simplysilky Posted April 11, 2007 Report Share Posted April 11, 2007 I recvd a letter, well, a dang good settlement offer on a car loan from 2001. I owe $6500 on it and they (TRIAD) wants to settle for $2000! This is very good but, once I start making payments for the settlement, and once its paid off, will my scores go up, even if it was scheduled to fall off my report next year? I bought this car in NJ., now live in Georgia. I just don't want them garnishing my wages for the full $6500!Any thoughts? Link to comment Share on other sites More sharing options...
thomassl Posted April 11, 2007 Report Share Posted April 11, 2007 I recvd a letter, well, a dang good settlement offer on a car loan from 2001. I owe $6500 on it and they (TRIAD) wants to settle for $2000! This is very good but, once I start making payments for the settlement, and once its paid off, will my scores go up, even if it was scheduled to fall off my report next year? I bought this car in NJ., now live in Georgia. I just don't want them garnishing my wages for the full $6500!Any thoughts?The SOL for New Jersey is 6 yrs. The SOL for Georgia is 6 yrs. for written contracts and promissory notes and 4 yrs. for oral contracts and open ended accounts. Even if you do this settlement, any balance amount under $600 will be sent to you in a 1099 for tax purposes. Also, both New Jersey and Georgia are states that if you make any payment, it resets the SOL. So if you decide to do a settlement agreement, I would certainly have in there that it comes off my credit report once the final payment is made. Otherwise it will continue to sit there. Link to comment Share on other sites More sharing options...
simplysilky Posted April 11, 2007 Author Report Share Posted April 11, 2007 They are supposed to be sending me a letter for my signature, well, actually, they haven't sent it yet, they said they would fax it. Maybe they changed their mind.... They also said that after the last payment, "paid" will show up on my account. I'm not too sure if I want to do the settlement now......I'M SO CONFUSED!!! Link to comment Share on other sites More sharing options...
simplysilky Posted April 11, 2007 Author Report Share Posted April 11, 2007 Anyone else have suggestions? Link to comment Share on other sites More sharing options...
redbank Posted April 11, 2007 Report Share Posted April 11, 2007 Tell them you want them to remove it from your credit report. They do have the power to do that.For paying $2000, you want a "paid in full" and removal of reporting to CRA's. Link to comment Share on other sites More sharing options...
Recommended Posts