HomeWho is responsible for damage done to a car that was repossessed after all past due money and late charges were paid and the account was current?
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If you get the account current. Call the lender and ask. They will be the final answer on the subject.
No, it is probably not too late. It certainly will help your credit either way. Call them immediately. Do not allow it to be repossessed if at all possible.
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There are a couple different disadvantages of using a current account. They include the fact that some banks will impose service charges on them, and the fact that they do not earn interest on money in one.
Anyone who is running a business or wishes to open an account that would involve high number of transactions can open a current account. Current Accounts usually involve higher charges & fees because of the extra services you receive. Those services are usually not available for regular savings account. Also, the money in your checking account does not earn any interest.
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