topic Re: Avant Charge Off in Rebuilding Your Credit

Avant Charge Off

Anonymous — Tue, 25 Feb 2020 14:37:21 GMT

Hello all! Newbie here. I have been in the rebuilding process for about a year. I have a charge off for an Avant loan I am ready to tackle. The loan first reported in 2014 but it was just charged off in 2019. I had attempted to work with Avant in the past in regards to trying to workout a payment plans. They were requesting a large lump sum which has not been financially feasible. I was advised by a credit counselor that at this point I am better off to just wait and see if a collection agency will pick it up and negotiate with them. I guess I am wondering...is that true? Is it possible Avant might be more willing to negotiate at this point since it has been charged off? Any suggestions for how to proceed?

Re: Avant Charge Off

haleyjen — Tue, 25 Feb 2020 21:01:23 GMT

Be careful with loans, they often forward them to law firms and sue, not just collection agencies.

Re: Avant Charge Off

Anonymous — Tue, 25 Feb 2020 21:09:46 GMT

Thanks! That being said, what do you think--do you think they might be more apt to work with me now?

Re: Avant Charge Off

coreysw12 — Tue, 25 Feb 2020 21:45:37 GMT

Avant never sent my account to a collection agency even after 3 years of non-payment.

I ended up settling with them directly for 50% (paid $4.5k on my $9k debt). They allowed me spread it out over 7 monthly payments of $650 each. YMMV.

Re: Avant Charge Off

Anonymous — Tue, 25 Feb 2020 22:03:47 GMT

Helpful, thanks!

Re: Avant Charge Off

Iusedtolurk — Wed, 26 Feb 2020 08:23:04 GMT

@Anonymous wrote:
Hello all! Newbie here. I have been in the rebuilding process for about a year. I have a charge off for an Avant loan I am ready to tackle. The loan first reported in 2014 but it was just charged off in 2019. I had attempted to work with Avant in the past in regards to trying to workout a payment plans. They were requesting a large lump sum which has not been financially feasible. I was advised by a credit counselor that at this point I am better off to just wait and see if a collection agency will pick it up and negotiate with them. I guess I am wondering...is that true? Is it possible Avant might be more willing to negotiate at this point since it has been charged off? Any suggestions for how to proceed?

If i understand correctly the loan defaulted in 2014? If so it only has a year or so before it falls off your credit report.(say for instance you defaulted in Feb 2014 it would drop off in Feb 2021).

If you are just rebuilding and not planning anything major I would just wait and let it drop off.

I would also ask for an Early Exclusion on the bureaus it's showing on.

6 months Transunio

3 month Experian

1 month Equifax

Re: Avant Charge Off

Anonymous — Wed, 26 Feb 2020 09:25:48 GMT

Yes went delinquent in 2014, but charged off in 2019. I have heard mixed info in regards it dropping off, so thank you for clarifying.

I live on a farm and wanted to make a tractor purchase with in the year.

Re: Avant Charge Off

Iusedtolurk — Wed, 26 Feb 2020 11:29:05 GMT

@Anonymous wrote:
Yes went delinquent in 2014, but charged off in 2019. I have heard mixed info in regards it dropping off, so thank you for clarifying.

I live on a farm and wanted to make a tractor purchase with in the year.

Ok that's what I was thinking.

1. Now look at the date of your first delinquency and 7 years from that date is when it's due to fall off report.

2. Subtract 6 months from the date for Transunion and that's when you can call and ask for an Early Exclusion.

For example: If first date of deliquency is Feb 1 2014 then Feb 1 2021 is when it's due to drop off...Early Exlusion request can be made

Aug 1 2020 which gives you 6 months early removal.

3. Subtract 3 months from Experian and that's when you can request one.

4. Subtract 1 month from Equifax and that's when you can request one.

*When asking for an EE always ask for a supervisor just tell the first agent you are asking for an EE and you know they don't have the authority to grant one. (If by chance you get a supervisor who's having a bad day and will not grant it...keep trying until you get one who will)

I did 3 Early Exclusion requests and each one was granted with the derogatory removed instantly.

Numbers

Equifax: 866-349-5191. TransUnion: 800-916-8800. Experian: 888-397-3742

Also when going for the loan ask what credit bureau they pull from you may want to shop around for the lender who may pull your best report.

Good luck

**You can send me some fresh fruits and vegetables whenever you want...once you get squared away

Re: Avant Charge Off

Anonymous — Wed, 26 Feb 2020 11:34:25 GMT

Thanks! This is super helpful! :-) Fruits and veggies huh? Will see what I can do Lol. We are under about 3 feet of snow right now, so it might be while!

Re: Avant Charge Off

Anonymous — Thu, 27 Feb 2020 15:55:29 GMT

Ok, so I went and pulled reports. I actually didn't start showing as last until feb 2016. This means it will continue to show until 2023. Given that I want to purchase a tractor soon (Gia is next 6 mos) better to negotiate for a pay for delete? Or do you think still ride it out?

Re: Avant Charge Off

coreysw12 — Thu, 27 Feb 2020 16:30:29 GMT

@Anonymous wrote:
Ok, so I went and pulled reports. I actually didn't start showing as last until feb 2016. This means it will continue to show until 2023. Given that I want to purchase a tractor soon (Gia is next 6 mos) better to negotiate for a pay for delete? Or do you think still ride it out?

"riding it out" is a bad idea - as long as Avant is still reporting a severely overdue balance every month, your scores will not get better over time, they will only get worse. I would give it at most maybe a couple more months of trying to get them to settle for better terms, but after that you may want to consider just taking care of it even with less favorable terms. In the meantime, start saving up cash so you can send them money as soon as you've agreed to a settlement.

Pay for Delete is your best bet - but they may not agree to it. If they don't, you should just "bite the bullet" and pay them anyways, so that at least the account will show as "paid" and not be reporting lates anymore. That will immediately bump your scores up a bit and you'll start seeing gains each month after that.

In other words, having them delete it would be great, but if they won't do that, don't let that stop you from taking care of the account regardless. 2023 is a LONG time to wait. Trust me, I know because that's the year my Avant account is scheduled to be deleted, too But since I settled it last year, it hasn't dragged my scores down too much, and I've been getting great credit offers even with that nasty old Avant account (and others) still tarnishing my reports.

Re: Avant Charge Off

Anonymous — Thu, 27 Feb 2020 16:34:29 GMT

Thanks! This is helpful! I will let everyone know how it goes!

Re: Avant Charge Off

Anonymous — Thu, 27 Feb 2020 20:54:00 GMT

good luck!

i'm kind of on the same boat as you.

have a charge off holding down my TU score. about to take care of it.

Re: Avant Charge Off

Anonymous — Thu, 27 Feb 2020 20:59:44 GMT

Thanks! I am hoping it will make a good bit difference. Trying to grow what I have right now and increase my scores. At this point this is the big doozie that is really holding me down

Re: Avant Charge Off

coreysw12 — Thu, 27 Feb 2020 23:29:53 GMT

When you have lots of positives on your report, you'd be amazed at how fast your score will go up after the last negative account isn't reporting as delinquent anymore.

When I finally paid the last delinquent account, my score jumped almost 100 points in one day, and that's without even having any of them deleted from my reports.

Re: Avant Charge Off

Anonymous — Fri, 28 Feb 2020 00:27:22 GMT

If you want to do a PFD, you'll have to ask if they agree to do so. Worst case, they say no. If a PFD is agreed upon I would try to get the PFD agreement in writing.

Re: Avant Charge Off

Anonymous — Fri, 28 Feb 2020 01:00:37 GMT

Thanks! I was thinking that no matter what I would to get any agreement in writing. What do you think?

Re: Avant Charge Off

coreysw12 — Fri, 28 Feb 2020 03:01:40 GMT

Definitely get the agreement in writing. If it's not in writing, it's not an agreement, and if they won't give it to you in writing then that's a big red flag. So always insist on getting any and every agreement in writing.

Re: Avant Charge Off

Anonymous — Mon, 16 Mar 2020 21:23:27 GMT

Question,

Avant is not willing to communicate with me via mail (actual mail). I have always been told to get any type of settlement in writing but they seem unwilling and keep telling me I need to call.

Re: Avant Charge Off

coreysw12 — Tue, 17 Mar 2020 15:55:39 GMT

It's fine to communicate by phone, just be sure they fax or email you a copy of the settlement agreement before you pay them. It's unreasonable (and maybe even illegal) for them to refuse to provide anything other than a verbal agreement over the phone.

If that still doesn't work, then just do what they do - record the phone call, and when they pick up the phone tell them "this call may be monitored or recorded for quality and training purposes"