Reply
Member
Thechallange
Posts: 22
Registered: ‎10-24-2013

Phantom debts

Uhhh. The high and lows of credit rebuilding...ok last week i was approved for a new auto loan this week after 6 years i get a letter from a DC agency requstting 3k for a auto repo thats due to fall off in  12 months. Im being offered a settle ment of 3k off the 7k balance. Should i take this settlement? Of course i dont have that lump id try to work out a monthly payment. Off debtor was drive financial that i guess was bought out by santander and i was the co-signor. Tell me what to do?

Valued Member
BatHunters
Posts: 50
Registered: ‎03-24-2014

Re: Phantom debts

Check your states Statue of Limitation, you could negotiate it much lower if it's out of SOL. Also keep in mind if you know you won't be applying for any more loans within 12 months, you can just let it fall off.


Starting Score: 585
Current Score: TU FICO 693 EQ FICO 663 04/04/2014
Goal Score: 720


Gardening since 04/09/2014
Valued Contributor
gdale6
Posts: 8,749
Registered: ‎12-13-2013

Re: Phantom debts


BatHunters wrote:

Check your states Statue of Limitation, you could negotiate it much lower if it's out of SOL. Also keep in mind if you know you won't be applying for any more loans within 12 months, you can just let it fall off.


+1  and if its past SOL, the FOAD letter would be in order if you are not interested in settling it out.

EX Cred Ses 07/14: 770 ; EX Fico 04 V2 06/14: 775; EX Fico 08 07/14 778 ; EX Fico 08 BC 07/14: 800
EQ Fico 05/14 781 ; EQ MPM 07/14: 721
TU Fico 8 07/14: 719; TU MPM 06/14 706
Community Leader
Valued Contributor
azguy13
Posts: 5,375
Registered: ‎04-30-2013

Re: Phantom debts


BatHunters wrote:

Check your states Statue of Limitation, you could negotiate it much lower if it's out of SOL. Also keep in mind if you know you won't be applying for any more loans within 12 months, you can just let it fall off.


Do not state over the phone that it is your debt. Deal with them through certified mail return receipt requested.




NFCU Flagship $25,000 I AMEX SPG $23,000 I Chase Sapphire Preferred $17,500 I Discover IT $12,000 I
Member
Thechallange
Posts: 22
Registered: ‎10-24-2013

Re: Phantom debts

 

SANTANDER CONSUMER U  
Hide Details30

 

 

02/19/2007 $0   02/29/2012  n/a 

SANTANDER CONSUMER USA

PO Box 961245
Fort Worth, TX-761610244
(800) 923-9282

Account Number:

 

Status:N/A 
Account Owner:Joint Account High Credit:$13,734  
Type of Account An installment loan has a fixed number of payments and the same payment due each month, such as a car loan or student loan.:InstallmentCredit Limit: 
Term Duration:61 Months Terms Frequency:Monthly (due every month) 
Date Opened:02/19/2007  Balance:$0  
Date Reported:02/29/2012 Amount Past Due: 
Date of Last Payment:01/2012 Actual Payment Amount: 
Scheduled Payment Amount:$407  Date of Last Activity:05/2008 
Date Major Delinquency First Reported: Months Reviewed:N/A 
Creditor Classification: Activity Designator:Transfer/Sold 
Charge Off Amount: Deferred Payment Start Date: 
Balloon Payment Amount: Balloon Payment Date: 
Date Closed:01/2012 Type of Loan:Auto 
Date of First Delinquency:N/A
Comments: 

81-Month Payment History

 

No 81-Month Payment Data available for display.

 

Member
Thechallange
Posts: 22
Registered: ‎10-24-2013

Re: Phantom debts

This is what it look like on my credit report 

Valued Member
BatHunters
Posts: 50
Registered: ‎03-24-2014

Re: Phantom debts

Well your last payment was 01/2012, which means the SOL is out of the question. It looks like you live in Texas and according to this web site, your SOL is 4 years. Looks like settling up may be your best option.

 

Was 01/2012 really your last payment?


Starting Score: 585
Current Score: TU FICO 693 EQ FICO 663 04/04/2014
Goal Score: 720


Gardening since 04/09/2014
Valued Member
BatHunters
Posts: 50
Registered: ‎03-24-2014

Re: Phantom debts


Thechallange wrote:

 

SANTANDER CONSUMER U  
Hide Details30

 

 

02/19/2007 $0   02/29/2012  n/a 

SANTANDER CONSUMER USA

PO Box 961245
Fort Worth, TX-761610244
(800) 923-9282

Account Number:

 

Status:N/A 
Account Owner:Joint Account High Credit:$13,734  
Type of Account An installment loan has a fixed number of payments and the same payment due each month, such as a car loan or student loan.:InstallmentCredit Limit: 
Term Duration:61 Months Terms Frequency:Monthly (due every month) 
Date Opened:02/19/2007  Balance:$0  
Date Reported:02/29/2012 Amount Past Due: 
Date of Last Payment:01/2012 Actual Payment Amount: 
Scheduled Payment Amount:$407  Date of Last Activity:05/2008 
Date Major Delinquency First Reported: Months Reviewed:N/A 
Creditor Classification: Activity Designator:Transfer/Sold 
Charge Off Amount: Deferred Payment Start Date: 
Balloon Payment Amount: Balloon Payment Date: 
Date Closed:01/2012 Type of Loan:Auto 
Date of First Delinquency:N/A
Comments: 

81-Month Payment History

 

No 81-Month Payment Data available for display.

 

Or was is the 2008 date I just highlighted?

 


Starting Score: 585
Current Score: TU FICO 693 EQ FICO 663 04/04/2014
Goal Score: 720


Gardening since 04/09/2014
Member
Thechallange
Posts: 22
Registered: ‎10-24-2013

Re: Phantom debts

I live in NJ where the SOL is 6years.....i cosigned for this loan in 2007, by 2008 early 2009 this vehicle was repo. The only reason it took so long to recover the vehicle was because their was no tracking device and the family member lived out of state (bla bla bla) but i know for a fact that recovey was in place in summer of 2008. Last payment was not in 2012. Last payment was in 2007, 2008 at best. Equifax coding tnis account rath well it posting on transunion and experian as delinquent.

Valued Member
BatHunters
Posts: 50
Registered: ‎03-24-2014

Re: Phantom debts


Thechallange wrote:

I live in NJ where the SOL is 6years.....i cosigned for this loan in 2007, by 2008 early 2009 this vehicle was repo. The only reason it took so long to recover the vehicle was because their was no tracking device and the family member lived out of state (bla bla bla) but i know for a fact that recovey was in place in summer of 2008. Last payment was not in 2012. Last payment was in 2007, 2008 at best. Equifax coding tnis account rath well it posting on transunion and experian as delinquent.


My guess is the sale of the account triggered the 'last payment' status in 2012. I wouldn't even worry about it then. SOL is up or about to be up. I would just ignore it and let it fall off.

 

ps, not legal advice, just telling you what I would do :smileyhappy:


Starting Score: 585
Current Score: TU FICO 693 EQ FICO 663 04/04/2014
Goal Score: 720


Gardening since 04/09/2014

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+