10-19-2012 11:21 AM
I had a car loan with Sovereign Bank for the amount of $25,456 in 2007 which was later transferred to Santander Bank in 2009. My car was total loss in Dec of 2010 in which the cost of the damages was worth more than the how much the car was actually worth at the time worth. As a result, I was left with a balance of $2,947 which I never paid.
it is being reported on my report as Charged off $2,947. Written off $2,491...
I disputed this account a few times with the CRA and it always comes back verified.
So my question to is how should I go about getting this tradeline removed? Should I offer a pay for delete? and since it was written off should I offer the remaining $456 for the delete.... Or should offer to pay a portion in return of getting the charge off an late payments removed....
Let me know your thoughts on this
If anyone has their contact info please foward it to me as well...
10-19-2012 01:29 PM
I assume that their resolution of the account is accurate, and that the net loss they incurred is the reported amount they removed from their accounting books as a still-receivable asset. That all appears correct from what was posted.
The amount charged-off is purely their internal bookeeping and tax issue with the IRS. Charging-off bad debt does not in any way excuse the consumer from that debt.
So the remaining balance would still be the total amount of the unpaid, delinquent debt. I dont see a "remaining" amount of lower debt based on what they chose to declare as a no-longer collectible asset.
In my opinion, you should first contact them and ask as to what they consider the remaining debt balance. I doubt they will assert only the $456.
Until you know the current, asserted amount of unpaid debt, it is kinda hard to recommend a payment amount to offer in a PFD.