Car Charged off and balance reported open and amount due!! ... help!!!!!

[Anonymous]

Hello Everyone! I have a question regarding auto charge off accounts. I had a charge off a few years ago and the balance is still reporting as "open" status but "charged off payment status. This account is also showing as a duplicate collections account with the original creditor. Exact amounts and everything. Should this be? How should I dispute this if this is in fact incorrect reporting. The second part of this is the car was actually resold for a profit. Shouldnt my balance be reduced since the total amount wasnt lost? My balance was around 9500 they resold the car for 8000. Shouldn't my balance be reduced by the amount they recovered during resale? Also, they have been reporting every month my balance due and late payment eventhough it states "charged off". Please help me with this terrible situation. Thank You

[RobertEG]

A loan contnues to be Open in the sense that the debt remains due even though it has become delinquent.

Taking of a charge-off does not cease continued obligation for the entire debt or terminate additional delinquencies.

A charge off relates to their accounting, not to the continued obligation for the debt.

Many creditors will cease the piling on of additional monthly delinquencies once having reported a CO,, but that is not prohibited unless or until the debt is sold or otherwise discharged.

Sale of the vehicle with a net balance still remaining should result in their update of the remaining balance.

Yes, you can dispute the current debt balance and requrie that the correctly report its current amount.