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He has asked me to wait until 2/2009 the 4 year aniversary of my delinquincy

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erb1953



Joined: 31 Dec 2007
erb1953's page
Posts: 547



-100 Magic Points

 
Posted on Tue Jul 29, 2008 12:32 am  

I would say that if they were going to repo it they would have done it by now, I do believe that at this point they are going to come after the money for the truck. Where is the title to the truck? If it is with the finance company that you owe the money to then they would still have a lein on the truck right?

If they do decide to repo and they sell the truck for less than what you owe, you will be held accountable for the balance. If you want to keep the truck, you should contact them and try to catch the payments up.
Nate
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Subject: I have the same problem
 
Posted on Tue Jul 29, 2008 6:04 pm  

I have a car loan that is charged off but the car isnt repossed also.

This is what I know,

Got Loan 6/2002, I became delinquient 2/2004. They tried to reposses the car in 6/2004 at my brothers house and he ran them off his property. Since then no attempt to repossess the car has taken place. I changed adress's and didnt forward my mail and stopped recieving any bills on this loan. I hired lexington law service to try to get it removed from my credit report an 10/2007 and that completly failed (waste of money). But they started sending me a bill in the mail from a collection agency to my new adress. I checked my credit report during this time and all 3 agencies show the oringinal lender loan Pay Status as collection/charged off. Even though a different named collection agency is trying to collect the debt they have not appeared on my credit report.

I got some time with a lawyer that specializes in consumer law. He said that most loans of this type have a 4 year statute of limitations as far collecting the debt using the court system from the last date of delinquincy. He has asked me to wait until 2/2009 the 4 year aniversary of my delinquincy. He then plans on approaching the collections agency with an offer of paying about 1/3 of the final balance on the loan in return they have to remove it from my credit report completly and give me the title to the car. Honestly this whole thing has been a real pain for me and my family and I almost wish the car had been repossed originally. 4 years is a long time much less 7. I have defintly learned a valuable lesson from all this. This car loan is the only thing stopping me from buying a house and getting out of this apartment.... I hope it helps.
CMBV22

CMBV22

Joined: 08 May 2008
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5655 Magic Points

 
Posted on Wed Jul 30, 2008 8:26 pm  

unless you get a pfd agreement the negative mark from the car will be on your CR for 7 years
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anthony

anthony

Joined: 31 Jul 2006
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13624 Magic Points

 
Posted on Thu Jul 31, 2008 9:31 am  

Hi Nate
Since your loan has been listed in your credit report as charged off, as far as I know, even if your SOL expires and even if you pay off the debt now, the listing will show up in your report for seven years from the date of your delinquency. All that you can do is to ask your OC to change the status of your listing to "paid as agreed" after you pay it off.
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Anthony Marx

A positive attitude is not achieved by turning a blind eye to the negative, but rather by responding to every situation in the most positive way possible.
Nate
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Subject: Tell me More
 
Posted on Thu Jul 31, 2008 1:21 pm  

Yea I assumed the lawyer was going to try to get a pfd agreement. Its why I was going to hire him to handle it so It could all be in writing.

Anthony - I honestly dont know if we will be sucessful or not. After going through the credit repair process I realized how complicated all this can be and why credit repair services exist and so many are stealing peoples money. I also see how arbitrary the credit system is and why it probably shouldnt exist in its current form at all.

But with that said, I did manage to get 3 medical collections removed completly from my credit report by just telling them over the phone i never recieved the bill and that I wanted to pay it now. They all just imediatly said "sure," I didnt have to prove anything. Which makes me realize how shady collections agencys are and willing to bend the rules to get some money out of all the bad paper they buy for next to nothing.
fireyone



Joined: 26 Feb 2008
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Posts: 4246



142 Magic Points

 
Posted on Thu Jul 31, 2008 2:21 pm  

Nate, welcome to the confusing world of credit. I like how you got the med bills removed.
goodnatured



Joined: 03 Nov 2007
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Posts: 3931



623 Magic Points

 
Posted on Mon Aug 04, 2008 2:18 pm  

I can see how you would be frustrated with this, so do you still have the vehicle? I thought that they were bent on repoing once you fell delinquent because the sooner they get it, the least amount of wear and tear and then leading to more money they would get out of it during resale.

Thank you for sharing your experience here, it will help those who are getting into this situation from the beginning, maybe somebody will make a different decision once they read your post here. I hope that you can get it all cleared up soon so that you can move on with your life. Please update the forum if at all possible, and again, thanks for sharing your experience.
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fireyone



Joined: 26 Feb 2008
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Posts: 4246



142 Magic Points

 
Posted on Tue Aug 05, 2008 3:34 am  

I think the whole credit business can be frustrating at times. I wonder too if you still have the vehicle. I see your point GN about the resale.
anthony

anthony

Joined: 31 Jul 2006
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Posts: 516



13624 Magic Points

 
Posted on Tue Aug 05, 2008 9:23 am  

Hi Nate
As far as I know, even if you pay your debt in full, the negative mark of charge off is very difficult to be removed from your report. It can only be removed by the original creditor and not by any collection agency. All that you can do is to ask your creditor or CA to change the status in your report from "charge off" to "paid as agreed". But get this in writing before you pay off the dues.
_________________
Anthony Marx

A positive attitude is not achieved by turning a blind eye to the negative, but rather by responding to every situation in the most positive way possible.
fireyone



Joined: 26 Feb 2008
fireyone's page
Posts: 4246



142 Magic Points

 
Posted on Wed Aug 06, 2008 2:32 am  

No chance for a pay for delete here?
Justin

Justin

Joined: 17 Jul 2006
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28944 Magic Points

 
Posted on Wed Aug 06, 2008 9:43 am  

I agree with Anthony on this point. Pay for deletion agreement can be made with the CA for all negative listing except charge off account. In case of charge off listing, even if you pay off the debt, it will remain for seven years in your report and lower your credit score. So it is always better to prevent charge off listing as far as possible before it actually gets listed in your report. For this you should always contact your original creditor as soon as you find yourself falling behind your loan repayment.
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erb1953



Joined: 31 Dec 2007
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Posts: 547



-100 Magic Points

 
Posted on Thu Aug 07, 2008 2:04 am  

I will agree with that, get the pay for delete in the beginning, cause once you pay it off, you will not get any cooperation from them.
fireyone



Joined: 26 Feb 2008
fireyone's page
Posts: 4246



142 Magic Points

 
Posted on Fri Aug 08, 2008 1:48 am  

Isn't that funny? They harass you to pay and when you cooperate with them they turn around and won't return the favor.
Nate
Guest






Subject: More
 
Posted on Wed Aug 13, 2008 7:01 pm  

Well after reading anthony and justins post.

I decided to contact the lender directly by phone. They told me to contact a collection agency "Western Mass Credit Corp." The lady at the original lender also told me that the original lender still had the title for the car and that if I satisfied the loan with Western Mass Credit that they would send me the title after 2 weeks.

So I decided to contact Western Mass and got a Steve Lowe who said that they had an agreement with my original lender to collect .60 cent on the dollar, but that sometimes they would agree to .50 cents on the dollar if he requested it.

He seemed pretty straight forward except that he said they could keep the loan on my credit report forever by suing. Which I assumed is his way to scare people into paying. My Question is should I try to get them to agree to less. After 4 years you would think they would be ready to settle and I would assume they would make a good offer imediatly. But maybe they will go lower. Any recomendations. At .50 cents on the dollar it will leave me upside down on the car about $4000 conservatily. Which is not pocket change for me, but I could pay it off by in 6 months to a Year after I sold the car. Any thoughts?
Nate
Guest






Subject: Agreement?
 
Posted on Wed Aug 13, 2008 7:19 pm  

Wester Mass Sent Me the Following Agreement which I edited the personal info from.

ON BEHALF OF OUR CLIENT, CITIZENS BANK, WE HAVE AGREED TO ACEPT A SETTLEMENT OF $9,884.30 AGAINST A BALANCE OF $19,768.60. PLEASE SUBMIT YOUR PAYMENT IN THE FORM OF A CREDIT CARD PAYABLE TO "WMCC". BE SURE TO NOTE OUR FILE NUMBER ON THE DRAFT AND FORWARD YOUR PAYMENT VIA CREDIT CARD.

YOUR PAYMENT MUST BE RECIEVED NO LATER THAN 8/13/2008

ONCE THE PAYMENT OF $9,884.30 IS POSTED, YOUR ACOUNT WILL BE MARKED "SETTLED FOR LESS THEN THE FULL BALANCE" THE CREDITOR ALSO AGREES TO RELEASE ALL LEINS AND TITLES.

I guess my only question is I should be able to get wording better then "settled for less then the full balance," shouldnt I?

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