How should I approach my previous car lender to take off "charge off" from my credit report??? I was reading in debtwizards.com that this is the worst statement in a credit report. Can someone tell me how should I handle this? Write them a letter? Or should I call them? Negotation is the key, so what do I say? The amount is about $8k. The vehicle was repo on 8/2002. No payments have been made in about a year. Help! Thanks
I don't know. But, this is what happened: I stopped my payments because I realized my car was a lemon. The original balance on the car loan was about $11,999!! I was upside down on this loan. I guess that's what they call it. Anyways, I stopped sending about 3 payments and told them to come and pick up the vehicle. They did and resold it. They sent me a letter they sold it for 3,000 and they said my balance is still my responsibility to pay. So, here I am with a balance anywhere from 8k to 7,500 and I don't know what to do. What is worse is that the credit report states "charge off".
