Valued Contributor
rckstrscott
Posts: 2,659
Registered: ‎04-25-2011
Re: Sad Day :(

Tischer712 wrote:
It's not that I refuse to pay the debt. I owe the debt I know that. But when they paid another company to try a collect it and they used tactics like they did. They won't see a penny out of me. On top of that I know as soon as I make a payment all hell will break loose.

You do know that legally you still have to tell a lender if you owe outstanding debt even if it doesn't show right? If you are comfortable fibbing on your mortgage application, by all means...

 

I understand the principal, but this is your debt, that you accrued, and assigning blame to another entity just to avoid personal responsibility is iffy at best. If they are partaking in illegal practices you should call them on that, but if they are just doing what collection companies do, then this falls back on you. In addition, it should have be explained to you that outstanding debt like this needs to be paid prior to being approved for a mortgage. So this shouldn't have come to a shock to you. 

 

Blaming the lender, blaming the repo, blaming the collection company gets you no where.

 

I 100 percent empathize. I had to pay over 20k worth of iffy accounts, a repo, a back tax issue, and an eviction judgement (similary, they hit me for 7k in fees on a 1k judgement) but I weighed getting my dream owe heavier than personal vendettas against a collection company or apartment complex.

 

If I was in your situation, if the repo is 3750, and its likely out of the SOL and will only report for another year, I would offer them a token sum to settle the debt, because as you have pointed out, in a year no one will no it exists (although they can keep trying to collect this debt forever)

 

-scott

Starting FICO Score: 10/10: TU 498 | EQ: 502 Current FICO Score(lender pull): 05/12: TU: 722 | EQ: 712 | EX: 686
Collections Removed: Hunter Warfield, CBE Group, Merchants Credit Guide, EOS-CCA, Enhanced Recovery, Portfolio Recovery, UCB, American Collection Company, Medical Business Bureau, Jefferson Capital, Credit Portfolio Associates, FCO, LVNV, Convergent, Armor Systems
Other Negative Entries Removed:Plains Commerce CO, HSBC CO, 2008 Judgment Santander Reposession

Still Working On: Illinois Paid Tax Lien,
Positive Accounts:10/10: 0 | 07/12: 6 | Mortgage Closed 5/12, Macy's AMEX $3900, Citi/Home Depot $2000, Capital One Cash Rewards $1500, Capital One Secured $500, Credit One Bank $500. Total Utilization: 6%. AAoA: 1yr, 7mth. INQS: 8 TU, 8 EQ, 4 EX