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joeyoey
Posts: 124
Registered: ‎03-21-2014
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Santander question

Hi everyone,

 

I've got an old account with Santander from late 2009/early 2010 which resulted in a repossession.  According to my most recent MyFico report, the balance due is $4'290.  Last night I started digging through old emails & I found an email from Santander dated March 1st of last year.  In the email they say the balance due is $5'019 (which seems odd to me since the balance now is LESS).  As of 3/1/2013 they offered to take a settlement for 30% of the amount due - $1'506.

 

In the old email they say I only had 30 days to accept the deal & I've not heard from them since.  On my CR's it's listed as "Charge-off", "Charged-off as bad debt" & "Unpaid balance reported as a loss by credit grantor".

 

To me it seems odd that the balance from last year is more than the balance that's currently being reported.  Is this grounds for having it removed/disputed?  I'm actually willing to try & pay their settlement (and I'd actually prefer it if I could get it removed) but 4.5 years after the fact it seems pointless to pay anything if they're not going to remove it.  I've heard that they're "difficult" to work with.  I have no big plans to need credit in the next few 2 years & if they're not going to remove it, I'm guessing I would be better off to just let it fall off in late 2016.  (I've got other creditors that I'd rather spend that $1500 on if I can actually gain something from it)

 

I'm not 100% sure how the SOL works but I THINK it's beyond the time where they can sue (the loan was taken out in NC).  

 

Does anyone have any advice how to handle this>

 

Thanks!

 

Joey



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Mega Contributor
RobertEG
Posts: 17,456
Registered: ‎03-19-2007
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Re: Santander question

You can certainly dispute the accuracy of any reported information.

However, the goal of any dispute is to correct the consumer's credit file.

Deletion is only mandated if the information cannot either be verified as correct as currently reported, or updated to correct the inaccuracy, and deltion extends only to the information under dispute, not other information that remains accurate.

 

I would carefullly review your account records and first determine the actual amount of the delinquent debt, including accrued interest while delinquent, prior to disputing the current balance.  You may end up with a correction that updates their reporting by increasing the current balance.

 

Regular Contributor
NWintellectual
Posts: 201
Registered: ‎12-11-2013
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Re: Santander question


joeyoey wrote:

Hi everyone,

 

I've got an old account with Santander from late 2009/early 2010 which resulted in a repossession.  According to my most recent MyFico report, the balance due is $4'290.  Last night I started digging through old emails & I found an email from Santander dated March 1st of last year.  In the email they say the balance due is $5'019 (which seems odd to me since the balance now is LESS).  As of 3/1/2013 they offered to take a settlement for 30% of the amount due - $1'506.

 

In the old email they say I only had 30 days to accept the deal & I've not heard from them since.  On my CR's it's listed as "Charge-off", "Charged-off as bad debt" & "Unpaid balance reported as a loss by credit grantor".

 

To me it seems odd that the balance from last year is more than the balance that's currently being reported.  Is this grounds for having it removed/disputed?  I'm actually willing to try & pay their settlement (and I'd actually prefer it if I could get it removed) but 4.5 years after the fact it seems pointless to pay anything if they're not going to remove it.  I've heard that they're "difficult" to work with.  I have no big plans to need credit in the next few 2 years & if they're not going to remove it, I'm guessing I would be better off to just let it fall off in late 2016.  (I've got other creditors that I'd rather spend that $1500 on if I can actually gain something from it)

 

I'm not 100% sure how the SOL works but I THINK it's beyond the time where they can sue (the loan was taken out in NC).  

 

Does anyone have any advice how to handle this>

 

Thanks!

 

Joey


Looked up SOL for NC and it is 3 years for written contracts and 5 years for Promissory Notes. Assuming this car loan falls into the latter category, the SOL does not expire until later this year (if considered just a written contract, the SOL expired in 2012).

 

Given they have another 6-8 months in which you could be sued, it would be in your interest to settle. I know from personal experience they (Santander) is an impossible nut to crack. The offer you were given is very generous given their normal rules toward settling accounts (scheduled forecast in hell must be below 80 degrees). By not taking the offer you are effectively rolling the dice they won't sue at the last minute and get a much larger judgement against you. Keep in mind that said judgement would have its own CRTP (effectively extending the period this debt would be on your report to sometime in the early 2020s).

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Contributor
joeyoey
Posts: 124
Registered: ‎03-21-2014
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Re: Santander question

To be completely honest I have no clue what the real balance is.  I moved in early 2010 & most of my financial records for the car loan have gone missing (I'm thinking they got tossed out in error at some point or another).

 

One other thing I noticed that was interesting about the email from last yeat that I forgot to mention in the previous message...

 

They mention that if I payed the pay off amount they would forward the title to my car.  I actually did a CarFax check on the car last night & this car wa sauctioned off in July 2010.  So, they say the balance is actually higher than it is & then they say that if I pay the balance they'll send me the title for a car that was auctioned off almost 3 years earlier.



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RobertEG
Posts: 17,456
Registered: ‎03-19-2007
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Re: Santander question

I would speculate that the hgher reported balance was pior to ther dispostion of the vehicle, and that the new balance is an update based on their accounting of their net loss.

Contributor
joeyoey
Posts: 124
Registered: ‎03-21-2014
0

Re: Santander question

RobertEG, that makes sense.  I hadn't thought of that.  But, why in the world would they offer to send the car title...when the car was sold 3 years prior??

 

Does anyone know what the true SOL is on a car loan in NC?  I can't seem to find a concrete answer anywhere.  Some places say 3 years, some say 5.



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CreditHealthy
Posts: 582
Registered: ‎05-22-2011
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Re: Santander question

Hello, I can't remember all of the details but, I use to have an account with Santander around the same time with a Voluntary repossession. Well, long story short, Santander was involved with a Class action law suit and as a result, their tradeline was deleted from my credit profile. you may want to do some research on this,you may not owe them a dime now.  GOOD LUCK!!!!

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Regular Contributor
MortgageMinded
Posts: 189
Registered: ‎01-24-2014
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Re: Santander question

[ Edited ]

OK... I am in the EXACT same circumstances and I need to know what you did to get the debt settled?    I owed about $6k and was offered a settlement for the amount of $2400 by email.   I no longer have the vehicle and it's since been sold.   The 6k includes the deficiency.  

 

My state has the same SOL and I have til next year before the SOL runs out.   I really need solid advice how to proceed forward.  What is the class action suit against them and how do I find out if my account is eligible.  To be honest, they haven't contacted me in over a year and I want to buy a home, but how can I make sure that once this is paid they will not pursue further collection activity for this debt.

 

Thank you all for your honesty....   Feel free to PM if you are not comfortable telling me on the forum.

 

Much appreciated. 


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