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Need Advice Anyone Please Help

New Contributor

Need Advice Anyone Please Help

I had a loan with a local CU I have paid all but $174 and it's reporting on my report as $0 this is an account that is almost 3 yrs old I received a phone call from the CU lawyer that's handling the account asking for the $174 so my ? Is should I pay it or not?? I did ask if I pay will it be deleted and of course the lawyer states she don't know and have never heard of this. Any responses would be great.
Fico=642 Exp=680(perCU) TU=660
Goal=anything over my current scores,,,,,,
6 REPLIES
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Epic Contributor

Re: Need Advice Anyone Please Help

Did the CU sell the debt?  The TL normally won't report a 0 balance unless they did.

New Contributor

Re: Need Advice Anyone Please Help

No it has always been handled by a lawyer from the beginning.
Fico=642 Exp=680(perCU) TU=660
Goal=anything over my current scores,,,,,,
Epic Contributor

Re: Need Advice Anyone Please Help

I would pay it.  Whether it helps your score or not.

 

It would be something you no longer need to worry about.

Established Contributor

Re: Need Advice Anyone Please Help

I would defiantly do a PFD which means: " I will pay it ONLY if you agree to remove it".
Ball is in your court on this one.
CS 728- 01/13 from 554-12/11
Goal: 800
Epic Contributor

Re: Need Advice Anyone Please Help


Lasardo wrote:
I would defiantly do a PFD which means: " I will pay it ONLY if you agree to remove it".
Ball is in your court on this one.

Not if it is still within SOL.  Plus, if they refuse to delete you are suggesting OP never pays it?

Community Leader
Epic Contributor

Re: Need Advice Anyone Please Help

I presume that the loan is now delinquent, and that the OC has reported some type of adverse items, such as monthly delinquencies and/or a charge-off?

With the statement that their lawyer is now "handling the account," is he/she a debt collector, or merely calling as a legal rep of the OC?

 

I see several possible options on the part of the OC, over which the consumer may have little or no control, such as bringing legal action if still within SOL, charging-off the debt if they have not yet done so,  the reporting of a collection if the atty is a debt collector, or selling the debt to another debt collector, who would then be likely to report.

 

Making a PFD offer is, of course, always an option.  It is an attempt both to satisfy the debt, and to delete any adverse items reported to your credit file.

But acceptance is totally up to them, and if they have other options, they may take them.  Meanwhile, you sit in limbo, having made an offer that they can refuse or ignore, and other options than can choose to take.

 

Holding out for the home run of both debt satisfaction and credit report deletion is a personal risk dependent upon what options you guesstimate they might take.

 

Since the debt is relatively small, they may not wish to take their own risk of agreeing to credit report deletion based on payment, which is an action contrary to their credit reporting agreement with the CRAs.

 

Personally, I see the potentiall risks as out-weighing the benefits of holding out, and would pay and then pursue request for GW deletion of whatever adverse reporting remains in your credit file.