Credit Cards Center Credit cards from our partners
Reply
New Member
Posts: 4
Registered: ‎10-16-2012
0

HELP WITH SANTANDER AUTO LOAN

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...

 

Epic Contributor
Posts: 21,575
Registered: ‎03-19-2007
0

Re: HELP WITH SANTANDER AUTO LOAN

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.

New Member
Posts: 4
Registered: ‎10-16-2012
0

Re: HELP WITH SANTANDER AUTO LOAN

ok thanks......... will do

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.