“Dear Steve,
Bad credit due to financial hardship/reduction in my income.
My Bank of America was charged off and sold to North Star last Feb. 28, 2013. North Star has called but I have not answered. My question is should I contact them and pay this debt or just not contact them at all. I want to work on getting out of debt and raise credit score and I am so ashamed of the mess I created. Thanks for your time and help!!
Jane”
Dear Jane,
It sounds like Bank of America sold your debt to North Star. If you wanted to try to independently confirm this then I would suggest you get a consolidated credit report and see who is reporting they are the current owner.
At this point you could negotiate with the current debt owner and try to settle the debt or make payment arrangements to pay the debt in full. If you want more advice on how to do that then post a comment below.
Regardless, you should start rebuilding your credit now using this guide.
There is no need to wait to start that process.
Also, I would not suggest wasting any more emotional energy in shame or regret over this issue. There’s no sense wasting a perfectly good mistake. Learn from it and move on.
Please post your responses and follow-up messages to me on this in the comments section below.
You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.
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