My question involves collection proceedings in the State of: Florida.
My car got crashed and the insurance company deemed it a total loss. Negotiations lasted approximately 3 month before I and the insurance company reached a settlement. My last payment was April 7th. The settlement reached with the insurance company was more than the amount due to my bank for my car loan. As such the insurance company, applied the deductible, sent the fully payment to the bank on August 31st and issued me a check for the difference left over. However, the bank marked the account as a charge off on August 31st knowing the payment was issued to the bank and after numerous conversations that the settlement negotiations were in progress. I advised them on August 21st that the insurance company should be sending the check. None the less on September 6th they posted the check however my account now says that the charged off account has been fully paid only 6 days after. Now it is extremely difficult to get a car loan due to my credit. Thoughts?
My car got crashed and the insurance company deemed it a total loss. Negotiations lasted approximately 3 month before I and the insurance company reached a settlement. My last payment was April 7th. The settlement reached with the insurance company was more than the amount due to my bank for my car loan. As such the insurance company, applied the deductible, sent the fully payment to the bank on August 31st and issued me a check for the difference left over. However, the bank marked the account as a charge off on August 31st knowing the payment was issued to the bank and after numerous conversations that the settlement negotiations were in progress. I advised them on August 21st that the insurance company should be sending the check. None the less on September 6th they posted the check however my account now says that the charged off account has been fully paid only 6 days after. Now it is extremely difficult to get a car loan due to my credit. Thoughts?
Credit Reports: Can a Bank Charge Off a Debt if it Knows That it Will Receive Insurance Reimbursement
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