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I have an auto loan for 350.00 per month with HSBC Auto finance who was just sold to another company Santander.
I had payment arrangements for 500.00 per month with HSBC auto to pay for being 1.5 months late.
I made payments in Nov-Dec-Jan-Feb, (missed March) and now April is due. I was contacted by new loan holder (Santander) that the agreement is not valid and they charged off my loan?!!!! I confused can they legally do this? Isnt a 6 month missed payments a cause for a auto loan charge off?
Can anyone give me some advice?
reply
Hi,
Welcome to this forum :)
Your query has been answered at http://www.creditmagic.org/loan/chargeoff-paymentarrangements.html#45407 .
If you have any other query, you can feel free to discuss in the forum.
Thanks,
Aaron
I do not believe they have to follow the previous companies arrangement.
I agree with fireyone. They can decide to charge off the account if it is delinquent (30 days). they usually don't but that isn't a policy