08-22-2013 08:24 PM
Hi All -
I had an auto loan with Chase Auto Finance which has been charged off. I hadn't paid since 9/2009, but the way it is reported says Last payment 6/2010. Also, they have sold the debt to Real Time Resolutions.. They called me and I advised them to validate the debt and communicate with me through mail. I have received the validation.. the balance is 6500 and they haven't posted it to my CR as of yet. How do I proceed to prevent them from posting it to my CR and I don't have 6500. ive just touched 600 barely and im working to get a bunch of other things pfd'd
Any advice is appreciated.
08-23-2013 11:15 AM
If I had that and I did not have the $$$ to PIF if I had to, then i would not do anything until I had 100% saved up. If you last paid it in 2009, then depending on where you live you likely are inside your state's SOL for a written contract. They can probably still sue. I wouldn't draw attention to myself and ignore them for now. But at the same time rapidly save up 100%. Once you have 100% saved then you can always offer less via a PFD letter if they are reporting by then.
I'm about mitigating risk. The above prevents a judgment. But if you are focused on a new baddie reporting then you can always offer a payment plan in exchange for not reporting. They will agressively ask for a high payment and they can still report if you don't agree to their terms. They can report even if you did get on a payment plan. I'm not keen on this option because one missed payment and you're up a creek. It also creates a long-term exposure to your debt and one missed payment will up the odds of being sued or having it report if not already.
08-23-2013 06:13 PM
llecs - Thanks for your response.
I took your 2nd suggestion. It was almost like you read my mind about wanting to avoid another baddie. I contacted them and they're mailing me a letter/agreement that will state for $2500, they will not report to the credit bureaus as they haven't already and it will be considered settled in full. I was put on a 6-month payment plan. They will, however, advise Chase of the settlement. Hopefully, Chase won't update until after the debt is completely paid off. By then I will have qualified for my home and bought one by then. Everything else i have is just cc debt.. very old and i can pfd or pay and then dispute to have them removed.
If you have any other info or guidance, please share it with me. i'm literally piecing together info from all the threads
08-24-2013 10:19 AM - edited 08-24-2013 10:22 AM
There should be nothing for Chase to "update," and no need for the debt collector to notify the OC of anything.
It is stated that they bought the debt. Upon sale of the debt, the OC was required to have promptly updated their reporting to $0 debt balance.
They are done, and have no further reporting obligation based on the ultimate satisfaction of the debt with the new owner.
The reporting by the OC of a prior CO is unaffected by the ultimate status of the debt, regardless of whether it is paid or unpaid.
The debt collector is blowing smoke, intimating that completing payment to them will somehow improve the reporting by the OC.
Deletion of any derogs by the OC, such as the CO, would require a separate GW request to the OC.