It is up to the discretion of the credit card company. Most companies will charge off a card after 120 days of non payment. You can stop the charge off process by calling customer support and speaking with a CSR. Once a card is charged off you usually can call customer support and get it turned back on for a nominal fee and possibly payments. This varies by card and you will have to call them to find out.
Typically no, once your account gets to the point of charged off, it has been overdrawn for roughly 45 days (give or take). Your name and SSN then get reported to ChexSystems which then notifies every bank of your charged off account. Not many banks want to risk losing their money to you if you've already lost money for another bank. Your best chance to get an account is to go back to the bank your account was charged off, explain what happened, and hope for the best. And next time balance your checkbook... daily.
Charged off is a shortened version of "charged off to profit and loss". This is an accounting term which describes actions taken by creditors to avoid showing loss (red ink) on their books. For a consumer, charge off is the same as a collection account. It is a defaulted debt that remains owing until paid in full, at which time it is called a paid charge off.
The collection company has probably charged interest sincethe day they received the account. The interest rate can differ from state to state on a charged off account. So yes, they can but that amount is not just for two months. You need to ask for a total breakdown on the account and see if the interest charged is correct.
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.
If the lending agreement has a "set off" clause the bank can legally remove funds from any account the debtor has with their institution (out of state branches included). That being the case, if the debtor deposits funds into an existing account, the bank can seize them without the necessity of a judgment order. --- If you come into the bank just to cash the check as a "non-customer" and you DO NOT disclose that your account is charged off with them, they can't hold the check. Even if you did disclose the charge off, they can't take your check unless you have a lending agreement or another account it can be deposited into. Once an account is charged off, to pay the charge off, you usually have to go through that banks collections department, which isn't inside the branch. My suggestion, if you can pay your charge off, DO IT. It will benefit you later. Chexsystems will show the chargeoff being paid, and most banks will at least CONSIDER an account for you and give you a little more leeway to get you back on track.
There is dialouge that indicates how you should contact the creditor that has charged off the account, and indicate that you wish to settle the debt, though charged off, in exchange for a written promise to correct your credit report. There is even a form letter you can modify for your own use.AnswerYou can contact a debt consolidation agency that would deal with your creditors on your behalf.
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