@Anonymous wrote:
Hello everyone!
Let me tell you my story. Back in 2010 i financed a car through Car Max with Santander. At the time I was working and all was well. Got married (to my first husband-big mistake)had a child and then stopped working and became a housewife. My then husband was using the vehicle and basically ran the car to the ground. He was supposed to be paying the car payment but of course he didn't. It was repossessed and obviously we divorced. DOFD was July 2012. Fast forward to this year.... Santander sold the debt to Cascade Capital LLC who in turn assigned to a Collections Law firm to try to collect. Before I started looking into this board, I was in the process of Cleaning up my credit file and decided to pay this debt off to look good on my credit report (big mistake 2) Cascade and the Law firm Collection agency advised they could not do PFD so I paid it anyways. Original charge off amount was $5138 I settled for $2569. None of the Collection agencies are reporting on my file only Santander with a balance of $0 comments say: charge off as bad debt; purchased by other lender. I disputed it with all 3 credit agencies to update it as paid settled but it's showing as late: zero balance. Contacted Santander who advised that since I didn't pay them directly that they did not have to update it and could not update it. I also contact Cascade who told me basically the same thing and that Santander will not update It and that basically I was out of luck and to keep the paperwork saying I paid it just in case. Now I'm stuck with this on my credit report showing as late not paid. Is there any suggestions on what I can do? Thank you!
If they sold it updates are not required to indicate you paid it later they sold off their rights to another and it is reporting correctly. Be glad they did not update it as it would have caused a Fico score drop when the status date comes current. Your only hope is a GW letter campaign asking for the removal of the TL but since they took a loss they may not be in any mood to grant it, the older it becomes the better chance there is. Set up a schedule to send a GW letter to the banks CEO every so often.
