Advice for cleaning up really old debts
Hey folks. Tldr: I defaulted on $35k of debt during Covid. I paid $10k of it so far and now owe $25k. Yet, I have a bunch of open collections and a (PAID) judgement. My credit score is 440(!). On the bright side, I am finally gainfully employed and I now earn enough to start rehabilitating my credit.
But here's the rub: all my defaulted debt is going to fall off my credit report in 2027. Nonetheless, I want my debts cleaned up asap. To that end, I have saved about $10k and anticipate saving another $5k over the next month.
The issue is whether it is possible to settle everything for $15k and get my credit above 600 in 2026. I get the sense that 50% is what I can expect to pay. But given how old all of my debt is, is it possible to get down to 20% on anything?