Fluther: "Loan declared a loss" by bank?

Asked by Toomanyprobs (7

) September 26th, 2017
3 responses
“Great Question” (0

)

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.

Topics: money, finance, debt

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Answers

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.

zenvelo (39437

)

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