Re: Sad Day :([ Edited ]
11-12-2012 11:48 AM - edited 11-12-2012 11:49 AM
Thanks guys. I know what you all mean and I do not mean to sound like I am blaming other people for my debt. The only reason I refused to pay was because the normal tactics of a CA. I.E being called immature, irresponsible, and sorry. Just because I offered a 200 a month payment plan, and I couldn't meet there 2k down and 450 a month or so plan. I offered to pay through the OC but they once again referred me to Arrow to make payments, who still won't accept my payment plan. Also, I would not be lying in regards to the debt on the Mortgage application. It still will show I owe the debt. It wasn't the fact I owe it the underwriter was concerned about, it was the fact it still was reporting 120 day lates but closed and another CA was trying to collect it. They wanted me to clear that up. I know now I sound like an irresponsible person. But I am not, I am just being cautious with a debt I cannot afford to pay in full.
Would it be possible to use the money you and your fiance had set aside for closing costs to offer a settlement on this account? I think it's very possible for you to get this settled in full for $2k or less.
You stated the original balance was $3,750. I assume the car was sold at auction after the repo- Do you have any paperwork showing the balance owed after the car was sold, and that the proceeds were applied to the amount you owe?
Even if you don't pay, and the account falls off your reports, that won't stop another scummy CA from buying the debt, re-aging it, and putting it back on your CR. Your best bet would be to settle, get everything in writing (no phone calls to anyone!), and have the CAs agree to remove the tradelines as a condition of settlement.
Good luck, and I hope everything works out for you.