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New Member
LionWarrior
Posts: 3
Registered: ‎11-11-2011
0

I can pay all collections but not my repo

I'd like to start off by saying that this is my first post and hope to find some very useful information throughout this forum.

 

Years ago, I held a high-level position in the technology industry. I had the downtown condo, bachelor lifestyle and nice car. Things went south with my company and so did everything else, or so it seemed. As with a lot of people who get caught in financial situations, depression set in.

 

Long story made short. I have roughly $3,000 in collections, along with the repo that sits at an unpaid $31,000. I am able to pay off my $3,000 in collections but do not see myself being able to take care of the $31k any time soon - that's a lot of money. 

 

As it stands, my Scores are as follows:

 

11/11/11 - EQ: 575

11/11/11 - EX: ???

11/11/11 - TU: 658

 

I married 2 years ago and we are looking to purchase a home in the next year or so. I know that paying off the $3k is going to help my score quite a bit and I am also opening up a secured credit card next week with a $1,000 limit. 

 

Even though I have read many threads about situations like this, I am still somewhat lost as to where to go. Any information helps.

 

 

 

Thanks

11/11/11 - EQ: 575
11/11/11 - EX: ???
11/11/11 - TU: 658

Goal: BETTER
Valued Member
ltorres25
Posts: 46
Registered: ‎08-15-2011
0

Re: I can pay all collections but not my repo

Sorry to hear of your hardship, in time everything will get better. Wlecome to myFICO, you will most definitely find great information on here about credit repair etc.

 

To start off, instead of just paying the collections accounts I would try some PFD (Pay For Delete) letters first. If successful, these accounts will be removed from your credit report and this will help you score tremendously (assuming these collections aren't that old).


Starting Score: 566
Current Score: 620
Goal Score: 650


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New Member
LionWarrior
Posts: 3
Registered: ‎11-11-2011
0

Re: I can pay all collections but not my repo

I should have mentioned above, but yes... I will absolutely seek PFD, that's the plan!

I can have the $3k paid in the next 2 months or so, it's the reposession that I'm more concerned about.

11/11/11 - EQ: 575
11/11/11 - EX: ???
11/11/11 - TU: 658

Goal: BETTER
Senior Contributor
Booner72
Posts: 3,889
Registered: ‎05-24-2011
0

Re: I can pay all collections but not my repo

Hi, LionWarrior.  The car company should have auctioned your car, then you would be responsible for the rest of it.  How long ago was this?  I send you a PM.

STARTING: 11/24/10 EQ-584 EXP-648 TU04-595
CLOSED FIRST HOME 8/19/11 EQ-630 EXP-691 TU04-653
CURRENT: EQ-701 EXP-??? TU08-720
New Member
LionWarrior
Posts: 3
Registered: ‎11-11-2011
0

Re: I can pay all collections but not my repo

The car did go to auction - the $31k is the remaining balance. This happened in mid-2009.

 

I know there is a SOL, in my state, I believe that is 4 years. I haven't heard a word from them since it was voluntary repossessed. In fact, I had called to make arrangements to have them come pick it up. I had it parked at the dealership for almost 2 months. The dealership called me one day asking if I was going to do anything with the car because no one has come to touch it. I then had to get on the phone w/ the creditor to remind them that they needed to go pick it up.

11/11/11 - EQ: 575
11/11/11 - EX: ???
11/11/11 - TU: 658

Goal: BETTER

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