2007-11-21 03:50:45 · 6 answers · asked by caliegirl 1 in Business & Finance ➔ Credit
i havent been able to make my payments for a loan i had. i looked on the status, and it says "wright off" what does that mean?
2007-11-21 03:51:48 · update #1
It means they are writing your loan off as bad debt. You really need to contact your lender as soon as possible. I know it's hard, but you have to talk to them to find out what your options are before legal proceedings begin.
2007-11-21 04:01:59 · answer #1 · answered by white1827 2 · 0⤊ 0⤋
Usually if a company "writes off" a balance it means they are just going to take the loss and remove it off their books. It doesn't necessarily mean they will remove it from your credit report. In the future if you try to get a loan it may come back to haunt you. You may have to pay it off to be able to get another loan. I'm not sure how long stuff stays on your credit report. I've spoken with different collection agencies in my work and some companies chose to leave debts sit in collection companies even though they aren't actively pursuing payments. They sometimes eventually collect the money when the person tries to get a loan somewhere else.
2007-11-21 12:03:29 · answer #2 · answered by Debbie 5 · 0⤊ 0⤋
that means that the loan company wrote you off on their taxs its about the worst thing that can happen on a crdit report. but it can be fixed as long as when you have the money to repay the debt in full you contact the lone company and offer full repaiment they will useualy work something out to take it from a write off to a paid in full but on late status on your credit report. or you can wait 7 yar for it to be taken off
2007-11-21 12:07:02 · answer #3 · answered by teri b 2 · 0⤊ 0⤋
uh-o !! this is not good.. it of course depends on what was written off-a car loan, home loan, credit card.. if it was a credit card it will negatively impact your credit worse than a foreclosed home loan!!! it will be on ther for 10 years and-- if you have kids wanting to go to college, there could be issues, you child will have no credit for a student loan so they will determine credit worthieness by you and your decisions>> get the outstanding loan paid right away!
2007-11-21 12:15:05 · answer #4 · answered by ra ra yeah!! 1 · 0⤊ 0⤋
They wrote it off as not paid and a bad debt. This is horrible for your credit rating and shows that you are a bad risk and do not pay your bills. Get in touch with them and ask if something can be worked out.
2007-11-21 12:51:22 · answer #5 · answered by KathyS 7 · 0⤊ 0⤋
It means your lender has exhausted all possible means of contacting you about the debt and they now feel it's better to treat it as uncollectable and take loan off their "books".
2007-11-21 22:41:21 · answer #6 · answered by !!! 7 · 0⤊ 0⤋