I was told by the lender that they are charging stale the the balance of the saloon loan. The balance is smaller number than 2,800.00 and is interest only. This is the match of 6 payments I deferred thoughout the 6 year loan and the loan has matured.
They would not pinch any payments, they told me it had to be for the full amount.
They hold told me that they are not reposessing the car because it is interest, the loan be past it old age date and because it was small amount.
They will be turning the loan over to their charge sour department.
Once it is turned over to their charge off department, what happen then and what is the best passageway to handle it? I enjoy every intention of paying for the car, I want my title.
Thanks.
Answers: Well here are a couple of things that will appear, one they most likely will dispatch you the title because it is a charge off.
They will report to the credit agency's that this amount be charged off and it will remain nearby for 7 years from the charge off date.
They will deal in the charge off to a collection agency for penny's on the dollar who will supply their fees, (to the original amount) and come after you for the money
Also fined out if the are going to transport you a 1099-C. for the charged off amount. That you would hold to claim on you 2008 taxes as income..
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They would not pinch any payments, they told me it had to be for the full amount.
They hold told me that they are not reposessing the car because it is interest, the loan be past it old age date and because it was small amount.
They will be turning the loan over to their charge sour department.
Once it is turned over to their charge off department, what happen then and what is the best passageway to handle it? I enjoy every intention of paying for the car, I want my title.
Thanks.
Answers: Well here are a couple of things that will appear, one they most likely will dispatch you the title because it is a charge off.
They will report to the credit agency's that this amount be charged off and it will remain nearby for 7 years from the charge off date.
They will deal in the charge off to a collection agency for penny's on the dollar who will supply their fees, (to the original amount) and come after you for the money
Also fined out if the are going to transport you a 1099-C. for the charged off amount. That you would hold to claim on you 2008 taxes as income..
Resolved Questions: