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


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...


Mega Contributor
Posts: 17,456
Registered: ‎03-19-2007


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


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

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+