Charge off is an accounting term. You still owe the money. Make them an offer IF the debt is NOT past the SOL. You say they DONT have a judgment YET so it sounds like it may be OLD. Its strange they would ask for 1/2 the balance if they don't have a judgment.
..looking for more clarification on this. If the car payment that supposed to be a repo in Illinois is showing Charged Off on credit report. Bank recently called looking for the owner and wondering where the car is at after about 18 months or more. What options is available to work this out with them at a fair cost?
it's probably not the bank calling, if it shows on your credit report as charged off they more than likely sold it or transferred it to a third party. third parties will go through any means necessary to try to obtain the money, so i would some research and ask a lot of questions first before you pay any money. and if you decide to settle the debt bargin for complete removal from your credit report and nothing less. you have to get something out the deal becasue all they want is your money.
$455.87, assuming Sara has not made any additional charges on her card since receiving the previous credit card bill. When a credit card company assesses a finance charge, the finance charge ($6.74) is added to the existing balance ($449.13) to arrive at a new balance ($455.87). As an aside, if possible, Sara should revolve (carry) her balance on a credit card that charges a lower rate since the $6.74 finance charge represents 18% (17.7%) on an annualized basis.
If you signed your contract, more than likely the finance company is not going to change the APR rate. But, on the other hand if the finance company is a direct lender.. then you can try to refinance with the current lender or another lender to get a lower APR rate - depending on your credit rating at the time.
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