Paying Down Debt ... Repo Question

[newmom24]

Hello,I have a Repo on my file dating back to May 2009. It is set to fall off EX Oct 2016 and TU Apr 2016. The balance is $7331 outstanding (vehicle sold at auction). Should I send any type of PFD letter to get this off my file? It has updated every month since 7/09 as Repo. I don't want to wake a sleeping giant. I haven't had any correspondence from the lender in over 4 years. The account was in Fl, so I'm outside the SOL dates.

Thanks for reading.

[cartwrna]

If it's outside of SOL and updates monthly then the giant is doing all it can already! A PFD proposition won't do anymore damage

[daddiggingout]

Hi,  I strongly suggest googling Whychat Repo letter, and follow his directions to the letter.  I followed the letter process and  2010 repo has been deleted and my score bounced from 605 to 727 Best of luck!

[newmom24]

Good point cartwrna!

Daddiggingout, how long was the process for you? If I offer to PFD what would be reasonable? I was thinking $1500?

[dursty87]

---

@newmom24 wrote:
Good point cartwrna!

Daddiggingout, how long was the process for you? If I offer to PFD what would be reasonable? I was thinking $1500?

---

In my opinion, you should always start small, especially if the debt is outisde the SOL.  I don't think 20% is too outrageous for an offer but then again I am cheap and would probably only offer 10-15% max.  Remember, you have nothing to lose as they are already updating monthly which is all they can do if outside the SOL.