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If an account is charged off but payments are current on the account can a lender repossess collateral?
Wiki User
∙ 18y ago
If payments are current it would not be advantageous for a creditor to charge off an account nor in some cases legal. If there are arrearages on the account that is a different issue, as the account would be considered in default and property that was used to secure the loan could be seized.
Wiki User
∙ 18y ago
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My car was not repossessed but the account was charged off what can happen?
Will be repossessed, be patient. You either pay off, or pay off. No longer able to make payments. They will repossess the car and sue for the difference. Sorry.
Can you be charged with a stolen truck if you get behind on payments?
If they come to repossess it, and you claim to not know where it is, then the repossession agent will report it stolen. At that point, anyone found in possession of it is in possession of a stolen vehicle.
Can you repossess a vehicle if it's been charged off on your credit and was stolen?
Yep!
What is the purpose of an ACH account?
An ACH account enables its owner to make simple one-time payments aswell as recurring payments work, without having to use checks or credit cards. The payment is also processed a lot faster and lower fees are charged for this service.
What happens in Florida if you quit making credit card payments?
after 180 days of non payment your account will be charged off and turned over to collection agency
Can you repossess a vehicle if it's been charged off on your credit?
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.
You have not received any information on how your mortgage account will be handled since HSBC has decided to move out of the US Will you be charged extra fees by them to collect payments on this loan?
You are always responsible for making payments on your mortgage. If you do not have current servicer informtion, pay the last known servicer, and keep your back up. If you don't, you will likely be charged a late fee.
Can a person be threaten with the police during a reposession?
Yes. You can be charged with a crime for refusing to return secured collateral.
If your bank account says EFT Charged Off does this mean that the account is closed?
If an account is charged off it is automatically closed. It is listed as uncollectable debt.
Do you get charged for creating an itunes account?
No.
Can a credit card company close your account charge it off and still continue to add late fees and interest to the account?
they can if it contains a balance. if they charged it off and gave you a zero balance and a pay off letter then they cannot. If they closed the account and reduced the amount you owe you are still responsible for the payments including late fees and interest.
Can a company who bought a charged off account try to collect interest on the account?
Yes, interest and fees are still charged when an account is sent to collections or purchased by a third pary collector.
