Profit and loss write off??
Well, profit and loss is usually used by businesses, statement to see how a business is doing as far as cash flow.
Now, if you have a SECURED loan with some bank then they have the right to repo-collateral after an extensive effort to collect the debt. Financial institutions are very savvy in the art of lending monies, that being said banks will never forget active accounts. Hope this will help your situation in some way.
Good day!
Speaking as a nationally known credit score and mortgage lending expert (book, radio shows, newspaper column, etc.)...
Whatever the security for the credit was, that is at-risk should the creditor seek to acquire it from you.
The P&L write-off merely means they have written off the debt as a tax loss, and will likely turn the account over to their internal or external collection company or collection lawyer. That will make your credit even worse. Nip it in the bud now. Collections often tend to "have babies" on credit reports.
Citibank has sued for a money judgment for amounts well under $1000.
P&L is not only for business lost but also for consumers. When you default a loan after 150 or 180 days, credit card company writes off your loan as a bad debt. They then turn your account to either internal or external collection to collect the money. Although the company wrote the account off, that doesn't mean you don't have to pay. They definitely will continue to collect the debt and even take you to court if you don't pay.
Start doing some reading here to see whether, perhaps, bankruptcy might be the answer.
http://ficoforums.myfico.com/fico/board/...
It's a accounting term that means they have written your loan off as a tax loss.
They will still continue to try and collect and may turn your account over to a collection company which will also show on your credit report.
They can also take you to court and sue you. If they get a judgment they can garnish your wages (if your State allows it), attach your bank accounts and file liens on any other property you may own.
All of this activity will show on your credit report making it almost impossible to get any other type of loan without making a huge down payment, paying State maximum interest rates and paying huge fees.
The Secured Loan information post by website user , LoanSecuredLoan.com not guarantee correctness.