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Election of remedy on a negative account

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Anonymous
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Election of remedy on a negative account

I have a family member that had a car get repossessed years ago. I'm helping them rebuild and I got an credit monitoring alert that there'd been a settlement with them. "Legally paid in full for less than the full balance" as the payment status. This means they're in the clear now with that account? Or maybe they got a judgement against them? I'm kind of stressing out.
Message 1 of 3
2 REPLIES 2
Adkins
Legendary Contributor

Re: Election of remedy on a negative account

Would you provide more information, please. When did the repo happen? What is the DOFD listed on the account? Who owns the debt now?


Last HP 08-07-2023



Message 2 of 3
Anonymous
Not applicable

Re: Election of remedy on a negative account

That means the account is settled for less than balance owing. Expect a 1099-c
Message 3 of 3
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