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maria
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Subject: Charge offs
 
Posted on Mon Aug 21, 2006 3:11 am  

I have some charge offs showing in my credit report. What might be my options now?
Richard
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Richard

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Posted on Mon Aug 21, 2006 3:17 am  

Hi Maria,

Welcome to the creditmagic forums.

Since the charge off is already there in your credit report I think the harm has been already done to your credit profile. But the amount of harm really depends on how long the debt was. I am also looking forward to know what you are currently planning to do.

However the best option available to you is to settle the charge offs for 50% or less. Once the charge off is paid it will show as a “paid charge off” which is better. You should always get a written confirmation prior to the settlement to ensure that the status of your report gets updated accordingly.

If you have any more queries please let us know.

Regards,
Richard
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maria
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Posted on Mon Aug 21, 2006 3:31 am  

Thanks for your prompt response. But can you please explain in what way a "paid" charge off is better?
carol

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Posted on Mon Aug 21, 2006 3:41 am  

Hi,

Quote:
However the best option available to you is to settle the charge offs for 50% or less. Once the charge off is paid it will show as a “paid charge off” which is better.


I totally agree with this. It should help you improve your credit profile and most importantly save you from the hands of harassing collectors. Also if you are planning to shop for new credit like applying for mortgage, or buy a car, you will get an extra edge. If it was a plain charge off, it would have given the impression to the lender that you have chosen not to pay your dues. This will make the lender rethink. But if it is a paid charge off the lender will think that you should have some hard times in the past but once that you have overcame, you have opted to clear your old debts.

This I think from my personal experience is better and should benefit you.

~Carol
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carol

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Posted on Mon Aug 21, 2006 3:47 am  

I will also suggest you to please go through this discussion to learn more: http://www.creditmagic.org/repair/about24.html
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Subject: charge off
 
Posted on Mon Mar 31, 2008 5:05 am  

My friend had signed on a car for her daughter and ended up in extreme financial trouble. My friend asked the bank to remove her name as co-signer, due to her having to file a ch.13. They said no problem. Her daughter quit making pmts on it, and it was listed on the mom's credit as a charge off. It is also on the daughter as a charge off. The car is still in their posession but has been sitting up for a year. The girl still owed 4800 on it (1995 Nissan Sentra) the car is only worth about 200-300. Can they sell it legally? They had already paid 4800 on it.
sdchargers_63

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Subject: car
 
Posted on Tue Apr 01, 2008 2:31 am  

i would think that they CANNOT sell the car legally. Whoever they have the car financed through, STILL owns the car. I mean, whomever still has the 'Pink Slip.' I can't believe it's still in your possession. I have seen car dealers, like the ones that state "Buy here, Pay here" ( because they don't check your credit) repossess cars right after the FIRST payment is missed. It shouldn't be on Mom's CR, either, since she took her name off the loan.
Laura

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Posted on Tue Apr 01, 2008 11:25 am  

Does your friend have any paper mentioning that her daughter had been removed from her account whatsoever?
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michelle666
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Subject: Repossession during auto inspection???
 
Posted on Fri Jun 27, 2008 9:57 pm  

Can someone get their car repossessed during an auto inspection?

I know of someone who needs to get their car inspected, but doesn't know if by them being late on payments, loan charged off (after 6 months), and still has the auto, will not loose the auto upon inspection.

Is their a particular database that they need to go through that shows that they owe on a loan and are in the repossession process? Will a tow truck and police come up at the inspection store and get the car or what?

FYI...They are good people that just had a hard year, and will try to get things settled with the bank.

Thanks to all for your information!
ahitche1



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Subject: My car was charged off without repossesion
 
Posted on Fri Jun 27, 2008 11:16 pm  

My car was charged off without being reposessed but now i can't apply for a loan or anything because the amount that was charged off was a very large amount. I thought i was lucky since i didn't have to make any more payments, but the truth is it is hurting my credit badly!
CMBV22

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Posted on Sat Jun 28, 2008 2:32 am  

I highly doubt that anyone at an emissions center will call your loan providor to arrange the reposession of your car. They flat out have nothing to gain from their efforts. As far as getting back on track with the loan *which is a great idea* I would call your loan providor and see if they even own the loan anymore. Then i would see about working out a new payment arrangement with them. I am sure it all has to do with how long the loan has been in default and the amount of the loan. You may find yourself in a position to pay off the loan with a settlement for much less than your balance.
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anthony

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Posted on Mon Jun 30, 2008 11:25 am  

Hi ahitche
Since your account has been charged off, it will stay in your credit report for seven years from the date of first missed payment. Even if you pay off the debt, it will show in your report as "paid charge off" and will affect your credit score.
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Posted on Mon Jun 30, 2008 11:31 pm  

That is the part that I don't get, if you pay it off and hold up your end of the bargain, they should have to put a positive spin on it for your efforts by either deleting or upgrading it to a positive status. I paid off three and they are still in the negative colum, they say paid, but they still reflect negatively on my report. I think this is crap. It made no difference if I paid them off or not.
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anthony

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Posted on Tue Jul 01, 2008 9:46 am  

hi goodnatured
whenever you have a charge off in your credit report, it will never go out of the report for seven years form the date of first missed payment whether you pay it or not. If you pay it off, it will be shown as "paid charge off" and will still remain in the negative column indicating that you have been charged off once in the past seven years. This will show your potentiality as a borrower to the creditors. It is always better to pay it off because charge off does not mean that your are not liable for your charged off account and the creditors can still sue you for the payment till the time the SOL in your state runs out.
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Big Papa
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Subject: Charge-off
 
Posted on Mon Jul 28, 2008 6:42 am  

I made my last payment almost one year ago and have since moved. The finance company does not know where my truck is, but I my ex-wife got a letter today that says the loan has been charged-off. I still dont have a clear picture of weather they can still repo my truck, or are they just going to come after the money and ignore my truck?

I have read quit a few, like questions and all of the awnsers have been either rambling or just people that dont know what they are talking about and ask more questions.

Bottom line, can anyone offer me a clear direct awnser to my question, or provide me with the federal codes related to this subject so that I can find the awnser myself?

Thanks Big Papa.

I've had my truck inspected, tags re-newed and even towed twice for parking violations and I still have it! Dont believe in fairy tales told by people that have no first hand experience on the subject.

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