Santander charge off... What to do

[Shawndajoy]

I have recieved an amazing amount of help from these forums and I thought I would reach out for advice. I have a charge off with Santander that is reporting as charge off every month. I would like to get it squared away although I know it will not help my score but I would like to purchase a home in about a year. My car broke down and I could not afford the $5k in repairs at the time. The car was worth nothing by that point so trading was not an option. Somehow I made 6 years of payments totaling almost $30k for a $16k loan. I voluntarily gave it up and I would love advice on how to handle this. It is 2 years old now and the co is $6K. I never recieved any statements, auction info, or anything after they picked it up. I don't want to risk it going to judgement! I have even rebuilding for a while now and am now in the 600s although I still have a ways to go! Thanks in advance for any advice on how to tackle this one. I cannot pif at this time. Thanks!!! Please help!

[RobertEG]

If the loan is only two years old, then it has awhile before it reaches exclusion of the charge-off.

The DOFD will determine the exclusion date, and also likely sets the period of running of the SOL on the debt.

What is the reported DOFD?

It is common after reporting of a charge-off for the creditor to either refer the debt to a debt collector or sell the debt, thus recouping a bit more of their loss.

Thus, there is a chance of the addition of a collection.

Prior to any offers to pay the debt, you will need a reconciliation of the remaining debt balance after they disposed of the vehicle.

Are you considering at least making them an offer to enter into a payment plan to avoid reporting of a collection?

If not, then contacting them for a reconciliation of the debt might result in a review that could lead to collection referral or other legal action.

[Shawndajoy]

Sorry for the confusion. I meant the DOFD is 2 years ago. I do want to make an offer and reconcile for sure. It was immediately charged off. Thanks for your response!

[Anonymous]

I had a repo with them. Didn't receive any info regarding the car. I recently filed a BBB complaint and they completed removed it off my credit and I owe them nothing.

[Shawndajoy]

Hi Breezy78! I saw your note and thought about that, what was your complaint though? Just that they didn't send you anything? I have tried to call but just get automated voicemail. I fear if I don't try to take care of it, they will take me to collections... I'm starting to think they handle their own collections though since it has been two years and no word from anybody...

[Anonymous]

My complaint was I didn't receive anything regarding the status but they said I still owed almost $9k. They claimed they sent info to me to some address in Illinois but I live in California. Through the BBB complaint I presented evidence that they did not.

[Anonymous]

And mine was from 3 years ago. I think they just keep updating the charge off and don't send it to collections.

[Shawndajoy]

May I ask what was your evidence? Thanks again!

[Shawndajoy]

I'm guessing they said they sent it to Illinois in response to your complaint. Gotcha

[Anonymous]

That I didn't live in Illinois and provide all my addresses and when I updated with them. I provided a detailed time line. The car was repoed in California and picked up my belongings in Cali as well. Based on that, they deleted the account and forgave the debt. You should check your states laws regarding repossession.