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fujiapple19
Joined: 19 May 2009
fujiapple19's page
Posts: 1
48 Magic Points
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Subject: Charge Off
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Tue May 19, 2009 10:49 pm
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I was surprised to receive a notice on a car that was returned to the creditor (Drive Financial). It shows up as a Charge Off on my credit report. Do I still owe them money - the charge off took place in 2003.
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Firang
Joined: 28 Apr 2009
Firang's page
Posts: 58
-25 Magic Points
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rachael
Joined: 11 May 2009
rachael's page
Posts: 244
6581 Magic Points
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Wed May 20, 2009 4:24 am
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Hi fujiapple,
Did you check your credit report before you paid the auto loan? It might be that the debt account was already charged-off, before you made the payment. Charge-off stays on your credit report for 7 years from the day you became delinquent, even if you have already paid. Did you make payments directly to Drive Financial or to any collection agency? I think you should call Drive Financial and request them to at least list the debt account as "Paid Charge-Off".
And if you have made the loan payment on time, and charge-off is wrongly listed on your credit report, dispute it with the credit bureaus. Please find in the following link a sample of a dispute letter: http://www.creditmagic.org/repair/dispute-letter.html . You should also enclose copies of documents, in proof of the payment dates.
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Looking forward to a debt-free life. |
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internet15
Joined: 16 Apr 2009
internet15's page
Posts: 51
2439 Magic Points
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Fri May 22, 2009 7:51 am
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Accounts receivable that will likely remain uncollectable and will be written off. Charge offs appear as an expense on the company's income statement, thus reducing net income. In general, companies make an estimate of charge off expenses that might be incurred in the current time period based on past records as part of the process of estimating earnings. Most companies make a charge off allowance since it is unlikely that all of their creditors will pay them in full. also called bad debt.& I also think you should call Drive Financial and request them to at least list the debt account as "Paid Charge-Off".
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JO BOW
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Subject: Charge off on mortgage loan
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Tue Sep 15, 2009 2:52 am
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| If I never got a bill showing my payments, can I get a charge off letter after 6 months? and can my home go into foreclosure? |
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