Santander Bank willing to "Settle" my car loan and mark as Charge Off on my Credit File...Good??

[Anonymous]

5 years ago, I purchased a used car for my then Ex-Girlfriend, from a shady dealer and the car was a lemon. She drove the car for few months and the repair bills were just accumulating. We broke off our relationship and after few months she decided to give back the car to the dealer, which I didn't have any idea about this.
Fast forwarding to today, I tried to buy a new house and found out that there was a Derogatory Remark of Charged Off Account on my Equafax Credit Report.
I called Santander Bank and spoke with the customer Service who advised me that because of the bad remark, my loans will get a negative impact. And asked me to pay of total payment of $13,000 or I can also settle the Charge off by paying half in the amount of $6000. She also said, If I pay the $6000, she will send me the letter and will update my Credit File as, "Settled Charged Off", which will show on my credit file.
Question is, Having "Settled Charged Off" on my credit file any good? And is this going to affect my credit score in a positive way and will this help me get Mortgage loans or will impact in getting any loan for that matter??

Thanks for the help in advance. 

[blindambition]

Before settling anything, I'd check if your state falls under the predatory settlement they just were forced to pay. You might not be responsible to pay. That TL might rightfully be able to be removed from reports.

Paging @AllZero , Do you have that long Suntander post bookmarked? I can't find it!!

[Anonymous]

Thanks for the reply and Thats very interesting.... how do i find out??

[AllZero]

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@blindambition wrote:

Before settling anything, I'd check if your state falls under the predatory settlement they just were forced to pay. You might not be responsible to pay. That TL might rightfully be able to be removed from reports.

Paging @AllZero , Do you have that long Suntander post bookmarked? I can't find it!!

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@blindambition  I do not. I haven't done any research on Santander. If I come across it, I will post up.

[blindambition]

There's a large post here on the subject. Currently searching. You could also do a Google search on Suntandar settlement. Include your state in search. Many state AG are involved.

[AllZero]

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@blindambition wrote:

There's a large post here on the subject. Currently searching. You could also do a Google search on Suntandar settlement. Include your state in search. Many state AG are involved.

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Is this it? Update Santander (Deleted) 550 Million Settlement with Deletion of loans possible 

[blindambition]

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@AllZero wrote:

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@blindambition wrote:

There's a large post here on the subject. Currently searching. You could also do a Google search on Suntandar settlement. Include your state in search. Many state AG are involved.

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Is this it? Update Santander (Deleted) 550 Million Settlement with Deletion of loans possible 

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a That's the one!! Great job my friend!! 😊  

[AllZero]

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@blindambition wrote:

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@AllZero wrote:

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@blindambition wrote:

There's a large post here on the subject. Currently searching. You could also do a Google search on Suntandar settlement. Include your state in search. Many state AG are involved.

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Is this it? Update Santander (Deleted) 550 Million Settlement with Deletion of loans possible 

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a That's the one!! Great job my friend!! 😊  

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Glad to be of service.

[Anonymous]

Thanks so much guys @AllZero @blindambition !!! Will do all my research and will do this! I really hope this applies to NY as well. 

[AllZero]

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@Anonymous wrote:

Thanks so much guys @AllZero @blindambition !!! Will do all my research and will do this! I really hope this applies to NY as well. 

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You are welcome. Good luck! I hope you will be able to resolve this situation.