Profit and loss write off??

Answers:3   |   LastUpdateAt:2012-08-24 18:00:01  

Question
Ni'Jemah
Asked at 2012-08-09 08:29:03
What does this mean you are on a credit report for a secured loan ? Does this mean you just forget about the debt, or will continue collection efforts ? Can you remove the security, as a house or a car that secures the loan ?
Answer1kgirlAnswered at 2012-08-09 12:15:02
Speaking as a credit score nationally recognized expert in mortgage loans (books , radio programs , newspaper column , etc) ...

Whatever the security for the loan was , which is at risk if the creditor seeking to acquire from you.

The P & L cancellation only means we have written off the debt as a tax loss , and is likely to turn bill your company internal or external collection or collection attorney . That will make your credit even worse. Nip in the bud now. Collections often tend to " have children " in credit reports .

Citibank has sued for a judgment of amounts under $ 1000.
Answer2ranyAnswered at 2012-08-13 01:02:03
It is an accounting term which means we have written your loan as a tax loss .

There continue to try to collect and can convert your account to a collection company , which also appear in your credit report .

It also can take you to court and sue you. If they get a judgment can garnish your wages (if your state allows it ), attach your bank accounts and file liens on any property you may own .

All this activity will show on your credit report making it almost impossible to get any other type of loan without a large down payment , paying high interest rates of state and paying huge fees .
Answer3Cho RamirezAnswered at 2012-08-24 18:00:01
Start doing some reading to see if , perhaps , bankruptcy may be the answer . MedlinePlus MedlinePlus http://ficoforums.myfico.com/fico/board /
Related Questions
1
  • Answer This Question:Profit and loss write off??