@Anonymous wrote:Hello all,
I'm in the process of rebulding my credit - main reasons were an ARM that skyrocketed (now fixed), student loans (now consolidated) and an auto repo.
My concerns are auto repo that occurred in June 2008 and is now with Portfolio Recovery. I disputed the collections account on my credit report and Portfolio mailed me copies of the contract, letters of repo, etc so I know they have the proper documentation. Here is where I feel my situation is unique: the loan was for $34K. C1 received $6K for the vehicle at auction and the remaining balance is $10K. Adding up my payments and the $6K from the auction it totals over $40K. How should I proceed? Should I settle? Any information is greatly appreciated. Thank You
It goes by what was owed at the time of the repo and any fees/interest tacked on there. So I take it that you owed 16K at the time of the auction? They sold for 6K and the remaining is 10K that has been turned over to Portfolio.
July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge
Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
June 2017 update: All scores over 820, just pure gardening now.
Sure it sounds good. It's always good to get rid of a baddie, even better with a discount. Good Luck!
July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge
Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
June 2017 update: All scores over 820, just pure gardening now.