You Can Get 50% Off Your Next Motorcycle Purchase!
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5 users responded in this post
I cosigned a motorcycle loan for my, the account is in write off mode, waht the consequences of a write off?
I’m trying to get a loan to pay off the debt but the bank requires that I have insurance on the bike. I don’t have a motorcycle license, therefore insurance companies are charging rediculus amount of money. I have decided to take the write-off. now, i know it will be on my report for the next 7-10 years. Am I free to go after those years or I’d still have to pay the bad debt?
more details. when my friend stopped making payments, i wasn’t noticed until after a year. by then, the bank was threatening to write off the account. I feel like i didn’t get a better deal. I was supposed to have at least been contacted earlier to get a chance to make payments. this time, they asked that I pay the entire amount due. Do i have a legitimate arguement with this one? can i write to the credit bureau about resolving this?
A charge off is free, but good luck borrowing from anyone else in the future.
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No if they dont take you to court or anything and you get past those 7 years then yes your free to go, but anytime up until that 7 years from the date of first delinquency they can change their mind and take you to court. Oh yea and after those 7 years they must delete from yor credit report.
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What you need to be aware of is the statute of limitations this is the time that your creditor or any creditor they might sell your account to has to legally sue you in court and win. The S.O.L. differs by State and type of debt.
This has nothing to do with the amount of time the credit bureaus will report it this is under Federal law called the Fair Credit Reporting Act. (I hate it when people get these mixed up).
If they do this they can get a judgment and at that point they can attach bank accounts, garnish wages (if your State allows it) and file liens on any other property you may own like cars, boats, land and homes.
I have posted a link in the source box so you can look up your State and see what the S.O.L. is.
All of this will show on your credit for the next 7-years ,making it very hard to get approved for any other types of loans without making massive down payments, paying huge fees and State maximum interest rates.
Additional information.
Makes no difference when you co-signed you agreed to be responsible for this debt if the primary signer was not it was your responsibility to make sure the payments were made not the credit bureaus all they are doing is reporting the information that your lender is reporting to them.
References :
Finance Manager for over 9-years / 2008 edition Consumer Action Handbook / http://www.bcsalliance.com/statute_of_limitations_on_debt.html
A charge off simply means the company wrote you off as a bad debt for income tax purposes. Most likely it was then sold to a debt collector that gets to keep the money they collect. So even if it shows up on your credit report as a charge off it does not mean you no longer owe the money, you just owe it to a debt collector not the entity you bought it from. Seeing charge off on their credit report confuses lots of people so this is not necessarily meant for you. The credit bureaus will only get involved if you dispute an account that was erroneously put on your credit report. Since you already know this is your debt the credit bureau can’t help you.
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