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@Anonymous wrote:
Had a vehicle we voluntarily handed back. Ally has reported it as a charge off/profit loss with a past due balance of $13,164. I have a $100 a month payment agreement with Constar Financial for this debt. Constar financial is not reporting, however Ally is showing the $100 payment every month. How should I go about this? Does anyone know if Ally has ever PFD for auto charge offs? Why is Ally showing this is a past due charge off? I guess I assumed that it should say $0 balance if it is a charge off and I'm confused as to why they are showing I'm making the $100 a month payment if I'm paying a collection agency.
The account is past due and COed thats why its reporting that, doesnt matter that you are making payments to satisfy the debt over time. They dont have to show it at a 0 balance unless they have actually sold the loan and in this case they have retained ownership of the account and have engaged Constar to collect on their behalf, thats why its updating every month to show the payments you are making. Once an account reaches CO status its always a CO even when its been paid in full. The good news is the time it can report is still calculated from the DoFD of the account and that cannot be changed by making payments.
@Anonymous wrote:
I wonder if it would be worth it to come up with a good amount of money to pay them in exchange for deleting. It is very new (2013) so if I could get this taken care of it would significantly change credit scores.
OCs rarely remove their TLs unless they are real old, this is a recent one in a creditors eyes, if for some reason the CA begins to report you would have a better shot at a PFD to them than the OC, with this said there isnt anything wrong with trying. When you are sending a PFD what you are doing is asking for a favor.