How to get this off my report?

[notfancy]

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@radtechdude wrote:
I live in Texas. However I bought the car in Oklahoma. The repo took place in Georgia. What state do they go by for the SOL? If I paid the settlement what should I offer them?

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I still think they have to go by the current state you are in, but there are others that say that they go by the state the loan originated in, so I don't know.

How much do you owe currently? (by that I mean, what do they say you owe after all the fees and junk are added in) I see three amounts listed.

[radtechdude]

I thought I was out of SOL. I called them and they said they would settle for less than the amount. However they won't remove it from my report. Maybe I should take your advice and just leave it alone.

[radtechdude]

Well I didn't ask them in the phone how much the total was. On my report it says around $4900.

[notfancy]

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@radtechdude wrote:
Well I didn't ask them in the phone how much the total was. On my report it says around $4900.

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I suppose you could try to offer them $1225 which is 25% if you can afford it, with the stipulation that they mark the account as paid in full, not settled for less than the full balance. That way if you intend to appy for anything before it falls off, on manual review it should at least look better. (but make sure you get it in writing before you pay)

After you pay and it updates, you can then flood them with good will letters asking them to kindly remove it early as it's really not that far off from falling off on it's own.

[gdale6]

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@notfancy wrote:

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@randyrhodes wrote:
More than likely they'll go by OK SOL. It'll be on your report til OCT 2015 or spring of 16. If you're not past SOL I'd say they'll ask for the whole thing. If I were you I'd wait as not to kick a sleeping dog so to say. They may just sue instead.

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nah he is out of SOL for all three states, they can't sue any more

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They can actually sue as a threat tactic, it would be up the the defendant to raise the SOL issue on response to the suit otherwise the court would never know...

[radtechdude]

Well my brother is an attorney so I could have him take care of that for me.

[gdale6]

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@radtechdude wrote:
I don't know what a 1099 is. And no they haven't sent me anything. Maybe because I have move a few times since then.

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A 1099 is an informational return to the IRS for monies paid by an entity to someone. Some receive 1099-Cs for debt that gets canceled.

[guiness56]

Generally,. the SOL used is the state you live in.  They can use the other states SOL (where the loan was taken out) but not many judges will allow an SOL from another state in their courts.

A 1099-C is a debt cancellation that is sent to the IRS.  If you received one, the amount on it would have to be filed as income on your tax return.

[notfancy]

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@guiness56 wrote:

Generally,. the SOL used is the state you live in.  They can use the other states SOL (where the loan was taken out) but not many judges will allow an SOL from another state in their courts.

A 1099-C is a debt cancellation that is sent to the IRS.  If you received one, the amount on it would have to be filed as income on your tax return.

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Awesome, thank you for that clarification, Miss Guiness!

[radtechdude]

Does anyone think they would sell the debt to collections after this length of time? And since it is so close to it falling off my report?