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anthony
Joined: 31 Jul 2006
anthony's page
Posts: 550
13573 Magic Points
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Wed Oct 01, 2008 9:09 am
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Hi Meow
"Charge off" is actually a negative listing on your credit report which cannot be generally removed before the seven year time frame once it gets listed. An account is marked as "charge off" when the creditor considers the debt as a bad debt. Normally, a credit account is marked as "charged off" after six months have passed from the date you first missed your payment. A charge off listing in your credit report can lower your score by as much as 100 points and so you should always avoid this type of listings. For this you should negotiate directly with the creditor to find out how much he is willing to settle down for not charging off your account. You can always set up a repayment plan with the creditor to pay off the debt.
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Anthony Marx
A positive attitude is not achieved by turning a blind eye to the negative, but rather by responding to every situation in the most positive way possible. |
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Justin
Joined: 17 Jul 2006
Justin's page
Posts: 1298
28935 Magic Points
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Wed Oct 01, 2008 9:41 am
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Hi Meow
Before they charge off your car loan, you should contact them and pay off the debt as soon as possible by coming to a repayment agreement with the creditor. This is because if your debt is charged off, it does not mean that you do not have to repay the loan. In fact, even after the account is charged off, the creditor can sue you to the court and bring judgment against you to garnish wages till till the time the SOL expires. Moreover, once SOL gets listed, it cannot be removed even after you pay it off in full. So it is always better to prevent charge off, rather than paying off a charge off account.
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All the Best 
Justin |
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fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4500
8812 Magic Points
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Fri Oct 03, 2008 1:23 am
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| Justin is correct here. If you can prevent it from even going on your credit report do so...It is a long 7 and a half years once it gets on there. This is the time period negatives are listed on your report. |
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craig t
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Subject: chargeoff
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Wed Feb 04, 2009 4:59 am
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| how long can i stay with a car that has been charged off? |
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ishmael
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Subject: charge off
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Tue Mar 03, 2009 2:42 am
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| can i legally sell my truck even though it has been charged off? |
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carol
Joined: 27 Jun 2006
carol's page
Posts: 1362
Location: Los Angeles, California
29592 Magic Points
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Tue Mar 03, 2009 7:17 am
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No, you cannot legally sell off your car because you have still not made the total payment towards the auto loan and so the car is still not legally yours. To avoid repossession of your vehicle, all you can do is to contact your creditor and set up a repayment plan and pay it off. This is because charge-off does not mean that the creditor has written-off your debt and the creditor can repossess the car any time.
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Lil Curious
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Subject: Car Repo
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Mon Mar 09, 2009 10:02 pm
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| I have a question. I was in a chapter 13, 5 year repayment plan. I made it all the way up to a little over 4 years, before I got laid off. Then, it was dismissed with about 4-6 payments remaining. Well, none of the creditors contacted me, but I started contacting everyone to find out my balances. My car finance company had a balance of $5000, which was interest that they were entitled to, since my BK wasn't completed. Well, I started paying because I wanted to repair my credit. Well, since then, I was laid off again, and now they're calling. The rude lady just asked me when I would pay, I told her I couldn't because I'm not working. She then asked me, "Where is the car?" My question is can they still take my car? |
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carol
Joined: 27 Jun 2006
carol's page
Posts: 1362
Location: Los Angeles, California
29592 Magic Points
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Tue Mar 10, 2009 5:03 am
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Since you have lost your job and you are unable to make payments under Chapter 13, you can convert your bankruptcy from Chapter 13 to Chapter 7. For conversion from Chapter 13 to Chapter 7, to need to go through a new Means Test form and should not have previously converted the same case from Chapter 7 to Chapter 13. You should consult a bankruptcy lawyer for more details.
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Carol |
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Kay
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Subject: my ex-boyfriends car got repossed after 2 years of not payin
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Thu Jul 02, 2009 4:20 pm
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| ok, I'm a little frusturated because my ex-boyfriends car just recently got repossed. He swears that because it got charged off on his credit by the buy here pay here company he no longer owed them any thing. we live in Ohio and he he never paid the car off because he lost his job. I don't understand what happened? Can you help please? |
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reallystuckhere
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Subject: auto loan charge off
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Wed Aug 26, 2009 1:25 am
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| the most i can do is tell you my current situation. i know the laws differ state to state. i have not been able to make payments for 6 months on my cars. i have a 2005 lexus ls 430 and a 2007 lexus is250. i finally have enough money to pay all past due payments to get current again. i called up lexus financial and they basically said, "hell no. you pay us it all now or forget it. you are way too delinquent." in some states, if the car gets repo'd then the owner has a right to pay all past due obligations to have their contract reinstated. it doesn't work that way in southc carolina so i'm screwed. i owe 25k on my is250 and 45k on my ls430. you think that would be reasonable and let me make right what has gone wrong. they have tried to repo my cars but can't find me. they are still in my possesion. they are allowing me to settle on the is250 for $20,400. i have to make 2 payments of$10,200. one today, one 30 days from now. yes, they are still trying to repo my cars though it is in "chargeoff" status. they can get their money back by repo'ing my cars and sending them to auction. then, i would have to pay the difference of what is left over...including fees for repo, attorneys, etc. |
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reallystuckhere
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Subject: charge off
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Wed Aug 26, 2009 1:28 am
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| also... i asked for a written agreement regarding the lexus is250 and the settlement terms. SHE SAID NO!!!!! how unprofessional is that? i could send the money in and still get screwed! when i asked for a supervisor, she got nasty and said he was out to lunch. then i asked when he would be back.. she said she didn't know. |
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carol
Joined: 27 Jun 2006
carol's page
Posts: 1362
Location: Los Angeles, California
29592 Magic Points
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Wed Aug 26, 2009 5:02 am
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Hi reallystuckhere
I understand what you are going though. Have a little patience and don't touch the money you have saved to pay off your dues. Set it aside and try and be more patient with your creditor. Pursue them again and try and explain to them why you were delinquent and that you are eager to pay off the loan but cannot pay it off in full at once. Let them know how much you can pay now.
You may also tell them that you need a written agreement in order to pay and would not make a payment if they did not provide a written agreement. Be firm yet polite.
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Keep in touch
Carol |
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James T. Dean
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Subject: Chargeoff/Paid up Account/ Repossession
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Mon Sep 14, 2009 10:09 pm
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I had a car that was charged off by the finance company. I got an attorney and worked payments out and paid it up to date. Three months later with the vehicle still paid to date, the finance company repoed the vehicle.
Repeated asked them to return the vehicle and they never did. Over three months went by and the car was sold on March 7, 2007.
I was never notified of the sale of the vehicle. I got a bill stating I owed 14,000 for the vehicle after they sold it.
I recently pulled my credit and found that a collection agency had purchased the account and now says I owe them 19,000.
Charge off a vehicle and have a customer to catchup payments and a few months down the road you repo. This has to be against the law! Can anyone give me advice in which direction to take! Thanks.
Sunshiney Florida |
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Mister E
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Subject: Charge off over 7 years old
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Thu Sep 17, 2009 1:35 pm
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| I have a charge off on my credit report over 7 years old. Secondly I went to court about the car and the Judge basically called it a wash. Saying I owed the finance company nothing and they owed me nothing being that i was sold a lemon. How can I get this removed from credit being that it all the way ack in 2002 and shouldn't have appeared as a charge off anyway |
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Dell2600
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Subject: Auto Charge-Off/Repo
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Mon Sep 21, 2009 7:38 pm
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| So my vehicle was repo'd. When I called to find out how I could get it back I was told it had been charged off & they were not willing to negotiate anything other than full payment. Someone advised me to file Chapter 13 (along with other financial debts). They said that I could have my car returned by doing this with an automatic stay of bankruptcy. BUT my question is since the finance company has it listed as a charge off, will the Chapter 13 still work? |
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