Home
Public Forum
Credit Reports
Apply For Cards
Credit Directory
Credit Overview
Credit Problems
Credit News
International
Credit Glossary
Purchase Books
Credit Laws
Business Credit
Merchant Accts
   

Voluntary Repo - Need Removal


[ Follow Ups ] [ Post Followup ] [ Credit Forum Index ]

Posted by Jayla (66.90.216.10) on August 01, 2003 at 01:25:38:

I had a voluntary repossession in January. I think it was all done legally but I don't understand repossession laws 100%. In March I received a letter showing the deficiency balance remaining after the sale of the vehicle including repo fees and a credit on the extended warranty. I received another letter in July (with a different dollar amount) stating that I needed to make arrangements to pay the balance or be turned over to a collection agency or an attorney. The amount was $120 more. I asked for a complete accounting and set up a payment arrangement. They agreed to send me a letter just like what I got before. It does not have payment details. Now, I know the same laws do not govern the original creditor and a collection agency, but don't they still have to provide me with a complete accounting at my request?

Further, I asked how this would be reported on my credit. If I pay the payment arrangement in full, it will be reported as CHARGEOFF PAID IN FULL. If I go for settlement, it will be reported as SETTLEMENT with a $0 balance. But my goal is removal. So should I:
1. Get my credit report. Circle the amount reported.
2. Send a copy of one of the two letters they sent to me with the balance. I'll send whichever one does not match the reported amount.
3. Send the above to the CRA as proof that the amount does not agree and beg them to remove it immediately.

Will that work? Or should I:
1. Dispute as "Not Mine" to buy some time and start the payments per the payment arrangement so as not to make the situation worse.
2. When it comes back verified, dispute as "AMOUNT INCORRECT".


Which way will give me the best chance of getting this completely off of my credit? If I send the CRA a copy of one of the letters, will this just allow them to manipulate the amount being reported?

Any help would be appreciated!


Follow Ups:



Post a Followup

Name:
E-Mail:

Subject:

Comments:

Optional Link URL:
Link Title:


[ Follow Ups ]   [ Post Followup ]   [ Credit Forum Index ]

 

    Top Of Page

  

Copyright © 1999-2003 Enkephalos Web Design