It will show on your credit report where your bank loan was "Charged Off". This means the bank wrote off the money and gave up on collecting it. However they can sell that debt to a collection agency to try and collect it. It will show on your credit report for 7 years.
The bank will show it as a recovery. The original loan was charged off to a allowance account for bad loans (contra asset). Banks fund this allowance by debiting provision expense (an expense item on the income statement) and crediting the allowance account (contra asset on the balance sheet). When a loan is charged off, the allowance is debited (reduced) and the loan balances are credited (reduced). When a recovery is recorded, cash is debited (assuming that is the form of payment by the borrower / guarantor) and the allowance is credited (increased). The loan is not rebooked once it has been written off. However, the bank records that the charge off has been recovered.
the bank cant come and steal it. but the insurance company can if you dont pay that
I don;t know what you mean by "Charged Off". Unless somehow they have written you off as a deadbeat and forgotten the car, which I doubt, they will come and get the car. They will then sell the car and you will pay the difference in what the car sold for and the balance on the loan. Your credit will be ruined for 7 years.
go and have a poo or go to the bank and check
A bank loan write-off is when the customer doesn't pay the loan and the bank writes it off as a bad debt. In a write-off, the bank includes a bad debt as an uncollectible loss on its tax return.
Inquire with a bank, and be prepared to be charged some interest for the bank to profit off of the grant. Usually called a loan.
After you pay off a loan, the title is usually sent to you, and leins are dropped. This will vary from instance to instance though. Ask your loaner.
The bank will show it as a recovery. The original loan was charged off to a allowance account for bad loans (contra asset). Banks fund this allowance by debiting provision expense (an expense item on the income statement) and crediting the allowance account (contra asset on the balance sheet). When a loan is charged off, the allowance is debited (reduced) and the loan balances are credited (reduced). When a recovery is recorded, cash is debited (assuming that is the form of payment by the borrower / guarantor) and the allowance is credited (increased). The loan is not rebooked once it has been written off. However, the bank records that the charge off has been recovered.
yes a charge off loan is a collectible.
the bank cant come and steal it. but the insurance company can if you dont pay that
I don;t know what you mean by "Charged Off". Unless somehow they have written you off as a deadbeat and forgotten the car, which I doubt, they will come and get the car. They will then sell the car and you will pay the difference in what the car sold for and the balance on the loan. Your credit will be ruined for 7 years.
go and have a poo or go to the bank and check
I have a charged off account at the bank of 146.00 how do I pay that off when I'm unemployed I have a charged off account at the bank of 146.00 how do I pay that off when I'm unemployed
What POSSIBLE motivation would the bank have to give you the title? Charging off the loan is their way of letting the investors know that they never expect to get the money back. They consider you a deadbeat and a cheat so it's higly unlikley that they will be doing you any favors.
No, but your credit will be ruined and the loan company can garnish wages, take tax refunds, and get into your bank account.
If the loan on your car was charged off then the lender has written it off as a loss. You can still renew your registration. It surprises me though that a lender would charge off a secured loan.
Yes