Subject: charge off on credit report from car that was stolen
Tue Aug 03, 2010 5:58 am
i had a car stolen from me in 2007, the insurance company offered a settlement to the finance company. the car was recovered and insurance company ownes the car. i have a charge off on my account due to that. can i dispute this and have is removed from my credit?
If you owe this debt this can't be disputed. You will have to pay off the debt to remove the charge-off from your credit report. However, for that you will have to request the insurance company to pull back the account from the collection agency. Once the insurance company pulls back the account, you can negotiate a payment plan with the insurance company. Also request them to agree to a "Pay for delete" (PFD) agreement. With the PFD the charge-off will get removed from your credit report.
Your personal details (name, email address and phone number) will be delivered to the company advertised on the Creditmagic after ve agreed to go for the counseling session by filling out the no-obligation form. However, it is your discretion to accept or reject their services.
Not all the creditors/debt collectors agree to trim down the outstanding balances, interests, and fees payable by the consumer.
Consumers working with the debt relief companies can still be sued by the creditors/collection agencies.
Debt relief services may have a diminishing effect on the creditworthiness of the consumer. The total outstanding balance may increase as the additional fees get accrued.
The overall amount saved by the consumer through the debt relief services is considered as taxable income by the IRS.