Q: If an installment loan place asks you to write in collateral and they charge off the loan, can they demand the property?
I took out an installment loan. They had you write items you own with serial and model information so if you default they take items listed. Payments were made then stopped due to harassment from company on a good standing account. No contact was made for about 9 months and the account showed charged off on my credit report. I was then summoned to delivery(I think is what it was callled) asked if I had the listed merchandise (which had been sold due to my wife and I splitting and needing funds) and the court asked if I had the property I stated no but she said the lender and I could work things out. No judgement to deliver property was made. I have been making payments since then 168$ a month. Am I still liable for this? shouldn’t I have received a 1099-c to show income on my taxes? thank you!!
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