Going to be trying to settle today with Jefferson Capital and NMAC.
I have a 2k collection from Jefferson Capital originally Verizon.....if I understand, after 2 years it is outside of statute of limitations?
I have a 9k collection from Jefferson Capital for a repo from Feb 2019 (Exeter Finance originally)
I have a 10k charge off from NMAC from a broken lease. We missed the last 4 payments, but turned it in to the dealership. They still came back with a repo fee, and then charged us the full amount of the car after sale. Was not expecting this and am kicking myself for it. Anyways, the 4 payments and repo fee come to $1803.96.
Any advice on where I can start? Want to try to keep it under 5k.
Was thinking of offering 2-500 on the Verizon bill as I don't think they can sue over that at this point, and then would really like to settle the Exeter Finance for 2k or under. Going to try to get NMAC to go for the $1800 (or less, preferrably).
Jefferson will delete after payment, but will likely be stuck with NMAC. Hoping to Goodwill them after payment. I just can afford the whole 10k and also don't really think that is right. They would have sold the car at auction for the same amount either way.
SOL has nothing to do with the time period that needs to pass before they will delete the TL from your CR. No state has a 2 yr SOL and SOL varies from state to state. When you are considering SOL to make your offers you also need to know the SOL in the state the creditor is incorporated in as they can use that if its longer than the state you live in. Anything inside SOL is most likely going to take substantial amounts to settle like the 2019 repo.
Whenever a creditor or business accepts a settlement for less than the full amount of the debt, they have the right to also include the special comment of settled/paid for less than the full amount.
That optional special comment is never desirable, as it makes of record in subsequent credit reports that you have a prior history of not paying the entire debt that you incur. That could, in a manual review, serve as basis for denial of new credit or a business transaction.
As part of your settlement negotiation, you can request that they agree not to report any reference to the debt having been paid/settled for less. Absent such a statement, your credit report will then appear the same as if you had paid the debt in full.
I've seen people have success with Jefferson with DV's and a few BBB complaints to validate from there. Apparently, Jefferson are sweeties and will work with you. That being said, I probably pissed them off because I requested a DV via a BBB complaint. I'll let you know how it pans out.