please help, woke sleepy, confused what to do

[Anonymous]

I accidentally woke a sleepy giant, recently after getting my reports in OCT I had a wells fargo 2012 CO for a little over 2k. the account was listed twice so I disputed the second. 

I've been trying to save $ to eventually  pay this off bc I want to keep my vehicle. however they still have title. 

anyway, I have no where near enough saved yet. and I'm still within SOL. 

yesterday I got a letter from NCB saying they have it. their bill  is dated early NOV but has a settle offer for 50% due by 30 nov. (which I don't have) 

ltr says if I don't have it, no prob,they'll do a pay arrange to pay 3k, the original co plus 1000 interest which they say is accumulating daily. 

I don't want to have to pay plan to include interest. I very much want to pay this so I can get my title. I don't know if this collection even has my title, I don't know how to find out who has it.  the problem I have is time/money. 

I can't possibly get 1k together to settle by end of month. I may be able to get 1k scraped together in 3-4 mos. my original plan when I started this was to save the whole amount of CO and just PIF, but now this new CA has interest tacked to it, so it seems that plan is no good, and now clock is ticking. 

I don't know what to do. I know this letter is considered a "donning", but I don't see point of DV since I know I have CO with who they say I do. 

I just want to take care of this , and move on. question is how? is it going to kill whatever little points I have been increasing (fako 578 up from low 500's) by settling over PIF?  last check they were not reporting but I"m sure after the 30 days is up they will start. there is no way I can give their amount requesting them not to report, I simply don't have the settle amount in full. 

any help appreciated. I screwed myself thinking I had just a little more time....was paying and taking care the smaller ones first, now giant roaring and once again a mess. 

[CH-7-Mission-Accomplished]

OP, I feel bad for you.  Sometimes disputing results in unintended consequences.  Doesn't make it fun.

Sounds like you can either enter into the payment plan or just ignore them and hope they don't sue you.

Just curious, if it's a secured loan and they have a car title, is there any reason they haven't just repo'd the car?  I haven't heard of a chargeoff with a car without a repo, except to the degree there is a deficiency balance.  Just curious.

[RobertEG]

FDCPA 808(1) covers the assessment of interest by a debt collector.

If the original loan agreement did not specify that a subsequent party to the debt could continue to assess interest, then you may have basis for contesting their cotinued assessment of interest.  Howver, if your account agreement with the OC permits such assessment, it is proper.

Do you have a copy of your original loan agreement?

[Anonymous]

i have no idea. maybe bc bal was so low? what also concerns me is that I remember account co in 2011. at that time i owed 4k something, and I sent the OC a payment for half, which at the time they did accept, leaving this balance due. I didn't enter a written plan to repay but had full intention on it, then life happened and I couldn't. well now the account is reporting DOFD on THAT payment, not the original CO. Unfortunalty, I wasn't the best record keeper at the time, but I may have copies of old CR that show prior to making that lump sum payment. I never received a receipt for that payment either, just the balance due on the CO went down in the same amount I sent. 

everything I read on here re DOFD and reaging would appear that the oc illegally reaged when I sent that payment in, unless I'm misinterpreting law which is possilbe. 

not that it woud matter too much but the original DOFD in 2011 would have SOL be up 3/16.  since they have it now changed to date I made that payment, it's 2017. is that even worth challenging? If so, I really don't know how or where to begin. after dispute with CRA, (which I did wrong according to forum bc I did it via the free annual) the one CO i'm talking about came back validated. 

have you ever heard of a CA still willing to settle lump sum if you wait it out a few months ? I'm still not sure if I pay them I would actually get my title in the end though. 

should I contact the OC, maybe via a (cc) of a  DV to this CA not only asking for validation but asking who has my title, and whether or not I'd be receiving my title if settlement is fullfilled? 

I was honestly hoping to just have enough saved in a few months, pay the balance to wells as I had before then get my title. I really screwed that up on top of screwing my credit in the first place. I swear never ever again. at midlife, I can't afford to ever make these kind of problems for myself. once, if I ever do successfully fix this mess, having had to learn the lesson repeatedly, I think I've finally learned.

[Anonymous]

I don't off hand. I may in a box somewhere. we moved twice since then . but I will be looking this week for sure. 

I also have to find my old CRAs that show the DOFD prior to the 2k payment I made after it was charged off, in hopes I could pay the other 1/2 in short time. unfortunately I wasn't able to, but from everything I'm reading says that  payment shouldnt change the DOFD . I'm not sure now if I read right, or if it even matters other than for the SOL date which I'd still be just a few months away if going by original DOFD. 

bottom line is I still want to pay this thing, and get my title. I just can't in the 25 days the CA is giving me, nor do I want to almost double the debt w/ interest though. 

uggh