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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.

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โˆ™ 2015-07-16 18:03:20
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Q: If you had a repo on your credit report then it changed to a charge off does this mean the finance company just wrote it off?
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