PayCutHurtMe Posted March 21, 2004 Report Share Posted March 21, 2004 Can anyone tell me what the ramifications are of a bank's charging off a balance instead of redeeming the security that was pledged for the loan? Link to comment Share on other sites More sharing options...
Leadhead Posted March 21, 2004 Report Share Posted March 21, 2004 I assume this was a secured credit card?Usually the contract between you and the bank state that the security deposit is to be used in case of default. However, if you're balance was higher than the SD, there would be a deficiency that could result in a CO. Link to comment Share on other sites More sharing options...
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