Settlement letter
Date: Wed, 05/20/2009 - 22:25
I bought a house last year in Orange County Calif. As part of the Escrow requirements I had two old collection accounts that I needed to take care of.
The first was an old phone bill and I negotiated it to a lower price and settled it. The Second was an old Auto loan that was repossessed along time ago.
On my the credit report it reported a balance of 3797.00 So I had secured this much in the escrow account. The loan was originally with ONYX but was
sold to Capitol One Auto. When I started to Negotiate with Capitol One Auto, (they did not know I was in escrow) They said the amount on the report
was in correct and the new amount was over 9000.00. I went round and round with them for about a month before I decided to let it wait for awhile.
That was in November 08. Since then The limitations for it to report has expired and it fell of my report in February 09. Since it is no longer on my report
I called my escrow people they said they can refund the money to my account but they need a letter from Capitol One that it was settled.
Here is my questions. What would be the best way to approach Cap One? If I contact Capitol one Is there a way they can put it back
on my credit report? Or impact me in anyway?
The first was an old phone bill and I negotiated it to a lower price and settled it. The Second was an old Auto loan that was repossessed along time ago.
On my the credit report it reported a balance of 3797.00 So I had secured this much in the escrow account. The loan was originally with ONYX but was
sold to Capitol One Auto. When I started to Negotiate with Capitol One Auto, (they did not know I was in escrow) They said the amount on the report
was in correct and the new amount was over 9000.00. I went round and round with them for about a month before I decided to let it wait for awhile.
That was in November 08. Since then The limitations for it to report has expired and it fell of my report in February 09. Since it is no longer on my report
I called my escrow people they said they can refund the money to my account but they need a letter from Capitol One that it was settled.
Here is my questions. What would be the best way to approach Cap One? If I contact Capitol one Is there a way they can put it back
on my credit report? Or impact me in anyway?
The creditor cannot report the debt again to the bureaus if the
The creditor cannot report the debt again to the bureaus if the seven year listing period has expired. I think that you should first check the SOL in your state. If the SOL has expired, you can call Capitol One Auto and inform them of the escrow, because in any case, you cannot get the money back from the escrow account unless Capitol One Auto informs them that the account is settled. Now, if Capital One does not get the money, they will never give you confirmation that the account is settled.
Thanks I will have to verify the sol and make sure it's passed b
Thanks I will have to verify the sol and make sure it's passed before I make a move.
