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Discussion Starter · #1 ·
I am trying to consolidate old debt and get out of it forever! I just got a cc from my excellent bank with a low rate. I have $1600 in old debt that has been in collections for awhile. $399.00 was just sent to collections for a pregnancy medical expense that I am disputing. <img alt="" class="inlineimg" src="http://www.mothering.com/discussions/images/smilies/irked.gif" style="border:0px solid;" title="irked">:<br><br>
ETA: The $399 is in addition to the $1600. I'm going to wait a bit and continue my dispute.<br><br>
Anyway, I'd like to put the $1600 on my cc now and will be able to pay it off completely by **May** of this year. I don't want to give the creditors any of my information, however. I'm thinking about using my new credit card to purchase gift cards in the amount of each of the debts and then giving those numbers to the creditors.<br><br>
Dh and I are keeping up with our current accounts, etc. I'm not going to try and settle or anything...I just want to get rid of the old debt and have a fresh start. It's weighing really heavily on me. And, I plan to get them to agree to take off the negative information on my credit report before I pay.<br><br>
What do you think about the gift card idea?
 

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you could also buy money orders. but you do have to make sure that they say the account number you are paying with them, you know? If I understand your question right...
 

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Discussion Starter · #3 ·
I'm not sure I can use the cc to buy money orders, kwim? Is that possible? I don't have the cash to pay these bills off right now, but want to use my low-interest cc to do it without giving that number to the other creditors.<br><br>
I know that it would be better to just save the money and then pay it off, instead of using the cc. It's just, in my wacko-brain, I'm much more accountable to debt than I am to savings right now. I'm working hard to change this... It just seems like there's always something that happens and wipes out my savings. I'm likely to use up the money I'm saving on some "emergency," but not likely to miss a cc payment.
 

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What about asking for some checks to write on your new CC? Call them and ask for them to send some to you. Write a check to "cash" and deposit it in you checking, or to buy a money order or something. Then the money to the debt in collections is removed from, being involved in your new cc account.
 

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I'm confused - you want to put the old debt on the new card? But that won't actually get rid of it, just move it around. You say that you'll be able to pay it off by May - why not just leave it where it is, and make payments to the collection co (I'm sure you can call them and arrange a payment schedule - if you tell them you'd like to have it paid off by May and that you're able to pay "x" amount per month, I'm sure they'd take that!) It just seems silly to me to be moving it around, yk?
 

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I am not sure, I totally understand. If you can pay in May, why can't you just wait and pay it off then. Why transfer debt around? It does not look good on credit reports nor FICO scores. If you are in collections, you do not think that the banks have run your credit history and have seen this "new" cc? There was a time in my life that I got into trouble and the mortgage company and my creditors ran credit checks on me. That is why the gift cards and mo does not sound logical to me.
 

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Discussion Starter · #8 ·
You're right. I'm seeking verification on the accounts to clear up any mistakes and then I'm just going to pay them off. I don't know what I was thinking...<img alt="" class="inlineimg" src="http://www.mothering.com/discussions/images/smilies/greensad.gif" style="border:0px solid;" title="greensad">
 
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