Please help.

[Kimberly68]

This is from the lender:  I co signed and am seeking to negotiate the balance and need help the person who had the vehicle is in no position to pay and want to know If we offer 40% will be acceptable.

CNAC IN101

REPORT DATE: 10/15

DATE OPENED:  01/11  $12231   Balance  $7381

DLA:   06/12

Late Dates: 9/15-120, 8/15-120, 7/15-120, 6/15-120, 5/15-120, 4/15-120, 3/15-120, 2/15-120, 1/15-120, 12/14-120, 11/14-

120, 10/14-120, 9/14-120, 8/14-120, 7/14-120, 6/14-120, 5/14-120, 4/14-120, 3/14-120, 2/14-120, 1/14-120, 12/13-120,

11/13-120, 10/13-120

INVOLUNTARY REPOSSESSION

[tussking]

Personally I would offer them just above 30% in one lump sum. I would call and say I work very hard and have very little savings. I can offer you $3900 in a one time payment if you would accept and consider this matter closed and paid in full. YOU MUST GET IT IN WRITING. Do not just allow them to take the $.

[gdale6]

I would first confirm this is past your states SOL, if not they can still use the court system to obtain a judgment for the full amount. Once its past then you can make less than full value PFD offers and getting it in writing as states is the Gold Standard however, if they wont put it in writing but will acknowledge it over the phone then I would record the call.

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/PFD-Q-amp-A-Examples-and-PFD-Success-Stories/...

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/PFD-Example-Letter/td-p/4519

[Anonymous]

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@Kimberly68 wrote:

This is from the lender:  I co signed and am seeking to negotiate the balance and need help the person who had the vehicle is in no position to pay and want to know If we offer 40% will be acceptable.

CNAC IN101

REPORT DATE: 10/15

DATE OPENED:  01/11  $12231   Balance  $7381

DLA:   06/12

Late Dates: 9/15-120, 8/15-120, 7/15-120, 6/15-120, 5/15-120, 4/15-120, 3/15-120, 2/15-120, 1/15-120, 12/14-120, 11/14-

120, 10/14-120, 9/14-120, 8/14-120, 7/14-120, 6/14-120, 5/14-120, 4/14-120, 3/14-120, 2/14-120, 1/14-120, 12/13-120,

11/13-120, 10/13-120

INVOLUNTARY REPOSSESSION

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Before paying anything I would demand documentation of the deficiency after the sale of the repossessed vehicle.

[Anonymous]

BTW, a quick google search seems to indicate CNAC is a pretty shady operator. I wouldn't be surprised if they have sold the vehicle and not applied it to the balance.

[Kimberly68]

My niece and I composed a letter asking to settle the account sent to the CEO via email. She received an email response accepting the 2500 suggested settlement to be paid un 4 installments. She has to call to confirm but we will keep everything in writing. The only thing is they will not delete.

[Kimberly68]

I actually co signed for her and she is now on disability and unable to work.