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Harley closed out account

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Anonymous
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Harley closed out account

Okay so I hadn't checked my credit for awhile and decided to today. I got on to find out that Harley Financial had closed out my account as I was behind on payments (lost my job). When i click into info regarding account it says "charged off as bad credit" and "affected by natural disaster". I have not received a call in the last few days to a week from their people and it doesn't say it has gone to collections exactly.

Is there still the possibility they will send it to collections? As they charged it off does this mean I still need to make payments or a settlement to them but it's just no longer affecting my credit? Yes I am new to this as getting a little sportster was my first loan ever and I am early 20s.

Just trying to find out if i still need to worry about making payments to them or if it's basically wrote off.
Message 1 of 3
2 REPLIES 2
sccredit
Valued Contributor

Re: Harley closed out account

I find the natural disaster notation interesting.  I'd assume they're not just going to write it off and it will need to be dealt with.  If not they will send it to collections.  

Message 2 of 3
pipeguy
Senior Contributor

Re: Harley closed out account

"charged off as bad credit" is an accounting term for 90+day past due accounts. The debt balance and interest are not gone and depending on if this lender keeps their bad loans in-house like AmEx does or they sell the debt, either way, someone is going to want to get paid. If the bike is still in your possession I'd sell it and pay off what you can of the loan - if it's still in your possession you can expect it to get repo'd. You may be able to work out a hardship payment plan especially because of the disaster notation, but even if that happens, you have to make the payments - they'll have you on a short string.  

Message 3 of 3
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