I have about 2k due on my auto note. Its an odd situation of why I became late. Simply put 2 years ago I had some payments deferred due to unemployment however at the end of the contract period I found out that it simply was billed as a complete balance rather than by monthly payments. Meaning I got stuck with a 4k bill due right away. My question is that I got an "acceleration" letter since I was in default. After speaking with the company and making some payments I still owe 2k which I can pay however I'm a little confused. Ford Credit told me that if I didn't pay it all two weeks ago (since it was at 60 days) it would reflect Charge off status. NOw I can make the full payment but I'm wondering if I SHOULD. If its already considered a chargeoff- would it be better to write letters and negotiate a clearing of the account for payment?? Experian has the account LOCKED (un-updated in about 3 years due to a dispute)-- it shows a 17k balance from some time ago. CSC deleted the account when I disupted the payment history so I think I'm ok on it. Jennifer
You are probably better paying the account off as soon as possible, to the original creditor, and negotiating after payment. You may, or may not, be able to prevent "charge-off" being noted on your credit report, but at least you are dealing with the original creditor, who has some interest in your future business, and you could request based on "good-will", and could also claim they messed up the payment acceleration resulting in the current problem. You acted in good faith, dealing with a difficult payment situation, and you expect the same from them. Just because they say something will happen, doen't mean that must, or will, be the result, so there is no point in making sure that it is the result, which is what not paying will accomplish. You don't have more leverage by not paying it, especially if the note is secured by a lien on your auto.
