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Toomanyprobs's avatar

"Loan declared a loss" by bank?

Asked by Toomanyprobs (7points) 1 month ago

Hello, thanks for your time. To make a long story short I fell on hard times and stopped paying bills and debt temporarily.

Well a few years later I get an email saying my loan was declared a loss.

What does this mean and what should I do? I can start paying a little now.

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3 Answers

zenvelo's avatar

It means the holder of your note has been able to write it off by taking a loss on it as a bad debt,

I suggest you get a credit report and then talk to a credit counselor on how to repair your credit now that you can pay it back.

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