First post..

[robbiediggy]

This is my first post on CB. I have been a lurker so long I'm 95% sure they a have a restraining order against me. I have accomplished a lot just reading other people's posts but now I need help deciding on what to do.

 

Before I get started, some accomplishment: 1 1/2 yrs ago I got a secured Amex from USAA, removed 30, 60 and 120 from two years ago (Cap1 exceutive offfce), removed judgement from TU and this past weekend I was approved for a Amazon and Walmart store card, ($700 and $500 respectively) turned down twice last year. Thanks to the board! Still have a ways to go but now onto my thorn...

 

I received a settlement letter from Santander regarding a defaulted car loan which is still within the SOL for NJ. I don't want to be sued and not sure how to go about resolving this. My car was totaled by my insurance did not cover the whole value of the car/loan (no gap ins) and Santander mysteriously added fees which no they claim i owe on top of the remaining balance. Not sure what to do or how to proceed. It is a CO on my report which a balance still showing.

 

Here is the letter

 

 

Limited Time Settlement Offer Available Dear Robbiediggy, We have a limited time Settlement Offer available to help resolve your deficiency balance. Our records show that you have a balance due of $11212; which we are willing to accept 30% of the amount in order to settle your account in full. You must call our office within 45 days of this letter if you are interested in taking advantage of this offer. Your settlement amount would be $3364 to settle this account in full. After your settlement amount is paid in full, we will send you your title. Even if you are unable to take advantage of this offer, please contact our office to see what terms can be worked on to resolve your account. You Must Act Quickly! Please give us a call by 4/15/13 at 800-215-6922 and select option 4 to discuss the full offer details. You can also access your account and make payments online by logging into theMy Account section at www.santanderconsumerusa.com. If you fail to call our office by the date above, Santander Consumer USA will consider this settlement offer automatically revoked and null and void without further notice. This settlement may have tax implications. Please consult a tax advisor to determine the impact on your specific tax situation. Santander Consumer USA cannot provide tax advise to you.

Sincerely,

Santander Consumer USA Inc.

Deficiency Department

 

[robbiediggy]

Also, they sent this a few days later.

 

 

Limited Time Settlement Offer - Correction Dear Robbiediggy,

We recently sent you a settlement letter. Unfortunately, there was an error. We mentioned that we would release the title to you once your settlement was paid in full. Please be advised that we are attempting to settle the deficiency balance on your account, which means we do not have your vehicle and we do not have the title to your vehicle.

You will not receive a title upon settling your account. We sincerely apologize for any inconvenience.

Regards,

Santander Consumer USA Inc.

Deficiency Department

[breeze]

"Oh just an error," they'd say to the judge.

[stroked89coupe]

Whoops,

 

 

 

If you do not want to get sued. You would probably be best off settling. This does not mean you will get sued if you don't settle though. And to be honest 30 percent of the original balance is normal for a settlement offer. If you are going to settle, I would work that deal a little more in your favor. If you wanted to risk it you could always see if their are any inaccuracies on the trade line that is reporting. If there are you could possibly have it removed from you CR due to those.If you do have success with removing the trade from your credit report, that will not allow you to avoid being sued just because the trade line is not showing on your report anymore.

[robbiediggy]

Whoops,

 

 

 

If you do not want to get sued. You would probably be best off settling. This does not mean you will get sued if you don't settle though. And to be honest 30 percent of the original balance is normal for a settlement offer. If you are going to settle, I would work that deal a little more in your favor. If you wanted to risk it you could always see if their are any inaccuracies on the trade line that is reporting. If there are you could possibly have it removed from you CR due to those.If you do have success with removing the trade from your credit report, that will not allow you to avoid being sued just because the trade line is not showing on your report anymore.

Thanks for the reply. Do I call to negotiate or do I write a letter? also do I dispute before or after trying settle?

 

What does this mean?

This settlement may have tax implications. Please consult a tax advisor to determine the impact on your specific tax situation.

[NomNomNom]

If you pay a settled amount, you generally have to pay taxes on the delta of the settled amount and the total amount owed. Essentially because it is money you "get", but didn't pay taxes on yet.

[robbiediggy]

If you pay a settled amount, you generally have to pay taxes on the delta of the settled amount and the total amount owed. Essentially because it is money you "get", but didn't pay taxes on yet.

thanks for the clarity