I cosigned a motorcycle loan for my, the account is in write off mode, waht the consequences of a write off?
Question by kemikazi34: I cosigned a motorcycle loan for my, the account is in write off mode, waht the consequences of a write off?
I'm trying to get a loan to pay off the debt but the bank requires that I have insurance on the bike. I don't have a motorcycle license, therefore insurance companies are charging rediculus amount of money. I have decided to take the write-off. now, i know it will be on my report for the next 7-10 years. Am I free to go after those years or I'd still have to pay the bad debt?
more details. when my friend stopped making payments, i wasn't noticed until after a year. by then, the bank was threatening to write off the account. I feel like i didn't get a better deal. I was supposed to have at least been contacted earlier to get a chance to make payments. this time, they asked that I pay the entire amount due. Do i have a legitimate arguement with this one? can i write to the credit bureau about resolving this?
Best answer:
Answer by Landlord
A charge off is free, but good luck borrowing from anyone else in the future.
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