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how long does it take on an account being late, before it can go into \'charge off\'???
okay--heres my question, how long-legally speaking-does it take on an account being late, before it can go into 'charge off'???
The reason I'm asking. My husband had a truck loan that we paid every month and paid off. We paid it off two years ago. It was a five year loan. When I checked my credit report last year, I noticed that they reported to the Credit bureaus that it was a 'paid charge off'. HUH?? I knew absolutely nothing about this. I had not received any calls or written correspondence that they were even considering a charge off. I have the title and it was paid in full. I wrote 'Primus' twice about this. The first time they answered by saying that they needed more information. so I sent it to them. They did an investigation. They wrote back to say that it was the last payment that was due on November 9, 2003 and they did the charge off on January 31st, 2004. they said they 'attempted' to reach me. I have no proof of that--what I'm saying, I knew nothing about them trying to reach me. Then, When I paid the last payment, they then reported it as 'paid charge off'. what happened to an account not being paid for 90 days-before a company could do a charge off? It was almost 90 days by what they're saying here. Unfortunately, I wasn't as smart as I am now and didn't save anything to prove a case on my behalf. So I guess any further arguing on my part would be useless without proof to back it up. I have no proof that they tried reaching me as they stated, but thats neither here nor there in the legal system. The burden of proof is on me, which I failed to produce.
something learned. You can bet one thing, I have started saving EVERYTHING. I even have all the letters I wrote to original debtors when we first knew that we were going into financial hardship--asking them to work with us and explained the situation. Before things went into the 'charge off' mode. Shirley
The reason I'm asking. My husband had a truck loan that we paid every month and paid off. We paid it off two years ago. It was a five year loan. When I checked my credit report last year, I noticed that they reported to the Credit bureaus that it was a 'paid charge off'. HUH?? I knew absolutely nothing about this. I had not received any calls or written correspondence that they were even considering a charge off. I have the title and it was paid in full. I wrote 'Primus' twice about this. The first time they answered by saying that they needed more information. so I sent it to them. They did an investigation. They wrote back to say that it was the last payment that was due on November 9, 2003 and they did the charge off on January 31st, 2004. they said they 'attempted' to reach me. I have no proof of that--what I'm saying, I knew nothing about them trying to reach me. Then, When I paid the last payment, they then reported it as 'paid charge off'. what happened to an account not being paid for 90 days-before a company could do a charge off? It was almost 90 days by what they're saying here. Unfortunately, I wasn't as smart as I am now and didn't save anything to prove a case on my behalf. So I guess any further arguing on my part would be useless without proof to back it up. I have no proof that they tried reaching me as they stated, but thats neither here nor there in the legal system. The burden of proof is on me, which I failed to produce.
something learned. You can bet one thing, I have started saving EVERYTHING. I even have all the letters I wrote to original debtors when we first knew that we were going into financial hardship--asking them to work with us and explained the situation. Before things went into the 'charge off' mode. Shirley
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