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Hello all!
I had an auto loan that went south a few years back (in 2010),
the account now shows on all my credit reports as "charged off" or "charged off as bad debt" with a balance left on the account of $3800.00
At this point, is there any way to negotiate with the the finance company (world omni) to pay in exhange for deletion?
thank you
@bsl wrote:Hello all!
I had an auto loan that went south a few years back (in 2010),
the account now shows on all my credit reports as "charged off" or "charged off as bad debt" with a balance left on the account of $3800.00
At this point, is there any way to negotiate with the the finance company (world omni) to pay in exhange for deletion?
thank you
First thing to do is verify that its past your states SOL. You dont want to poke a bear if its within the SOL as you could be sued for the entire amount.
I am a little confused, what does SOL mean?
Thanks
@bsl wrote:I am a little confused, what does SOL mean?
Thanks
SOL is the Statute of Limitations, they are different in every state. These govern a creditors timeline to be able to obtain a money judgment.
SOL=statues of limitations
@gdale6 wrote:
@bsl wrote:I am a little confused, what does SOL mean?
Thanks
SOL is the Statute of Limitations, they are different in every state. These govern a creditors timeline to be able to obtain a money judgment.
You beat me good job
@gdale6 wrote:
@bsl wrote:I am a little confused, what does SOL mean?
Thanks
SOL is the Statute of Limitations, they are different in every state. These govern a creditors timeline to be able to obtain a money judgment.
In my case (FL) I am still within SOL.. guess I wont poke the bear and let it dissapear slowly... '
Thanks
Personally, I would not let the SOL status control a decision to wait.
Taking a CO is usually the first step in what can become escalation of credit report damage.
They can, at any time, assign to a debt collector or sell the debt to attempt to recoup a bit more of their loss.
You are then likely to have a collection reported, and if the debt was sold to them, no more ability to offer a PFD to the OC to attempt deletion of the CO.
Your PFD efforts would then shift over only to the debt collector.
If able to make a PFD offer, you would also be able to pay the debt should they initiate legal action.
I would still consider sending a PFD. If accepted, it would be a triple win....... satisfaction of the debt, deletion of the charge-off, and avoidance of a collection.