I live in Kansas, I had a car repo’d in 2007. I pulled my credit report recently and I found there was an outstanding balance on the repo. I called the bank, they told me to contact there attouney, I did. Subsiquently, I sent in a debt settlement proposal for about half of the original debt (which was 683.00 I offered 385.00) the attouney said he spoke with the bank and they said I had to pay 475.00 by february 20th. I replied with requests that needed to be met in order for me to agree to this. My request were, I need this in writing, my credit report have all negitive marks taken off, and payment be made by march 1st, the attourney came back with a letter saying nothing about adjusting credit rating, and simply. The offer that the bank gave you before stands 475.00 by Feb. 20th. now I am simply trying to clear my credit up, what should I do from here. should I just pay it or what, It will not help my credit, will it. Do I give in to him? could he sue me for the full amount? PLEASE HELP I DONT KNOW WHAT I SHOULD DO!!
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Sun, Aug 22, 2010
August 22nd, 2010 at 4:12 pm
You cannot escape the fact that you had a car loan that went bad to the point of repo.
However, having an unpaid debt further compounds that problem. Pay off the settlement amount. That shows that you at least eventually DO fulfill your obligations even if you have trouble doing it.
August 22nd, 2010 at 4:12 pm
Ask If u pay the total amount, will the bank keep it off your credit. U don’t want it on your credit report, it stay for 7 years.
August 22nd, 2010 at 4:12 pm
Asking them to remove all negative marks is an unreasonable request. They are bound by contract to the credit reporting agencies to report accuratel. Not paying anything will continue to damage your credit more. Settling it for less than what is due will improve your credit slightly, but will still be reported to the credit bureaus as settled for less than amount owed. Paying it in full will improve your credit even more but it will still remain on your credit history. There is no way to get it off your credit completely because the information is accurate and they have to report it as such.
August 22nd, 2010 at 4:12 pm
Ask lenders for agreement to delete this items from your credit report when paying them. I recommend to get such agreement thru credit repair agency, for example this one – creditreport.fateback.com
August 22nd, 2010 at 4:12 pm
Pay your debt.
September 3rd, 2010 at 6:53 pm
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