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Taffy
Joined: 23 Feb 2009
Taffy's page
Posts: 28
1203 Magic Points
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Subject: Repossession on Credit Report twice ?
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Sat Mar 07, 2009 1:20 pm
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I lot my job last year and was unable to keep up my payments on a Van financed by Capital One Credit. I called and returned the van to the company and they posted on my credit report a "Repossession" balance around $10,000.00 and today checking my CR I found the same company has placed another listing for @ $6,543.00 for the same van. This means that I owe them $16,543.00 which is more than what I paid for it. Does this mean that I have to pay the $16,543.00 to get it off my credit report and not have a thing to show while more than likely the van has been sold and some one else is driving it?
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Taffy
Looking for the light at the end of the tunnel. |
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aby
Joined: 29 Jan 2009
aby's page
Posts: 32
114 Magic Points
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Sat Mar 07, 2009 2:35 pm
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i think the captial one credit have transfer your debt to the two credit agency at one time and both have reacted at the same time. i think you should ask the creditor about all this issue.don let this issue go.
Regards
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Aby |
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Taffy
Joined: 23 Feb 2009
Taffy's page
Posts: 28
1203 Magic Points
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Sat Mar 07, 2009 2:52 pm
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Do I send a DV to both and then send it to the Creditor?
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Taffy
Looking for the light at the end of the tunnel. |
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ensurepune
Joined: 17 Feb 2009
ensurepune's page
Posts: 102
510 Magic Points
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Sun Mar 08, 2009 5:01 am
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i suppose you should send the receipt of the amount paid by you to the OC then they will look in to the matter as you do have the proofs of payment s so surely they will not mind looking in to the matter.
IF that still does not serve the purpose then you can complain about this to the credit bureau.  |
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carol
Joined: 27 Jun 2006
carol's page
Posts: 1307
Location: Los Angeles, California
29555 Magic Points
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Mon Mar 09, 2009 6:49 am
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Since the name of your creditor Capital One Credit appears on your credit report against the same account, you can send only one debt validation letter to the your creditor mentioning your account number. Since a proper debt validation must include details of the bills of the amounts outstanding and the amounts paid, you can find the reason behind this additional $6,543 in your credit report.
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Carol |
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Mon Mar 09, 2009 1:08 pm
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Thanks Carol
I will send tha VD letter today and let see what happens. Also if you don't mind.
I have printed my Credit Report from Experian and Transunion and they give me two different scores and different information on each sheet. I have not pulled the Equifax would that be the best one to have an account with? Please let me know |
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Taffy
Joined: 23 Feb 2009
Taffy's page
Posts: 28
1203 Magic Points
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Mon Mar 09, 2009 1:08 pm
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Thanks Carol
I will send tha VD letter today and let see what happens. Also if you don't mind.
I have printed my Credit Report from Experian and Transunion and they give me two different scores and different information on each sheet. I have not pulled the Equifax would that be the best one to have an account with? Please let me know |
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carol
Joined: 27 Jun 2006
carol's page
Posts: 1307
Location: Los Angeles, California
29555 Magic Points
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Tue Mar 10, 2009 6:14 am
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Yes, you can definitely pull out a credit report with your score from Equifax. This is because the creditors generally take into account the middle credit score in determining your creditworthiness. So long as you do not have the scores from all the three bureaus, you cannot get the middle score.
You should send the debt validation letter by certified mail with return receipt to the creditor.
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dennisdf
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Subject: capitol one
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Tue Mar 10, 2009 12:57 pm
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That was your first big mistake, dealing with capitol one, they are the biggest crooks out there  |
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ensurepune
Joined: 17 Feb 2009
ensurepune's page
Posts: 102
510 Magic Points
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Taffy
Joined: 23 Feb 2009
Taffy's page
Posts: 28
1203 Magic Points
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Thu Mar 12, 2009 12:31 pm
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Sorry everyone, have been out of town for a few days but thanks for your support I have sent my DV letter................This site is GREAT!!!!
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Taffy
Looking for the light at the end of the tunnel. |
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fireyone
Joined: 26 Feb 2008
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Posts: 4285
127 Magic Points
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Thu Mar 12, 2009 2:27 pm
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Taffy, I am wondering if maybe they put the first listing on their when the repossed the van and that was the amount at the time. Now they could have sold this vehicle at auction and if they did they would have to subtract that amount from what you owed. So here is what I am thinking:
Theyr epossed the value was $16,000 then sold it for $3,457 and that left a balance of $6543. so they then again listed that amount before removing the other or just updating it.
Not sure but this could be where the error was. |
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Taffy
Joined: 23 Feb 2009
Taffy's page
Posts: 28
1203 Magic Points
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Thu Mar 12, 2009 4:08 pm
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Yes......... you might be right.. I have heard that they will sell the vehicle at auction and take the balance on account subtract the auction price and you are left with the bill. Now here comes a good questions........What would have happened if I went to the auction and bought the van myself? Also if they were selling the van for a lot less than what is owed why did they not offer a cash price to me? this does not seem fair.....
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Taffy
Looking for the light at the end of the tunnel. |
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ensurepune
Joined: 17 Feb 2009
ensurepune's page
Posts: 102
510 Magic Points
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Fri Mar 27, 2009 6:42 am
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if the auction price is so less then will surely sell it either to you or to someone else.
these people's (lender's) main business is earning money through money but there primary business is not earning money through selling the recovered cars.
so even if they get some money instead of nothing they are happy with the deal.as end of the day what matters some money instead of nothing.so they won't mind selling the car in auction.you can purchase the vehicle in the auction.  |
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Taffy
Joined: 23 Feb 2009
Taffy's page
Posts: 28
1203 Magic Points
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Sat Mar 28, 2009 2:05 pm
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after a long investigation I found out they sold the van at an Auction for Dealers only and the Public is not welcome so there is no way I would have been able to buy the vehicle.............................just does not seem fair now I have a balance on my credit report of $6500.00 for something I am not driving or posses anymore..............Whats up with that !!!!!! 
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Taffy
Looking for the light at the end of the tunnel. |
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