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New Member
Posts: 3
Registered: ‎04-09-2007
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Almost at the end of my rope. Questions, suggestions, ideas (long, but someone please read)

In September of last year I got my score up to 621.  With that score today I am well on my way to higher scores, but a strange thing happened on the way to the forum.  I had to get a bad car loan when my score was in the low 500's, but as luck would have it, the car was totalled in a car accident.  I was out of the bad loan, good right.  Well not exactly.  There was a balance due.  Now here is the way the conversations went.  The Co. said upon receipt of the insurance payment I I would be notified of any balance due.  This is in October.  I am now aware that in November the insurance co. paid the company the Blue Book price.  No notification until late December, when the next contact is balance due on charged of account bad debt.  I probably should have contacted them right away, but chose to do so when I had the ability to pay.   My thinking was that during the conversation to payoff the balance due I could get them to remove the charge off.  Well actually after many conversations they did remove the charge off. 
Here is what I'll call problem number 1.  During one of the early conversations with the company I was told to file an investigation.  The investigation led to a reversal of the company's removal of the charge off.
Number 2: I thought that was a mistake.  Maybe the credit bureau had gotten it's information before the Co. reported the change.  Not
Back to square one, number 3:  The record is changed to show paid account, the charge off remains,  but now the record reflects 0 - 30 day lates, 0 - 60 day lates, but 4 - 90 day lates.  What's wrong with this picture.  (Account was in good standing through October and insurance nearly paid off entire account in November.)  I guess you could say that I had a thirty day late in December when I was notified I had a balance.  I guess you could say I had a 60 day past due in January when I did not have the ability to yet pay off the balanace.  However,  in February I sent in a check to pay off the balance due.  February shows as the 4th 90 days late.  The check showed the balance due in the box, but i wrote the wrong amount on the line.  The bank paid the amount on the line.  Upon noticing the payment debited, I immediately called them and paid the balance which they recieved and debited my account March 3rd,
I have talked to representatives of the co. I have written letters to the company and have gotten no response.  I am not going to quit, but am not counting on the charge off being removed again.  I think I may have had a shot if it was in the current tax year.  I don't at all understand the 90 day lates.  I don't know if it does a whole lot for me to have the record properly reflected.  I think a 30 and 60 day late is a lot better than 4-90's, but how do you get it changed.  It is clear on the report that I'm good through October, then it just jumps to 90 days.  I don't know if the information they recieved showed the November insurance payment which should knock the November 90 day out.  You can get real technical and count February, but I think I have at least a chance to get that removed. 
I am at the end of the rope trying despartly to get out of a bad mortgage.  My next best chance is to pay off the one car payment I have left, but sitting at 531 with only the mortgage then left  will I move the neddle enough to get out of the Mortgage or is the next option bankrupcty.  
Valued Contributor
Posts: 2,010
Registered: ‎07-01-2007
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Re: Almost at the end of my rope. Questions, suggestions, ideas (long, but someone please read)

hey smokinjoe,
Just letting you know we're reading!  This is too complex for me... be patient as I'm sure someone will come around with some answers for ya.
Tie a knot and hang on to that rope!
EQ 787 EX 781 TU 737 11/17/07 *** I am not an attorney. If I was, I might not clip coupons. If you want legal advice, consult an attorney. If you want my personal opinion, feel free to consider my posts***
Established Contributor
Posts: 570
Registered: ‎05-02-2007
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Re: Almost at the end of my rope. Questions, suggestions, ideas (long, but someone please read)

Hey there - I feel for you...I'm in a bad bad mother of all evil loans for my car, didn't read the fine print before I drove offSmiley Sad  Anyway, was never late, paid more than the amount; then the bank was bought by Chase "Custom Finance" - horrible, will never do business with them again.  Anyway reader's digest version is last fall I hadn't worked so I got real close to the 30 day late but wasn't, they called me you better believe it...and nobody except a special number for the stupid "Custom Finance" line would talk to me about my loan...this happened for two months; then nothing as I again neared the 30 day late. Dec. last year I went on the Chase website, accessed my account and made online payment for both Nov & Dec.  (Keep in mind now that these past few months they were calling me all the time...and I'd update them on the status...)  I did this because it cost only $10 vs. $15 and was immediately credited to my account.
Guess what - they did NOT take the money, NOR did they call to hound me - if you are still following, this would mean I was one month late and on my way to being 2 months late...I sniffed a "repo in the making" so when it hit 10 days later and they still had NOT taken my money, I called them...I asked what was going on, why were they refusing to take the money - they said "oh, your bank returned the payment NSF".  I was floored and told the guy my money has been sitting in the account for the past 10 days and I said I'd check with my bank and call back.  My bank had NO trace of Chase EVER trying to get the money - yes, I checked the routing, etc. and it was accurate...called back, they wouldn't talk to me, told me I had to call the "custom" number, for idiots like me...spoke to the same jerk I had talked to previous months and he said, first let's get your payment, I said I am NOT paying you a dime, I authorized the payment and you are refusing....this went on, I jumped through hoops to get the payment to them, now I only pay through my bank's bill pay so I have an electronic tracking...
long end of the story - I wrote (5) state AG offices; the Office of the Comptroller of Currency, filed a complaint with the FTC; and thanks to my State's AG office; it was resolved 5 months later.  A different office kept responding each time; but I had all my documentation and kept insisting they weren't proving anything; and in this day of electronics they either have the proof or they don't. 
Don't give up - document every call and name; and use your AG office and especially the Office of Comptroller of Currency - I wasn't really getting far just through the AG office; and hadn't heard back from the Comptroller office so I sent them copies of all the latest correspondence, asked what was happening, that's when it all finally came to a close.
I learned a very expensive lesson; never owned a home yet but am trying, just have to get one more thing corrected on my report (have court tomorrow) and I'll go from there.  I do NOT want to land in a bad mortgage and I truly feel for you, but it sounds like you are on the right track - DO NOT give up!
Senior Contributor
Posts: 4,635
Registered: ‎03-11-2007
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Re: Almost at the end of my rope. Questions, suggestions, ideas (long, but someone please read)

smokinjoe wrote:
During one of the early conversations with the company I was told to file an investigation.  The investigation led to a reversal of the company's removal of the charge off.

When the CO was removed, did they send you anything in writing telling you the CO was a mistake or that they would remove it?

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