Legal Question in Credit and Debt Law in Texas

Loan Written Off

I co-signed a loan for my daughter, she totaled the car, insurance paid their portion, gap ins. paid their protion, loan still has balance, Credit Union writes off balance (per credit report) but sends the remaining portion to their attorney to try and collect. If they wrote it off, am I still liable for the loan. Their attorney said they are collecting for the credit union.


Asked on 4/07/09, 3:42 pm

1 Answer from Attorneys
Donald McLeaish McLeaish&Associates;, P.C.

Re: Loan Written Off

yes...write off is an internal accounting so IRS will not expect payment..

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Answered on 4/07/09, 4:14 pm


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