Hi.. I am new to the board and I have a question.. I have an auto loan with Sun Trust. It is charged off.. I am still in possession with the car.. It was very close to being repossessed. I am paying 400.00 a month until the car is paid off and I have 1300.00 to go. Is there any way I can get this charge off removed after I pay it off.. Thanking you in advance.. John
I stopped paying on the car due to losing my job. The account got sent to the Suntrust Recovery Department which caused the charge off.. They could never find my car when they tried to repo it. I finally called Suntrust when I had a new job so we worked out an agreement to pay 400.00 a month on my car so it wont get repoed. Once it is paid off they will mail me the title.. But it will still show a paid charge off once I am finsihed paying.
OK, I thought Sun Trust was the OC (original creditor). A few questions: Did Sun Trust BUY the debt, or are they simply collecting it? Have you confirmed this "deal" is legit with the OC? They are simply a collection agency. They don't own the debt, so they don't own the rights to the account, so how can they agree to provide you with a release of the lienholder (from the title)? Did you get this settlment agreement in writing? If so, from the party that OWNS the debt, or just the collector? That said, let's assume the debt is legit, the deal is legit, and you pay it off under the new terms. Let's also assume that Sun Trust is simply the CA (collection agency) and not the OC. Once you pay it off, the OC has no legal obligation to remove the negative trade line from your credit histories. Now if you have a written agreement with the OC (not the CA) that they will remove the derog once paid, that's different. But lacking the agreement, there is no legal obligation to remove it. What many people don't understand is that your credit history is a HISTORY of repayment activity, not simply a current picture of what the status of the account is right NOW. The derogatory item is not on your history right now because it's currently owed - it's there because it's an accurate representation of what occurred (you didn't pay it as agreed/on time) in the past. Negative, accurate information remains on your history for various terms, depending upon the type of debt, time and type of repayment, yada yada. If it's accurate, and if the creditor wants to report it, you can't stop them or make them remove it, so long as it's within the legal requirements set forth by the FCRA (Fair Credit Reporting Act). That said, the OTHER thing many people don't know is that creditors do not HAVE to report anything. They can CHOOSE to NOT report, which is (technically) how people get negative, accurate items "removed". Point being, the creditor AGREES to not report it. The only requirement when it comes to reporting is that, IF the creditor chooses to report, it MUST report accurate information. Generally, your only leverage to negotiate a PFD (paid for deletion) is BEFORE you pay off a debt. You get the creditor to agree to delete everything associated with the account (from the CRA) in trade for you satisfying the debt. Most creditors would much rather have the money and nothing on your report than get NO money and have a derog on your account, so they are willing to negotiate. But, again, you must get this in WRITING before you pay them a dime. If you're paying now and you don't have the PFD in writing now, it may be difficult to get.
Sun Trust Inc is the Original Creditor.. They are who I had the car financed with since I bought it. after missed payments.. It is now in the recovery department of Sun Trust. I hope that clears things up..
