Ok, I posted before about my friend's Chrysler Financial trade line on his car. I have pulled his TU and Equifax and they have different notations. On Equifax, last activity is dated 6/01 and says installment pays 91-120 days. It show a balance of 6478 and $1004 past due. It shows 30 days past due 13 times, 60 days past due 2 times, and 90 days past due 1 time. However, his TU, pulled on the same day, shows "profit and loss write off" and account closed on 7/2002. It shows zero past due. Last time I checked his Experian was on 6/28 and it listed the 1004 past due. Here is my concern..I was about to write them a letter asking if they would accept payment of the entire balance due in exchange for changing his listing to pays as agreed. However, if they have already charged this off, will they now repo his car now once they get his letter and his current address. He moved 3 months ago and never had his mail forwarded and so since he wasn't receiving his bills, he just kinda sorta forgot to pay. Also, Chrysler has refused to set up a plan whereby Chrysler would deduct the monthly payment from his checkingn account. He had asked about this 3 months ago. Any thoughts? Please... Thanks
Your friend is an idiot. Exactly why should Chrysler do him any favors since he has essentially stolen their car?
He hasn't stolen their car!! He wants to pay off the loan completely. However, he was advised not to b/c that would make his credit worse since that is the only open account he has and if he paid it off he would have nothing on his CR. However, he is just really bad about paying bills. He WANTS to pay. Anyway...thanks for calling my friend an idiot. <rolls eyes>
If he wants to pay, then pay. Let's see. He's 3 months late and won't tell them where the car is located but he would pay off the loan but is afraid that would hurt his credit. And you believe that B.S.? I'm sure the insurance is still in force isn't it?
First of all, I don't understand why u are being so damn rude! To answer your question anyway, I was the one that told him not to pay it off but to keep paying the monthly payment so that his tradeline would read "pays as agrees" rather than closed. Otherwise, he would have no open accounts on his report. Anyway..does anyone have any USEFUL advice? TIA!
Tell your friend to send enough of a payment to make the account current. FedEx it along with a change of address form. Then have him call customer service and speak to a supervisor about having the payments deducted from his checking account.
Hmm...maybe I have been reading too much about this stuff b/c here is my question with regards to sending them a payment w/o negotiating.... They have already charged this off as bad debt. Therefore, what if he sends payment and they still don't delete the charge off on his credit report. If anything, it would go from charge off to paid charge off which is what happened last year with all of the debts he paid off. I guess I'm just trying to find a good negotiating strategy for him to get this taken off before paying what he owes them and wondering if anyone has been successful with any such strategy.
The bottom line is this is not just a unsecured debt such as a credit card and you can't deal with it the same. It is a secured debt by that I mean they are going to repo his car if he doesn't pay. And if I guess right he is probablly past the point where they will accept anything less than ALL the back payments and collection costs. They WILL repo. I do not think he is any position to barter anything being deleted from his credit report at this time. That shold be a second priority to driving around in a car that is probally on a list of repo men. And after so long it IS considered "stealing" as far as the law goes. Sorry to be the bearer of bad news, but your friend needs to pay up or he will be facing more than a few past due payments. They will sue him for way more than that. I think he has a better chance of winning the lottery than bartering with them. Good luck though!
Well geez....thanks for being so judgmental! Would you mind explaining to me how you all got credit scores below 600 if you are all so responsible and upstanding citizens! You don't see me criticizing you all now do you?
#1 WHEN THEY FINALLY GET FED UP AND FILE SUIT, HE WON'T BE PROPERLY SERVED. #2 THUS HE WILL LOSE BY DEFAULT. #3 THEN HE WILL NOT ONLY HAVE A CHARGE-OFF, BUT ALSO A JUDGEMENT.
Advice is free here. The debts are not. I've read various postings of yours about this "friend". Its not the goal of this site to find a way "out " of claiming responsibility on a legitimate debt. Its actually "IN" your friends best interest to perhaps let him clean up his own record. You seem to have done the best you can, its up to him to follow thru with payments.
Well, he IS trying to pay his debts..not trying to get a way out of it. As I have posted before, he paid all of his debts last summer. I simply wanted to know what the best step was to deal with Chrysler since when he paid all of his debts last summer, it actually made his credit worse. I was asking all of your opinions on this since I have never had bad credit and I have never defaulted on any loans or had any type of debt sent to collection and so I don't know how this all works. I have had excellent credit since I was 18. As for paying debts, I've noticed that many of you here try to get out of paying your debts by sending out all of these letters for validation etc to CAs..so my question to you is why don't you all tell those people to just pay their debts instead of trying to claim that they are not their debts.
I wasn't going to respond, but I felt compelled. First Vanilli, if he's interested in paying the debt, paying should be the first priority and not "what will my credit look like?". From what you've already said, it's in the toilet anyhow and a few point drop will not trash it anymore. Because it's been charged off and your friend still has the car, it IS essentially stolen. Cars, homes, even some appliances are secured debt and the OC is entitled to their property if the debtor will not pay. (obviously not the case here, but I'm just making the point). In this situation, there is a priority and that should be paying the debt - not being worried about the credit - so that your friend doesn't get a judgement. Like someone else said - your friend isn't in a position to negotiate while s/he still has the property. Oh yea, and if you didn't/don't have any experience with this type of thing, I'm wondering why you gave him any advise to start? His credit score might *not* drop with payment. If it's charged off and he's paying, it's still charged off. Are you saying that it currently says "pays as agrees?". That doesn't make sense (no reflection on you...just thinking out loud). Hope that helps.
Thanks for responding. What I meant in regards to his credit being worse after he paid off his debt was that he paid all his debts to OCs last summer. Now, they all read "paid charge off" instead of account charged off or late or account transferred or sold. Therefore, the paid charge offs are worse. Do you see what I mean now? And as for why I gave him advice...it only takes common sense to know that you always get things in writing!! Therefore, if I had known that he was paying off his debt thinking that it would boost his credit, I would have advised him to get a letter in writing from the creditor saying that they would not add anything negative to his credit report. Moreover, he had never even seen a copy of his credit report until I started helping him. My advice to him pretty much consisted of telling him to obtain all three reports, check for accuracy, ensure that everything that was paid off is listed as such, and fix any personal information that was wrong which he has done. We have also been able to get certain duplicate listings deleted.
Oh ok..I think I understand your last question now S. The account currently says Pays every 90-121 days or something like that. The car account only says charge off on one report since it happened this past month apparently.
ONE OTHER PROBLEM HERE..... even if your friend snagged a hiding spot for the car. just TRY to SELL or REGISTER the car. You will be nailed for expired registration, no insurance, and you will owe for the car. You CAN'T SELL IT without papers - so have your friend send in a cashiers chk for the full amt past due, then follow the EXCELLENT advice of Ender and Keepmine. Hiding it is frigging ridiculous - I certainly would NOT WANT a bunch of REPO dudes at my house at 2 AM - unless of course it was a weekend social gathering.... MarkLA - I'll let you know when I set it up LOL! I wish my friend RIVER would read this one too LOL! ANYWAY - The best way out of this problem is PAY! Do the right thing - clean and simple! arrff - dogman
Re: ONE OTHER PROBLEM HERE..... You will be nailed for expired registration, no insurance, and you will owe for the car. dogman ^^^^~~~~-----_____====****** I believe the poster said the guy paid all his debts last summer.and was just looking for advice on how to make his credit report record look better on there. If that's so why all the debate in the thread over paying or not paying? In my state you do dot have to register license or insure a car that's not being driven as it's considered as being in storage. The laws here are different between driven and stored autos. LB 59
Re: ONE OTHER PROBLEM HERE..... Just to clarify...he DID pay all of his debts last summer. The car was current at that time. It was at the end of last year when he lost his job and then moved and got a new job that he let the payments go b/c he wasn't getting bill sent to him and he is just bad at paying things unless it's automatic which Chrysler wouldnt let him do. Anyway, he DOES still owe money on the car which he DOES intend to pay. And actually, he doesn't really drive the car b/c he lives in the city. He is NOT hiding the car. Geez..I didn't think this was all that confusing. I just wanted to know what his best plan of attack was since he doesnt have the 6000 dollars right now and has been trying to repair his credit. Grrrr
