Can i re-open a charge off car loan account to pay it off wi

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combo7
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Subject: Can i re-open a charge off car loan account to pay it off wi

Fri Oct 23, 2009 3:54 am

Can i re-open a charge off car loan account to pay it off with a payment plan?

Justin

Justin

Joined: 17 Jul 2006
Justin's page
Posts: 1298

28935 Magic Points

Fri Oct 23, 2009 7:35 am

Hi Combo,

Yes, definitely you can. Just check the statute of limitations on that account. If it is past the SOL, then paying it is not advisable. Otherwise, you can talk to the collection agency and settle the debt with a revised repayment plan. Calculate the amount you will be able to give the CA per month comfortably. Before doing this, send a pay for delete letter to the CA requesting them to remove the negative listing from your report. Always send this letter through certified mail so that you have the return receipt with you.
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Justin

debranewell2008

Joined: 10 Oct 2009
debranewell2008's page
Posts: 605

89 Magic Points

Fri Oct 23, 2009 2:58 pm

Hi combo,

Yes you sure can as long as they are willing to work with you on setting up a payment plan. But send the pay for delete letter to see if they will also remove the charge of from your report. Like Justin said make sure to send it certified.

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