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I have a charge off for an auto repossession. I want to buy a house, but this negative listing is presenting an issue. I haven't paid it off and the OC won't take my negotiated pay off. They haven't sold it yet, but I expect they will within the next 6 months. What should I do?
Well unfortunately they are the only ones that can remove it so you may have to negotiate at a higher pay off. I would send them a pay for delete letter and see if they would be willing to remove the charge off if you offer them more. That is if you can afford more. The bad thing is a charge off stays on your report for 7 years and it's up to them rather they will remove it. But it's worth a try.
Nicole,
Hello and welcome to the forum. If the original creditor still owns this debt this is the best time to try and get this issued resolved. The worst thing that could happen is they sell this auto for less than you owe on it and then you will be responsible for the remainder of the amount. Not only that I do not see your chances of getting a home loan with such a recent charge off being very good.
I would try to work out something with the bank before it ruins your credit for the next seven years.
Thanks for your responses.
I guess I will try to negotiate a pay off with them. Do any of you suggest I go on a payment plan?