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yes a charge off loan is a collectible.
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∙ 14y ago
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Is a charged off home equity loan collectible?
Yes
If your car has been charged off can it still be reregistered?
If the loan on your car was charged off then the lender has written it off as a loss. You can still renew your registration. It surprises me though that a lender would charge off a secured loan.
Car was charged off and repoed will you still have to pay the loan?
Yes.
Can a creditor keep reporting a charged off account?
That is perfectly legal. The term "charge off" does not mean that the debt is not still valid and fully collectible.
Can you sell your car if it has been charged off?
A charged-off loan is one where the lender of the money no longer believes the loan is profitable, due to the loss of value of the car. This is an accounting term and has no bearing on the amount of money a car will go for.
Can car be repo after balance is charged off at end of loan?
Absolutely, and in most cases it will be!
What happens to the title after a car loan is charged off?
After you pay off a loan, the title is usually sent to you, and leins are dropped. This will vary from instance to instance though. Ask your loaner.
What happens when a Bank loan is charged off?
It will show on your credit report where your bank loan was "Charged Off". This means the bank wrote off the money and gave up on collecting it. However they can sell that debt to a collection agency to try and collect it. It will show on your credit report for 7 years.
What happens if you financed a car and you stopped paying on the loan the loan has been charged off and you still have the car?
I don;t know what you mean by "Charged Off". Unless somehow they have written you off as a deadbeat and forgotten the car, which I doubt, they will come and get the car. They will then sell the car and you will pay the difference in what the car sold for and the balance on the loan. Your credit will be ruined for 7 years.
What is a pay off loan?
I'm not sure I know what a pay off loan is....... but I do know what it is to pay off a loan.Could mean pay your loan off.orPay the principle balance in full. They will usually deduct some of the finance charge if the loan is paid off early.Commonly found in:*charged off accounts*repossession accounts*complete loss accounts paid off by insurances
If a debt is charged off to you still have to pay it?
Yes. A charge off does not cancel the debt, it is still valid and collectible by whatever means is available to the creditor, including but not limited to a lawsuit.
How is a partial payment received from a quarantor on a loan recorded by a bank if the loan has been charged off?
The bank will show it as a recovery. The original loan was charged off to a allowance account for bad loans (contra asset). Banks fund this allowance by debiting provision expense (an expense item on the income statement) and crediting the allowance account (contra asset on the balance sheet). When a loan is charged off, the allowance is debited (reduced) and the loan balances are credited (reduced). When a recovery is recorded, cash is debited (assuming that is the form of payment by the borrower / guarantor) and the allowance is credited (increased). The loan is not rebooked once it has been written off. However, the bank records that the charge off has been recovered.
