08-09-2012 04:20 PM - edited 08-09-2012 06:58 PM
Today I decide to go open a new checking account at a credit union, to get away from BOA. Unfortunately, the new CU merged with an old CU, where I had an auto loan that got repossessed in the 90's. There is a balance that was charged off. They won't let me open a checking account unless I set up direct deposit and a payment arrangement. Well, I said I was not comfortable with depositing my whole paycheck there, which they understood. So, we agreed on a savings account, direct deposit agreed upon amount of payment, have the small payment taken out every month.
Since I had to make a $5.00 deposit to open the account, and had no cash, I left to go get some from BOA. But upon thinking for a second, thought that if I made a payment it would reset the SOL. I don't mind paying them off, but will not have the cash to PIF. I am NOT however, willing to get sued. At the time of the charge off, I was on disability and my checks were not garnishable. Now I am retired, and they are.
They would probably agree to put in writing that as long as I continue making payments they will not try to sue me, but not sure that I would even trust that.
This CU handles their own mortgages in-house and they do not sell them. I ultimately want to get a mortgage from them.
08-09-2012 06:07 PM
I agree with you llecs. I want to pay it off, I just don't want to get sued in the interim when I have an almost clean credit report. Although I guess a clean CR means nothing if you already defaulted on a loan at the place you want the mortgage from. (and rightfully so) ;o)
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.