I love this game Posted April 23, 2007 Report Share Posted April 23, 2007 I have an account that is listed with the oc FMC on all three reports. EQ shows the account as a CO ($0 balance). EX shows as CO Past due 60 days with an $11,689 WO. While TU shows the account as CO with a $12,191 balance and has remarks of profit and loss writeoff. So is this co or a wo? If it is a wo what is my recourse? SOL it will fall off in 2010 im trying to purchase a home and need this to go away. Link to comment Share on other sites More sharing options...
thomassl Posted April 23, 2007 Report Share Posted April 23, 2007 Charge off and Write off are the same thing...they are terms used for accounting purposes. I can assure you that you will need to take care of this before purchasing a house. If your lender pulls your credit report, it will most likely awaken this debt and they could possibly come after you for it or sue you as it's still within the SOL. Link to comment Share on other sites More sharing options...
willingtocope Posted April 23, 2007 Report Share Posted April 23, 2007 Charge off and Write off are the same thingTechnically, no, although the terms are often confused. CO means "charge against income, but we'll still try to collect"; WO means "written off completely, and we'll probably sell the debt". The confusion comes when people think CO means WO, and when CRA allow the terms to be used interchangabliy. Neither term means that someone won't ultimately try to collect.But...the real point is...one or more of the CRAs has incorrect data. I would guess that EQ is accurate that this is indeed a $0 balance writeoff and that the debt has or will be sold. I'd suggest you dispute with all three as "not accurate", and see how they respond. If they don't all match up, use MOV, and then think about suing FMC for FCRA violations.The bad new here is that if the debt has been written off completely with a $0 balance, any mortgage lender is gotta know that there could very well be a JDB coming at you in the future. Link to comment Share on other sites More sharing options...
I love this game Posted April 23, 2007 Author Report Share Posted April 23, 2007 Technically, no, although the terms are often confused. CO means "charge against income, but we'll still try to collect"; WO means "written off completely, and we'll probably sell the debt". The confusion comes when people think CO means WO, and when CRA allow the terms to be used interchangabliy. Neither term means that someone won't ultimately try to collect.But...the real point is...one or more of the CRAs has incorrect data. I would guess that EQ is accurate that this is indeed a $0 balance writeoff and that the debt has or will be sold. I'd suggest you dispute with all three as "not accurate", and see how they respond. If they don't all match up, use MOV, and then think about suing FMC for FCRA violations.The bad new here is that if the debt has been written off completely with a $0 balance, any mortgage lender is gotta know that there could very well be a JDB coming at you in the future.Thanks.... here is my dilemna its something that happened when i was totally ignorant of the consequences I dont have the cash to pay this so, if i dispute it and fmc hasn't sold it then i guess i will have to take the violation strategy??? Link to comment Share on other sites More sharing options...
willingtocope Posted April 23, 2007 Report Share Posted April 23, 2007 I assume since you mention Ford Motor Credit that this might have been a repo, right? If so, you might look into whether the correct repo procedures were followed. I don't know all the details, but there's something about them informing you of the sale price within a certain period of time...do some searching on the board here.Good luck! Link to comment Share on other sites More sharing options...
answer2prayer Posted April 23, 2007 Report Share Posted April 23, 2007 I could be totally wrong, BUT, with a repo, I think what they come after you for is the difference in what they ended up selling the vehicle at or something like that??!! Link to comment Share on other sites More sharing options...
willingtocope Posted April 23, 2007 Report Share Posted April 23, 2007 I could be totally wrong, BUT, with a repo, I think what they come after you for is the difference in what they ended up selling the vehicle at or something like that??!!Correct. And there are some specific rules they have to follow in notifiying you of the difference. If they didn't, there may be an out... Link to comment Share on other sites More sharing options...
I love this game Posted April 23, 2007 Author Report Share Posted April 23, 2007 To shed some light on the situation. I was living in another state they attempted to repo but had the wrong location I never followed up with them kept the car, fell on some hard times. I still have the car but want to make the best of the situation and a full balance pay off of 12k i just dont have. Link to comment Share on other sites More sharing options...
willingtocope Posted April 23, 2007 Report Share Posted April 23, 2007 Ouch. That's a real problem, I'm afraid. If you dispute with the CRAs, then FMC may find you. If it does indeed gets marked as "Written off" with a balance of $0, then "sold to another lender" won't be far behind. And then somebodies gonna be coming after you. Maybe what you should do is see how much you can sell the car for yourself...then contact FMC and see if you can settle with them. If it has not yet been sold, they might be willing to deal. Link to comment Share on other sites More sharing options...
geekspeed Posted April 23, 2007 Report Share Posted April 23, 2007 Im not an advocate for theft -- and indeed it sounds almost as if your in the situation to be looked at as - a car thief. What I would do, is take the car back to the dealer you originally purchased it from, surrender it -- and see if they can workout something with you. Going in default of an auto loan and changing states -- while keeping the car -- doesn't look real good, and trying to sell the car might have other adverse reactions (any change of ownership is going to have to require the original lein holder to be notified). Link to comment Share on other sites More sharing options...
answer2prayer Posted April 23, 2007 Report Share Posted April 23, 2007 I don't believe there is an easy fix for this for you to get it to "go away" due to you wanting to buy a house....You have a secured loan, with the auto being the collateral...leaving the state and not paying is definitely a problem....I have to agree with geekspeed about it possibly being considered as auto theft. Even though they charged it off, as they say here many times, that's just a paper thing....You can't legally sell the car, you don't have a clear title...I think you're gonna have to end up dealing with FMC before you'll be able to clean up any credit reporting on the issue. You are going to have to contact them...AND I think you already know that without any of us here telling you this....Have you checked to make sure there is no warrants out for your arrest for auto theft. You might want to do that before talking to them also. You either need to call them and tell them whereabouts of the vehicle to come pick it up or try to call them and work out something with them and if they come pick up the vehicle I wouldn't have it picked up at your address. You might even consider hiring an atty and letting the atty deal with them...I think that is what I'd do personally....Good luck! Link to comment Share on other sites More sharing options...
willingtocope Posted April 23, 2007 Report Share Posted April 23, 2007 Yeah...on further review...I'd agree with GeekSpeed ...you've got to contact FMC at least before you go any further. Link to comment Share on other sites More sharing options...
sambabchip1 Posted April 23, 2007 Report Share Posted April 23, 2007 I have the same thing happen to me, though i dont have the car it broke down, FMC gave this to a ca. im sure they will also with you. they written off the $, the car it worthless to anyone. mine is sol'ed out so im just waitting to fall off 1 yr more. but for sure a ca has yours i was working with a ca about 4 ryrs ago, but i stalled them 4/1/ yrs. 5 yrs written contracts in fl. but many times i told them to come a get the car, never did, ca nor ford wantsthe car only the cash.now nobody got nothing, only the dealer maked money because they screwed me and ford over.thxsam Link to comment Share on other sites More sharing options...
I love this game Posted April 23, 2007 Author Report Share Posted April 23, 2007 Point well taken by all....No i know for a fact ther aren't any warrants out for me thank God....But it has been weighing on me for quite some time just had no way to resolve it being on extremely hard times the for a couple of years(HMMMM I wonder why???) To say the least im stable now and just want to free my conscious but not agree to anything I cant pay like 12k due today...thanks for all your help I needed to here the bare facts... Link to comment Share on other sites More sharing options...
answer2prayer Posted April 23, 2007 Report Share Posted April 23, 2007 I would do some research here and see if anyone else has been or is in your shoes and see maybe what advise they have been given by the more experienced here...just go to the search button and type in repos...I did and there are alot of posts on the subject.....Good luck and keep us posted.... Link to comment Share on other sites More sharing options...
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