Legal Question in Credit and Debt Law in New York
in 2013 I financed a camry for 600 per mos. I paid it for a while but in nov. 2014 I voluntarily had the car repossed as I could no longer pay. I just got a letter from a collection agcy. first Toyota wanted 16,000 then it was brought down to 8,000. I said I only could pay 5,000. my credit reports both say balance $0. account status closed-derogatory collection/charge off. charged off acc. charged off as bad debt. profit & loss write off. Am I responsible for this debt?
Asked on 6/12/16, 8:32 am
1 Answer from Attorneys
David Slater David P. Slater, Esq.
Yes. A write off does not excuse payment. Some collection company may buy the debt and come after you as long as the Statute of Limitations has not run.
Answered on 6/12/16, 6:10 pm