Legal Question in Banking Law in Louisiana
My son had a car loan that I co-signed for. The car was totaled in an accident. Without the required insurance the loan was not paid off. The Bank did a "Charge-off" for the rest of the loan amount which shows up on my credit report.
The Bank has been collecting $100.00 each month out of my checking account to recover the debit. Am I still responsible for the loan after the Bank did a "Charge-off"? Do I have any rights to stop the recovery?
Thank you,
Asked on 11/20/10, 11:10 am
1 Answer from Attorneys
Martha Amanda Mandi Lucas
Mandie Seale Lucas
They cannot do both. You may want to give them notice that you are contesting any amount owed, close your checking account and change banks. If you have other loans with them, make an appointment with the loan officer and ask for an explanation and an accounting.
Answered on 11/25/10, 1:14 pm
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