to afford food, and was heavily dependent upon ramen and other cheap crap. I even contemplated food stamps, which I more than qualified for (but as an able bodied male, I decided I would not do that unless I was facing actual starvation). ....which is not to judge anyone who does get food stamps, I'm just saying that it wasn't right for me.

Anyway, I now had the good fortune to have come into some money, and have the even better fortune to have more coming on the way.

So, for the first time in my adult life, there is a true necessity to educate myself on basic financial matters.

Obviously, at the top of that list is paying off my old debts (which are all cc debts).

I discovered this subreddit, and STUDIED the information available on it (its been amazing!)

Now, I come on here to get some specific info, and advice, and people have been SUPER helpful (except for you, of course).

As such... wait until you hear what I'm actually planning on doing, before essentially calling me a deadbeat!

I don't even know what I'm going to do! so that you think you know, and then critique me for what you assume I will do (just because I wanted to ask the people on here for information/options/advice) shows me that you are kind of a jerk.

certainly, you are not someone who's advice or counsel I would seek out.

Perhaps you have some anger issues... I don't know? but whatever the case, please don't come onto my post and try to lecture me, saying I'm doing the wrong thing in even trying to gather all the possible info and options available in deciding what is (to me at least) a very complex, and near-overwhelming situation.

and... this is only MY opinion, but I'd also suggest that you not share your overly harsh, moralizing on anyone else's posts either, as people like you just make those of us who are (for all intents and purposes) financial newbies not even want to ask questions.

and as the most wonderful thing about this whole subreddit is that those us in debt (often with a lot of shame around our debt) feel safe and welcome in here, your attitude defeats the whole welcoming atmosphere of r/personal finance.

so PLEASE - don't be a harsh wiener to those on here who aren't as perfect as you.

thanks!

/r/personalfinance Thread Parent