I have an auto loan that is being charged off. The principal balance of the loan has been paid off for about a year. I have been paying insurance money that the bank purchased about 2 years into the loan because I failed to show proof of full coverage. I have fallen on difficult times due to my wife losing her job, and have been unable to make the payments. The accout is about 6 months past due. My question is can the repossess the vehicle even though the principal balance has been paid, and what happens when an account is charged off.
Your personal details (name, email address and phone number) will be delivered to the company advertised on the Creditmagic after ve agreed to go for the counseling session by filling out the no-obligation form. However, it is your discretion to accept or reject their services.
Not all the creditors/debt collectors agree to trim down the outstanding balances, interests, and fees payable by the consumer.
Consumers working with the debt relief companies can still be sued by the creditors/collection agencies.
Debt relief services may have a diminishing effect on the creditworthiness of the consumer. The total outstanding balance may increase as the additional fees get accrued.
The overall amount saved by the consumer through the debt relief services is considered as taxable income by the IRS.