topic Re: Defaulted on Loan in Rebuilding Your Credit

Defaulted on Loan

ashdown1967 — Mon, 20 Aug 2012 05:42:10 GMT

Hello,

I defaulted on a loan almost five years ago. I need to get this account in good standing on my credit report because I would like to buy a house. I can't just pay it in full it is $5,500. Does anyone know if Pioneer loans have a rehabilitation program,Or Should I try and settle it.

Thanks in advance for your anwsers

Re: Defaulted on Loan

llecs — Mon, 20 Aug 2012 14:16:38 GMT

Do you know if SOL expired? Save up the $5500 as fast as possible (you can always settle).

Re: Defaulted on Loan

ashdown1967 — Tue, 21 Aug 2012 01:19:59 GMT

Hello,

Yes the SOL has expired.

Thanks

Re: Defaulted on Loan

llecs — Tue, 21 Aug 2012 02:38:45 GMT

You probably can't get it in good standing if charged-off. I'd send PFDs with the settlement amount.

Re: Defaulted on Loan

ashdown1967 — Mon, 27 Aug 2012 04:56:30 GMT

Okay thank you.

Re: Defaulted on Loan

Shogun — Mon, 27 Aug 2012 11:40:34 GMT

With the account being past the SOL they may be more likely to work something out with you. They get paid something and you get your CR cleaned up a little. It's a win/win.