says: April 23, 2012 at 6:36am
tough question . it will look betetr to have a loan paid off than not paid off / still in collection. the issue is they could be fishing to see if you have access to that large of a sum so they know whether to pursue litigation and spend money on atty and filing fees/ process serving etc. Collectors are like detectives in figuring out what your assets are so they know how much they can get legally if it goes to court. I think that the rate they are offering sounds kind of low which makes me suspicious. I used to have a job years ago in a bank as a credit investigator but would have lunch with the coworkers that worked in collections / skip tracing. Was an interesting job / but it didn't pay well . Banks are pretty cheap on the salary. All things considered, I think that I would try it out and offer to pay the money by end of month on the chance that it will work out.i would negotiate a release that the loan will be paid in full and reported that it was paid off in full on your credit report. they should sign something to remove any record of reposession from your credit report in exchange for the money. that would help your report greatly. the money should be delivered by someone other than you and your husband and they should understand that you expect a paid in full / satisfaction of debt release paper prepared. it would be great if they also include language / agree to remove any record of reposession. the reason you would not go in person is because you could be legally served there. Good luck negotiating . If you can pursuede them to do this / you'll save lots of money on future financing. A repo is a pretty big ding on your report and will cost you higher interest rates in the future.