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Letter for account re-aging request

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Laura

Laura

Joined: 21 Jun 2007
Laura's page
Posts: 1407



34560 Magic Points
Subject: Letter for account re-aging request
 
 Posted on Wed Jan 16, 2008 5:09 am  
<Company>

<Company>

Date:

Re: <Your>

Dear Sir/ Madam,

This is to inform you that I have been unable to make payments on time for the past X months due to loss of job. My earlier payments have always been on time. For your information I have been successful in getting a permanent job and now I am capable of paying back the loan.

My account with you has been for the past 14 months (this has to be more than 9 months according to FFIEC) and I am more than willing to repay immediately. I will be paying for the next consecutive three months as proof of my ability to pay back. This is an earnest request to you to consider re-aging my accounts if I suffice all the eligibility criteria. I would be obliged if you consider my request.

Do get back to me for any further information that I might be able to furnish you with. Thank you for your cooperation.

Sincerely,

<Signature>

<Your>
_________________
Regards,
Laura.
 
Laura

Laura

Joined: 21 Jun 2007
Laura's page
Posts: 1407



34560 Magic Points
 
 Posted on Wed Jan 16, 2008 5:17 am  
To get back in control of an account gone awry you can opt for re-aging of that account. Re-aging can be used to clean credit history. e.g. if one of your accounts have been delinquent for few months and now you have the capability to pay back you can negotiate to re-age that account so that the negative remark (delinquent/late payment) is deleted and is marked as "current".

This is in no case an easy process and you have to meet a lot of criterion's to be eligible for this.

    Criteria 1
You have to show the eagerness and capability to pay back the loan

    Criteria 2
The account should be minimum 9 months old

    Criteria 3
You should be making a consecutive three months payments or a lump sum at one time

    Criteria 4
The loan should not have been re-aged in 12 months

    Criteria 5
No new credit till balance gos below pre-delinquency credit limit.


Only once you suffice these criteria you might be eligible for a re-aging of the account. It is tough but not impossible.
_________________
Regards,
Laura.
 
SunDevilsFan



Joined: 09 Nov 2007
SunDevilsFan's page
Posts: 192
Location: Sunny Arizona


6672 Magic Points
 
 Posted on Thu Jan 17, 2008 11:44 am  
Not trying to throw a wrench in the spokes...

But, I have been with the impression that reaging is when a collection agency states a payment was made (falsey of course) to keep an account within the SOL... or current...

Or, are we talking about something completly different???
 
Laura

Laura

Joined: 21 Jun 2007
Laura's page
Posts: 1407



34560 Magic Points
 
 Posted on Fri Jan 18, 2008 4:32 am  
Now Sun this is a completely different thing here. Re-aging of an account is to get out of a temporary condition of financial difficulties like loss of job, some crucial and genuine family problems may be a death, medical emergency etc. This is the re-aging of open ended accounts.

The one you are talking about is done by the collection agencies but the one we are discussing here is something that has to be initiated by the consumer and has Federal Laws and Regulations to accomplish it.
_________________
Regards,
Laura.
 
erb1953



Joined: 31 Dec 2007
erb1953's page
Posts: 629



-19 Magic Points
 
 Posted on Sat Mar 01, 2008 12:46 pm  
Real good post here Laura, thank you for putting this letter together and posting it for all to use. great job
 
Laura

Laura

Joined: 21 Jun 2007
Laura's page
Posts: 1407



34560 Magic Points
 
 Posted on Wed Mar 05, 2008 10:55 am  
Thanks ERB,

It feels good to know that it is of help to you all. Account reaging is quite confusing. Sun gave a completely different scenario whereas I have given something else. may someone can explain the difference here?
_________________
Regards,
Laura.
 
fireyone



Joined: 26 Feb 2008
fireyone's page
Posts: 2967



4112 Magic Points
 
 Posted on Mon Mar 24, 2008 6:45 pm  
Re-aging done from a collection agencies is them doctoring your dat of last activity to put your debt back into SOL. It is always important to keep all documentation pertaining to debts for your own security...such as re-aging.
I think Laura did an awesome job in expalining the other re-aging.
 
goodnatured



Joined: 03 Nov 2007
goodnatured's page
Posts: 3172



1091 Magic Points
 
 Posted on Mon Mar 24, 2008 10:39 pm  
Me too, I think it is great to have examples like this readily available to people, it really helps a lot.
_________________
Goodnatured,

Trying to become and stay debt free, thank you for all your help and support!
 
fireyone



Joined: 26 Feb 2008
fireyone's page
Posts: 2967



4112 Magic Points
 
 Posted on Mon Mar 24, 2008 11:48 pm  
I can tell you most of what I have learned I learned here at the forum. Just by reading all the posts one can really benefit.
 
goodnatured



Joined: 03 Nov 2007
goodnatured's page
Posts: 3172



1091 Magic Points
 
 Posted on Tue Mar 25, 2008 1:11 am  
You sure have come a long way, you are giving some great advice, besides isn't it nicer to come here and conversate rather than sitting around watching television, you can learn and earn!!!!!!!!!!! Very Happy Very Happy Very Happy
_________________
Goodnatured,

Trying to become and stay debt free, thank you for all your help and support!
 
fireyone



Joined: 26 Feb 2008
fireyone's page
Posts: 2967



4112 Magic Points
 
 Posted on Wed Mar 26, 2008 12:48 am  
I hate TV. I would rather read any day than watch the tube. Now my hubby can watch a movie 800 times over. I like giving advise especially when it helps but I really like when they stop back and tell us they were successful. Granted everyone can't have a success story but maybe at least a much happier ending.
 
scott

scott

Joined: 28 Jun 2006
scott's page
Posts: 185



4986 Magic Points
 
 Posted on Wed Mar 26, 2008 10:03 am  
Learning being a part of life requires investment of time. If not shared then how does learning help? I am loving the spirit of the forum posters. Great going. However we can stick to reaging on this thread. How about making a thread for appreciating members LOL.
_________________
SCOTT

Social security, bank account, and credit card numbers aren't just data. In the wrong hands they can wipe out someone's life savings, wreck their credit and cause financial ruin.
 
goodnatured



Joined: 03 Nov 2007
goodnatured's page
Posts: 3172



1091 Magic Points
 
 Posted on Wed Mar 26, 2008 10:50 am  
You could start that thread scott, LOL, we do get off subject sometimes and need to be corraled back on course.
_________________
Goodnatured,

Trying to become and stay debt free, thank you for all your help and support!
 
fireyone



Joined: 26 Feb 2008
fireyone's page
Posts: 2967



4112 Magic Points
 
 Posted on Wed Mar 26, 2008 6:53 pm  
Sometimes I think ikts alright to get off track a bit...gives the head a break.
 
goodnatured



Joined: 03 Nov 2007
goodnatured's page
Posts: 3172



1091 Magic Points
 
 Posted on Thu Mar 27, 2008 1:34 am  
Just becareful not to linger to far, LOL
_________________
Goodnatured,

Trying to become and stay debt free, thank you for all your help and support!
 
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