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  #1  
Old 03-28-2007, 01:10 PM
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Join Date: Mar 2007
Posts: 1
Question

Charge off bad debt car loan Michigan

What is the name of your state? Michigan

My wife was involved in an accident and the car was totaled. I contacted the loan agency. They informed that once they were paid by the insurance company they would send me a letter notifying me of any remaining balance. They did this, but I also found that they had charged of the debt. This had a significant impact on my credit report.

They did this less than 30 days after the accident.

Am I just out of luck or can/should this be correctable?

Should I have had some reasonable time frame to pay?

How is it determined that the debt is uncollectable?
  #2  
Old 04-02-2007, 01:34 PM
Senior Member
  
Join Date: Jan 2006
Location: Il.(near StL, Mo.)
Posts: 2,207
The only suggestion I have for you is to contact the loan co. & try negotiating with them to remove the charge off. Usually if it's a valid charge off, the creditor is the only one that can have it removed.
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