Help with bad auto loan.

[Anonymous]

I am having a hard time and can use some help. We had an auto loan with Capitol One Auto; we defaulted on the loan and the car was repossessed in 2008 and sold at auction. There was a deficiency balance left on the account of over $16k.

They are reporting that I now owe $22k because off other costs involved. 

We filed a Chpt. 13 that we had dismissed because this is our only outstanding debt and we want to take care of it. We can not pay the debt in full because we do not have access to that kind of cash.

I would like to settle the account.

The person assigned to our case refuses to talk about any other option besides paying the entire balance in full.

What actions should I take? 

[Anonymous]

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@Anonymous wrote:

I am having a hard time and can use some help. We had an auto loan with Capitol One Auto; we defaulted on the loan and the car was repossessed in 2008 and sold at auction. There was a deficiency balance left on the account of over $16k.

They are reporting that I now owe $22k because off other costs involved. 

We filed a Chpt. 13 that we had dismissed because this is our only outstanding debt and we want to take care of it. We can not pay the debt in full because we do not have access to that kind of cash.

I would like to settle the account.

The person assigned to our case refuses to talk about any other option besides paying the entire balance in full.

What actions should I take? 

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So you want to settle an account that has been charged-off by them as well as the BK court....well I would say why would you want to do that when they aren't going to remove it from your credit history? It will stay their for 7 years even if you pay it ....Capital One are jerks like that. But if it will make you feel better you can send them a check for the balance of 22k at anytime you don't need to talk too anyone.

[Anonymous]

The bankruptcy was dismissed not discharged, and while at one point it did say that it was charged off it still shows a balance of $16k on my credit report. I want to settle the account in full and not pay the full amount. How can I go about this.

[Creditaddict]

if it's been charged off already, I would not worry about it. if the person wants to be stupid and not talk to you about settlement than they deserve nothing, because if they don't settle they will never get a dime, so why would they not work with you for .25 on the dollar! Take your money you were going to settle with and invest it, you will come out much further ahead

[daisyduke]

Credit_Killer

I'm no expert, but what is your SOL? Is there a possibility that you could be sued for 22K?