@Anonymous wrote:
I had a loan for 14,000 through Wells Fargo that defaulted. They auctioned the car off for 7000 and it left me a remaining balance of 7000. I want to settle. When I called them I offered them 40% which is around 2800. They said they can only settle for 70% wich is around 4900. I can give them the 2800 I offered them now but they said that payments on the remaning 2100 would not be an option and it would have to be paid in full within 30 days. They also said that a pay for deletion is not an option. Does anyone have any experience with this? I tried speaking to a supervisor about my options and the customer service rep refused to put me through to one saying that they couldn't offer me anything different. Any suggestions on my next move? I just want this gone.
You have two choices -
1) Leave it alone, it will come off in seven years
2) PIF (Pay In Full), which is better than outstanding or partially paid
Most banks/lenders will not offer PFD because they have to pay for your credit file to be updated. Imagine doing that a few thousand times if word every spread companies were widely accepting partical payment for deleted negative info.
It's technically illegal as well, there's some grey area we are operating in asking for PFD's...
