please help with auto loan advice
Date: Thu, 01/20/2011 - 04:35
Balance:
$8,033
Date Updated:
01/2011
High Balance:
$19,608
Past Due:
>$8,033<
Terms:
$0 for 62 months
Pay Status:
>Charged Off as Bad Debt<
Account Type:
Installment Account
Responsibility:
Joint Account
Date Opened:
03/2005
Date Closed:
01/2010
Loan Type: Automobile
Remark:
>Profit and loss writeoff<
Estimated date that this item will be removed: 02/2016
Above is what is shown on the credit report. Basically this is the story, loan was cosigned by someone who declared bankruptcy, I haven't made a payment on the thing in 2 years and no one has come to repo it. Can someone tell me what the above information is stating and what are my options as to what i can do to make it right? can they still come get it? why haven't they come for it?
Any help and insight would be greatly appreciated.....Thank you
$8,033
Date Updated:
01/2011
High Balance:
$19,608
Past Due:
>$8,033<
Terms:
$0 for 62 months
Pay Status:
>Charged Off as Bad Debt<
Account Type:
Installment Account
Responsibility:
Joint Account
Date Opened:
03/2005
Date Closed:
01/2010
Loan Type: Automobile
Remark:
>Profit and loss writeoff<
Estimated date that this item will be removed: 02/2016
Above is what is shown on the credit report. Basically this is the story, loan was cosigned by someone who declared bankruptcy, I haven't made a payment on the thing in 2 years and no one has come to repo it. Can someone tell me what the above information is stating and what are my options as to what i can do to make it right? can they still come get it? why haven't they come for it?
Any help and insight would be greatly appreciated.....Thank you
Your account status has been updated as "charged off as bad debt
Your account status has been updated as "charged off as bad debt". This means that your lender is not interested in collecting the dues from you any longer. Now, you need to check out whether or not the lender has sold off the account to a collection agency. If the account has been sold off to a collection agency, then you can pay them off by negotiating with them provided the SOL is still valid for that account.
