Jump to content

need help


determination
 Share

Recommended Posts

I had a car loan with intrest of 29%, car broke down and i still owed 3000. New dealership paid off all but 800 dollars. I had to get a new loan with same company to pay off remaining.(same intrest rate) I only made 2 payments, last one 09/02 on my credit report it is listed as installment account 927 past due and charged off. I contacted the funding group to see if I could make payments. I spoke with the gentleman who makes all the decisions he said i owed 692 when I stopped making payments and he would have to figure out what a settlement amount would be, I told him I only have 500 and he said that isn't enough so he would call me back. He called me today saying the full payoff is 2,015 or I could offer him a reasonable settlement (lump sum). He stated that if I make payments the high intrest amount will still be in effect. Does this sound correct. I don't know what I should do.

Link to comment
Share on other sites

But if 500.00 is all you have to work with how are you suppose to pay MORE? They've got it jacked up to over 2,000 now--there's gotta be something better.

As far as the interest rate--well, if you'd previously agreed/accepted the rate in a new loan to pay off the remainder that's probably why it still applies...but you could look elsewhere to see about taking out that size loan for a BETTER interest rate...sometimes credit unions are good for that sort of thing! Have you tried that yet?

Also, this debt is getting old. How is it reporting on your credit files??

Elyse

Link to comment
Share on other sites

From what I am seeing (I am new to this), NO it is not going to make your credit any better and yes it will change the DOLA, the question you should be asking is if the SOL is up or not. If it is not, they could sue. If it is up then they can't.

Link to comment
Share on other sites

Guest
This topic is now closed to further replies.
 Share

×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.. For more information, please see our Privacy Policy and Terms of Use.