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Hello all,
I'm in the process of rebulding my credit - main reasons were an ARM that skyrocketed (now fixed), student loans (now consolidated) and an auto repo.
My concerns are auto repo that occurred in June 2008 and is now with Portfolio Recovery. I disputed the collections account on my credit report and Portfolio mailed me copies of the contract, letters of repo, etc so I know they have the proper documentation. Here is where I feel my situation is unique: the loan was for $34K. C1 received $6K for the vehicle at auction and the remaining balance is $10K. Adding up my payments and the $6K from the auction it totals over $40K. How should I proceed? Should I settle? Any information is greatly appreciated. Thank You
@Anonymous wrote:Hello all,
I'm in the process of rebulding my credit - main reasons were an ARM that skyrocketed (now fixed), student loans (now consolidated) and an auto repo.
My concerns are auto repo that occurred in June 2008 and is now with Portfolio Recovery. I disputed the collections account on my credit report and Portfolio mailed me copies of the contract, letters of repo, etc so I know they have the proper documentation. Here is where I feel my situation is unique: the loan was for $34K. C1 received $6K for the vehicle at auction and the remaining balance is $10K. Adding up my payments and the $6K from the auction it totals over $40K. How should I proceed? Should I settle? Any information is greatly appreciated. Thank You
It goes by what was owed at the time of the repo and any fees/interest tacked on there. So I take it that you owed 16K at the time of the auction? They sold for 6K and the remaining is 10K that has been turned over to Portfolio.
thank you for your reply - I was hoping that since they had received over $42K for a $34K loan that I may have some sort of defense. I want to handle this quickly and efficiently. Please let me know if this is the correct process I should follow: 1. Send a certified letter to Portfolio offering to settle for X%, 2. removal of the collections tradeline (both mine and wife's report), 3. Acct paid with balance above settlement not sold to another CA
Again thank you for any information
Sure it sounds good. It's always good to get rid of a baddie, even better with a discount. Good Luck!