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Not sure if this is the correct spot or if anyone can answer but I received copies of my credit report and on one of the accounts listed it said "as of APR.2007-Aug 2008 paid, closed ....$10517.00 written off. So my question is, What does that mean ? Do I not owe that amount of money anymore ? If it says Paid, Closed can they come after me for the money ? And what do the dates mean ?
Hi brokesville
I received copies of my credit report and on one of the accounts listed it said "as of APR.2007-Aug 2008 paid, closed ....$10517.00 written off. So my question is, What does that mean ? Do I not owe that amount of money anymore ? If it says Paid, Closed can they come after me for the money ?
This means that you do not owe the money anymore. It has been paid off and the account has been closed. However, there had been a charge-off on your account which is reflecting on your report. This charge-off will remain on your report for at least 7 years.
I can not see how it can be listed as paid and written off at the same time. The only thing I can possibly think of is if maybe you settled the debt for less. For example say you owed $20,000 but agreed to a debt settlement of about half...this would have left them to write off the remaining amount. Could this be the case? If so then no they can not sue you for the remaining balance but always keep any documents showing the settled and paid amount.
Thanks for your help. We did owe the bank $14500.00 because we surrendered our vehicle and at the same time our house went into foreclosure. So we did a chapter 13 and included the loan. They were scheduled to get about $3000.00 . We ended up dismissing our case because we couldn't afford the payments. The bank was not paid anything yet. So maybe that is why they wrote off the $10,000.00 . But I'm also questioning why they have a date on there also. It says " Charge off as of APR. 2007-Aug. 2008 " . Does that mean it was only considered a charge off during that time and they can go back and change it ?
And for Fireyone It said Paid,Closed and then it had written some where else that the 10,500.00 was a write off.
I'm just afraid that since we dismissed our ch 13 that they are going to want their money. So I wasn't sure if they could go after us for the amount that they wrote off.
brokesville,
They probably received some money from the sale of your vehicle and that's what they used to apply towards the debt.
It's hard to say whether or not they will come after you now that you dimissed your chapter 13. At any rate, they can not come after you for more than the difference between the original amount you owed and what they sold the vehicle for. Make sure you keep a copy of that credit report in case you need later.
Did you consider converting your chapter 13 to a chapter 7? That's what most people do when they realize they can't keep up with the payments on the chapter 13.