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Help needed yall I'm trying to remove a late payments on a paid in full closed account


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Listen yall, I'll try to explain this the best I can. I applied for and was approved on a PNC BANK PERSONAL LOAN 25K for 5YRS. I didn't have the best credit so I was absolutely hammered with a 11.7% APR . My payments were about $560/mo I was very good @ making all my payments on time. I got laid off and unemployment was not very cooperative they held my money for 5wks. I missed payments from not having any income. I called them and let them know, before they had to call me that I didn't have the funds yet and as soon as I could I'd pay them. They said they would let me do a deferment and yes it would be added interest with the 2 months on the back end but I wouldn't receive a late payment. They lied I received several late payments. I got back to work and was continuing to pay on time payments the whole time again until COVID 19 hit. I was forced to stop working and unemployment did not get around to dispursing payments until 9wks. Again I called them ahead of time and let them know. They said again I'd be eligible for deferment, but I let them know what happened last time and declined their offer because it's still going to be late payments plus the added interest again. So instead I just told them I'd be in constant contact with them and I'd pay them ASAP to get caught back up. I asked them to please wave the late fees and  because the PANDEMIC we were all experiencing I was told No. So I asked them if they could @ least hold off on reporting me late to the CB's until I got some money together and they agreed. Guess what? Correct another Lie! 

Anyway I ended up selling my home and paying them off the same day bout 13K paid in full early in 3 1/2 yrs on the 5yr 25K PL.

My Score did not move @ all. I didn't understand why?!? Then I found out the late payments will stay on for 7yrs, plus I just closed an account and lost the AGE 15% of our Credit Scores. 

I've tried calling numerous times to try and get them to remove these late payments on this now paid off early in full closed account, but nothing done yet. I'm always very kind courteous and respectful and I tell them I know yall have absolutely no incentive to go in and remove these late payments on my account,but please understand it can't possibly hurt yall any. I explained I've already paid my penalties and late fees associated with them,and I'm not asking for any money back or anything like that. I'm simply asking for yall to help me out. I'm trying to get my credit back in good standing and these late payments are seriously holding me back. 

It seems like they listen but then still say they can't help me. 

Any suggestions what I should do I've also just recently sent in a good will letter hoping for results still. 

Thank yall for your time I appreciate it! 

 

Cassise 

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You didn't lose age just because you closed an account...it will still report for up to a decade post-closure. 

 

Phone calls rarely get the results one looks for in these scenarios unless you actually know how to find executive contacts (something few people want to do).  I can only hope that your good-will letter was not cut-and-paste from the web and was instead tailored to your situation and smothered in honey.

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As preface, much of what I'm going to write here is of the nature of "good to know for next time", but if of absolutely no use to you know (other than perhaps better understanding where you stand and why PNC may take the position that they have).

 

I'd like to say that "it goes without saying" that one can never rely upon a verbal promise and, if you may rely on any statement down the road, insist on it being confirmed in writing.  However, I need to look no further than myself to grasp that most everyone violates this as one time or another (repeatedl!).  You get someone on the phone, who sounds entirely empathetic and says that can ensure that what you need will transpire, and you think "I don't need to nail them to the wall and ask them to document this; of course they'll follow through!" 

 

In my case, a week later with no follow through, I now have doubts about exactly what was promised, and I may not have even bothered to note a name and contact number for the rep I spoke with!

 

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@Cassise, when I read what you wrote about the promise of the first deferment, I'm left wondering if your actual payment resumption wasn't in keeping with what the CSR you spoke with understood would be the case.  Were you granted a deferment, but was it for a shorter period than you understood?  Was there additional action on your part required to put the deferment in place?  

 

Please understand that I wouldn't argue if you told me that you did everything according to what was agreed on the phone and yet they still didn't honor the deferment agreement.  The problem is that you have nothing but your word of honor to go on.  If the bank believes that your actions failed to meet the requirements of the deferment agreement, or even that no deferment agreement was in place, you have practically no recourse.

 

In the case of the later promise to suspend credit bureau reporting of your account, you can already guess what I have to say.  But I will add that, short of some type of agreement in place that would keep you from incurring account delinquencies (meaning that the bank has agreed to treat your account as being in a current or deferral status), I've never hear of a financial institution agree to withhold credit reporting (ever).  So, it seems very likely that what they agreed to is something different that you requested (and, again, I'll allow that you were perfectly clear in that request, and may have even walked them through that verbal agreement a second time to that it was confirmed everyone knew what they were agreeing to).

 

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I grasp your sentiments that the bank should be listen to your circumstances surrounding the delinquencies and be willing to clear the delinquencies from your credit report, citing that it would have no adverse impact on the bank.

 

However, each credit reporter has a firm agreement in place with the credit reporting agencies that they will report account activity accurately.  This is a binding agreement upon banks (and other reporters), although they retain the option to adjust reporting as necessary to best reflect the payment performance of their customers.

 

That means of adjustment is commonly referred to as a "goodwill" adjustment (which you allude to in saying you've recently submitted such a request).  At one time (say, prior to 2005) such a request backed up by substantive, exceptional details/events were effective at securing such a reporting revision.  However, since that time, this avenue has been widely touted in some quarters and wound up overwhelming abused by some who seek removal of adverse data that was a consequence of pure negligence and neglect (or who cited factors no more sincere than, "my dog ate my bill, repeatedly").  Success stories for "goodwill" requests tend to be far and few between ... most successful these days when it comes to a single month's delinquency. 

 

In a situation such as yours, your best option is to get the personal ear of someone who is in a position to assist, if they're adequately swayed by your explanation and reasoning.  The general area you want to reach out to at PNC is "Executive Customer Assistance", if such an area exists.  Or, possibly you want to reach out to an executive at the VP or higher level in the Customer Service or Lending areas and ask them to assist you in escalating review of you situation.  You could also reach out to a PNC contact who handles their COVID-related deferment program and say that you wish to escalate your situation for further review.  Review at an executive level should always be available (sometimes you have to be persistent) .... no promises re the outcome.

 

 

 

 

 

 

 

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On 7/30/2021 at 3:29 PM, Cassise said:

I missed payments from not having any income. I called them and let them know, before they had to call me that I didn't have the funds yet and as soon as I could I'd pay them. They said they would let me do a deferment and yes it would be added interest with the 2 months on the back end but I wouldn't receive a late payment.

 

Were you already 30 days late when your deferral was approved?  If yes, when did you make the payment that was already late?

 

Generally I think of deferment as applying to future payments, but the deferral agreement you signed should outline the terms.

 

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Along the lines of @cv91915's post, if any type of written agreement was entered into, it would be most helpful to detail dates and other specifics.  As I imply in my earlier response, if there's something in writing, it provides a base from which to take further action (but I didn't suggest details for this because I've presumed any agreement was limited to a phone discussion).

 

btw, don't be discouraged to the extent that some feedback isn't uniformly encouraging.  The viable actions on the table have a reasonable shot at clearing these delinquencies.  I encourage you to actively respond to the replies to your post, permitting members to flesh out your best course of action.

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