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Car was reposessed and bank sent letter saying loan was written off and now one year later they are taking me to court. Why?
Wiki User
∙ 16y ago
Write off is only an accounting entry they had to make. It is a bad thing. It means any possible benefit of the business deal (the loan) that the books was anticpating...like receiving income....won't happen. They write off...that is they lose or remove...the benefit.
Your not given a pass...the debt is not forgiven. (Again, writing off is just recognizing your failure to perform as you promised on the debt).
Legally, they still can, in fact in many ways must, try and collect it. If they can, they can restore the loss they took on their books, and the employees, stakeholders of the company don't have to sacrafice as much.
Wiki User
∙ 16y ago
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My car was reposessed and bank sent me a letter saying that the loan was written off and now one year later why are they taking me to court?
Until you pay it off, they can come after you. Writing it off just declares it on their taxes as a bad debt, but you still owe it.
Can you get in trouble for taking a car out of state that is supposed to be reposessed?
no
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if you are up to date on payments then i would seriously consider taking it to small claims, cause all i am hereing is a cheap dealer trying to get $ don't give up cause if you win you could end up getting a free truck and maybe the money you put down for it im just saying, its up to you to get a good story going good luck
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