interest
Yes you still owe the money. When the account is "charged off" all it means is your account was taken as a loss. They still have the lien on the title and can't repo the unit anytime they want to.
They wont if you dont ASK or make the offer. Call 'em...
There are many ways to pay off the debt from student loans. Unfortuneately, I am unaware of any ways for you to get help from your school in paying off these loans. There are some websites that can help you with paying off your student loans.
A finance company could settle the auto loan. You simply need to get in touch with the company and make an offer. Be sure to get any agreement in writing.
interest
Absolutely, and in most cases it will be!
Call a local attorney for state/case specific advice.
The car can always be repossessed if the owner stops paying off the loan.
Yes you still owe the money. When the account is "charged off" all it means is your account was taken as a loss. They still have the lien on the title and can't repo the unit anytime they want to.
You can always ask for an extensions on your loans. This will help you get additional time to pay off your loans. You should talk to your bank that gave you the loan to ask if there is anything you can do.
In terms of credit score, about 10 points worse. You might pay off a repo so its slightly better than one that you never did anything about and the lender charged it off.
This is a great question to ask the LENDER. "Charged off" simply means they have taken a loss for the income they didnt make on the loan. They can still get a judgment for the entire balance due.
Until they find it. If it is charged off on your credit report then the creditor sold the note to a collection agency who will hire a repo-man to track down the car so they can recover it and sell it to make the money back that they paid to creditor for it.
Just because the company charged off the account, does not mean that they don't want to be paid...so if the car is still assessible...they can repo it. Charged off on your credit means that it is no longer an active paying account..the company took a loss for that amount. A different department, "Profit & Loss" will take over trying to collect any way possible. Sorry.
They wont if you dont ASK or make the offer. Call 'em...
No, but your credit will be ruined and the loan company can garnish wages, take tax refunds, and get into your bank account.