I have a delinquent account on my credit from 2004. It is a payday loan that got screwed up. They report every month with the new interest. It was originally 400 now it is 1700. This file happened in Alberta. So what would be my best bet to have this removed quickest. What options do I have here.

Thanks

anybody?

Can you give a few more details? Date of last payment? Have you been making any sort of regular payments at all? Date of last activity - ie any action by you? Is in the interest accruing on a particular portion of it or on the original balance? How is it reporting on your CBR? 30, 60, 90? Any counters showing on your CBR?

Also, is it in collections at all? Have you spoken to the original creditor about altering the original payment agreement? Do you have the means to pay this off in full? Or to make any sort of payment agreement that you'd be able to stick to for the near future?

If we have more information we can probably give some guidance, but right now there's not enough to give much of any suggestions.

It is listed as in collections on my credit file. I have not made any payments on it since it was borrowed in 2004. I have never made any action on it but they report the new interest every month. No counters showing. Yes I have the means to pay it off in full including interest.

Thanks for the reply

Hmmm it's kind of a tough one since it's going to drop off in just a few years and most likely is outside legal action limits. On moral principle it probably should be paid, however that would definitely mean it stays much longer on your credit report. Canadian FI's/CA's don't tend to do the PFD agreements that folks are able to do in the USA.

If you're looking to rebuild I'd say leave it alone for now and when the 6 yr mark passes then dispute it if it doesn't drop. Is only the CA showing on your paper copy CBR or is the OC also showing? Have you had any recent discussions with the OC?

Q

Thanks, all it says is that in 11/04 general credit service reported the amount of 442. Balace outstanding 1699. Date of last payment 04/04. Reference instaloans.

Do you know when this will clear

I haven't talked to anyone regarding the file but they do report the interest every month.

I guess I just don't understand what you mean by reporting interest? Are they sending you a statement each month or are they updating the outstanding balance owing every month?

What is the date of last activity showing on your report? Not the last payment, but the last activity.

[quote name='Quasei2' date='Dec 7 2009, 11:55 PM' post='3981083']
I guess I just don't understand what you mean by reporting interest? Are they sending you a statement each month or are they updating the outstanding balance owing every month?

What is the date of last activity showing on your report? Not the last payment, but the last activity.

[/quote

Original Creditor: INSTALOANS
Opened: 11/26/2004
Condition:

Account #: DB05****
Balance: 10/06/2009
Responsibility: Individual account

High Balance: $442
Balance: $1699

Ok so if I'm to understand this bit of cryptic posting correctly, they're reporting it each month and updating the balance to reflect the interest owing on the acct? Seems to me they haven't sent it for external collections yet. Possibly won't.

I dunno, but if my assumption above is correct, it doesn't seem this is going anywhere anytime soon. Is it showing any sort of last date of activity? Not the last reported date, but the last date of activity. If not, then come November 2010 you might consider disputing it via the CRA.

Or, if you want to be done with it sooner and it's not showing any counters you might consider paying it off and hope it shows as a closed/paid acct without any delinquencies. If you do that, do keep in mind it stays on your CBR for a lot longer AND they could update to show the lates, but then again they might not and you might end up with a tradeline that looks really decent.

Ok quasei thanks for the help. Just to be sure this is listed in public records and other information on my report.

On the hard copy it say a collection was reported on 11/04 by general credit in the amount of 442. Balance outstanding 1699. reference instaloans. Date of last payment 04/04.


The only question I have is will this be gone next year or will it continue to collect interest and I will have to pay it. If the latter is the case I would pay it now but I don't know the right play.

Only the OC can answer this question for you.

What do you mean by that Quasei?

Only Instaloans can answer your question. There's no way for anyone here to know what they plan to do in the future.