NUPE_1911 Posted July 22, 2005 Report Share Posted July 22, 2005 I was wondering if anyone could look at this tl and explain to me how the charge off amount is $13,941 but the balance I owe is showing $6,995,also it says I have a past due of $230...i don't understand is this reported right?Account Type InstallmentCredit Limit(High Credit) Original Amount $14,700Charge Off Amount $13,941Minimum Monthly Payment (Terms) 60 MonthsDate Opened October, 2001Date of Status November, 2002Last Payment Date November, 2002Loan Type Auto LoanCollateral Description Account in disputeLast Report on July, 2005Balance Current status Past Due Amount$6,955 Unpaid balance reported as a loss by credit grantor Link to comment Share on other sites More sharing options...
Ahntara Posted July 22, 2005 Report Share Posted July 22, 2005 Looks like you had an auto loan. $13k was C/O. They sold the vehicle at auction and the $6955 is the difference between your contracted debt and the $ they received. This is called the deficiency balance.It is notated as "in dispute", investigate using this option in your dispute letters. Methuss just posted something about this days ago. Link to comment Share on other sites More sharing options...
NUPE_1911 Posted July 22, 2005 Author Report Share Posted July 22, 2005 i understood the def. bal i just thought my charge off dollar amount shoudld have been the 6995 not what i still owed on the car becasue they got 6000+ back out of the resale of the vehicledo you know where the thread is? Link to comment Share on other sites More sharing options...
Ahntara Posted July 22, 2005 Report Share Posted July 22, 2005 Nope. $13k is what was C/O, the remaining balance is $6955. That is correct reporting. I don't know where the thread is, but I believe you can search Methuss' name and look for recent posts (this week and last). He posted a definitive statement about dispute notations. It's worth bookmarking. Link to comment Share on other sites More sharing options...
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