Waxworks Posted November 28, 2003 Report Share Posted November 28, 2003 I have an account with "XYZ Bank", that i co-signed for, to which the borrower let it get charged off. I didn't know it was charged off til last year, and I am beginning to wonder which would be easier...........come up with 2500, and settle, or pay 100 a month, and have them REAGE the account. I am leaning towards reaging, because it will POSSIBLY remove the charge-off, from my CBs, and make it LOOK like a positive account. Any ideas floating around out there Link to comment Share on other sites More sharing options...
retmar Posted November 29, 2003 Report Share Posted November 29, 2003 Since you did not mention any CA being involved, I am assuming it is only charged off and the Bank still has the paper. This being the case, I would go to the Bank personally and ask for the Credit Manager or Branch Manager. Sit down and explain you were not made aware that the account was delinquent until after it had been charged off. Be sure to impress on them that if you had been made aware at the beginning, the debt would have already been paid off. Make it very clear your desire is to pay this off ASAP. Offer to pay it off at $100.00 a month until paid in full. Tell them you are willing to sign a new loan with new interest, etc. Anything you are willing to do to satisfy. Just be sure to tell them that part of the agreement includes their removing all negative info from your CR's. This, of course, means that reaging is acceptable. Be very professional and demonstrate a strong desire to satisfy this obligation to the satisfaction of both parties. If the Branch does not want to cooperate, go to the Main Branch and discuss with them. Link to comment Share on other sites More sharing options...
Waxworks Posted November 29, 2003 Author Report Share Posted November 29, 2003 Since you did not mention any CA being involved, I am assuming it is only charged off and the Bank still has the paper. This being the case, I would go to the Bank personally and ask for the Credit Manager or Branch Manager. Sit down and explain you were not made aware that the account was delinquent until after it had been charged off. Be sure to impress on them that if you had been made aware at the beginning, the debt would have already been paid off. Make it very clear your desire is to pay this off ASAP. Offer to pay it off at $100.00 a month until paid in full. Tell them you are willing to sign a new loan with new interest, etc. Anything you are willing to do to satisfy. Just be sure to tell them that part of the agreement includes their removing all negative info from your CR's. This, of course, means that reaging is acceptable. Be very professional and demonstrate a strong desire to satisfy this obligation to the satisfaction of both parties. If the Branch does not want to cooperate, go to the Main Branch and discuss with them.I am in PA and the MAIN branch (Wells Fargo) is in Cali. They have local loan offices around, so MAYBE if I go to one of the loan offices, I might be able to get somewhere Link to comment Share on other sites More sharing options...
retmar Posted December 1, 2003 Report Share Posted December 1, 2003 Go for it! You never know unless you try. At least you will know what their intentions are. Link to comment Share on other sites More sharing options...
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