Legal Question in Credit and Debt Law in Georgia
repossed
my car was repossed and i looked on my credit report and they have written it off, now they have called a year later wanting me to pay for it , what are my opptions here
2 Answers from Attorneys
Re: repossed
The first option is obviously to pay the debt. You owe the difference between the balance of the loan and the auction proceeds. Perhaps they will accept a payment plan. They could also sue you for the debt. the fact that it is "written off" is meaningless, as far as collection.
Re: repossed
Written off does not erase the debt. It is an accounting move by the creditor that says they think they may not ever collect. It often starts rather than ends the collection process.
You have three options - pay in full, negotiate an amount in writing they agree to (and they do not have to do this) or bankrupt. You should see a lawyer immediately to discuss what you should do.
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