Santander Consumer Charge Off

Anonymous · ‎12-28-2016

I have spent this past year rebuilding my credit. I didn't work for one year and in January of this year all three credit scores range 413-423 I have managed to get into the 600's this year using tips from Credit Karma. I just recently found this site and started implementing all of the helpful tips and that is what put me over the 600 mark finally.

Anyhow during that time not working my loan from Santander Consumer has been charged off I have managed to pay this down to the halfway mark but at this point I would like to get this thing off of my CR. I'm seeking any helpful advice how should I go about getting this removed. I will be able to pay if full soon but should I make an offer of a settlement amt? I have sent three PFD's in the last six months with no response. What should be my next course of action? I need a new car and the old car isn't worth what is owed, not that it really matters but I'll be in need of another car loan soon. Whatever you guys can offer to help I really appreciate it.

I have now filed a complaint with the BBB since all of my attempts to pay this debt have been ignored by this com pany.

gdale6 · ‎12-29-2016

Santander is a known PITA. Getting a PFD from an OC is nearly impossible its more geared to a collection agency. I would settle this with them even if you dont get a PFD and if its out of SOL I would settle for less than whats owed. I would try working with the exec office of Santander on this.

Anonymous · ‎12-29-2016

thank you!

I have been searching for contact information for the executive office but my search always sends me back to the same address that is found on their website. I wonder if anyone knows where that info can be found would be very helpful.

gdale6 · ‎12-29-2016

http://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=304651

Anonymous · ‎12-29-2016

Thank you very much I appreciate the help this has been going on way too long.

Anonymous · ‎01-06-2017

My complaint with the bb has been reviewed by Santander and this was their response in a nutshell "We respectfully decline to make any changes to the information reported for this account or to settle the account for less than the amount owed."

I am going to call them and have them do a voluntary repo on the car because I am paying four times what the car is worth and I refuse to make any more payments on this vehicle at all if they won't accept settlement they can have the piece of junk back.

RobertEG · ‎01-06-2017

Unfortunately, any credit report deletion of valid information is totally voluntary on the part of the creditor.

In fact, their credit reporting agreement with the CRAs includes their agreement not to delete their reporting based on payment of the debt.

Complaints to the CFPB or BBB lack basis for any violation on their part, and such confrontations will likely hinder their good will rather than entice voluntary deletion.

Not paying unless they delete the reported charge-off is certainly your choice.

However, things can get worse if the debt remains unpaid.

If still within SOL, they can initiate civil action.

A repo will likely be reported to the CRA, adding another major derog.

Additionally, it is common for creditors to either assign or sell a debt to a debt collector after taking of a charge-off, adding a collection to the consumer's credit report.

If they refuse to do a PFD, then the next best thing is a payment for less, along with the provision that they not report "settled/paid for less" to the CRA.

That is never a favorable comment, as it advises others that you have a history of not paying the full debt you incur.

Thus, an offer to settle with the provision that they not report settled for less to the CRA would be a way to both settle the debt and avoid further damage.

Anonymous · ‎01-18-2017

I countered their initial response and now they have come back with another offer of settlement for less after charge off. I am not asking that they not report anything that is factual I am asking that they help resolve a situation. The issue is I have been paying on time for more than a year and they haven't reported that payment history in fact that report no payment received month after month.

Should I ask that they not report settlement after charge off or just accept this offer?

RobertEG · ‎01-18-2017

If you are making payments and they are not updating the current balance to reflect the reduced debt, that is a violation of the FCRA, and not fodder for a good-will request.

Any furnisher assumes the statutory obligation under FCRA 623(a)(2) to "promptly" update any reported information as becomes necessary to reflect its current accuracy.

File a dispute over their lack of compliance with section 623(a)(2).

If they still fail to update, they then become subject to either/or civil action or CFPB complaint over lack of compliance with section 623(a)(2) and lack of reasonable investigation of a dispute of accuracy.

Anonymous · ‎01-30-2017

Just a quick update on this situation

On January 16 Santander sends me a settlement offer due no later than February 10. However on January 27 they sent the vehicle out for repossession. The vehicle was repossessed on January 28, 2017. I didn't know the car was gone until I was headed out to the bank to get the money to pay the settlement and the car was gone. The customer service rep and her manager said that the settlement offer doesn't mean anything and that I would have to pay an additional 923.00 to get the car back. How could they make any changes on the account during the grace period that they set in place. I don't believe that anything should have taken place until at least February 11. I am filing a complaint with the attorney general on this one. Santander is committing fraud, it appears that they never had any intention of accepting the settlement offer and ony made an offer as a distraction. If they would have waited until the deadline they would have their money. This company will not get another dime from me.