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No, the vehicle will be sold at auction and after expenses are paid, any money left will be applied to the loan amount. You will still be responsible for the remaining amount of the loan. If you don't pay off the remaining amount of the loan, the debt will be turned in to a collection agency and possibly court action will be initiated.
What else can I help you with?
Can a collection agency garnish wages for a debt for repossession after 9 years?
They are pushing your buttons. The original company has probably written the debt off and it is possibly off of your credit report. Do not pay them one red cent, or they will be able to resurrect the debt.
Can you be sued for a charged off credit debt by the original creditor?
Yes.
Is it bad to immediately pay off credit card debt?
Paying off credit card debt immediately is generally a good idea because it can help you save money on interest and improve your credit score.
Can a credit card company still continue to charge interest if the debt has been charged off?
Yes, a "charge off" does not indicate that the debt is no longer valid. The creditor has several options on how to collect monies owed after the account has been charged off.
Can you remove a repossession off your credit report if your cosigner has a judgment on the repossession?
No you cannot remove a repossession off your credit report if your cosigner has a judgement on the repossession.
Can a debt buyer collect on a two-year-old car repossession that has been charged off?
Yes. The term "charge off" does not mean the debt is not valid and subject to collection procedures, including the possibility of a lawsuit.
Can your car be under repossession after it has been charged off by the finance company?
Yes, a charge off does not mean that the debt is not owed nor collectible. The creditor/lender will generally use whatever means necessary to recover property and/or money owed, including repossession and litigation.
If a creditor has written off your debt can a collection agency then come after you for the amount?
If the debt has been cancelled, no; if the debt has been charged off, yes.
How does a repo man paying off a car affect the repossession process?
When a repo man pays off a car, it typically stops the repossession process because the debt on the car is cleared. This means the car no longer needs to be repossessed since the debt has been settled.
Can a collection agency sue for a 'charged off' debt?
Yes, the term "charge off" does not render the debt invalid or uncollectible.
What does charged off mean on a auto repossession?
It means the lender wrote off the interest they DIDNT get from the debtor. Its just an accounting term.
Can a collection agency garnish wages for a debt for repossession after 9 years?
They are pushing your buttons. The original company has probably written the debt off and it is possibly off of your credit report. Do not pay them one red cent, or they will be able to resurrect the debt.
Can you be sued for a charged off credit debt by the original creditor?
Yes.
After a debt has been charged off can a third party start collection on the debt 2 years after the debt was charged off?
Yes, because all that charged off debt is just charged off by the original lender, not for the entire world. They will sell it for some amount of money to collections agencies in orde to get something and write off the balance of the debt on their taxes as a loss which you have to in turn enter charged off debt as income unless you pay it back. The collection agency starts the process all over and the seven years starts all over too, to infinity and beyond...It never goes away unless it is legally disccharged off through cp 13 or 7 bankruptcy unless is a student loan, federal IRS debt, child support, judgment, etc...
Can you be sued after a bill was charged off on your credit record?
Yes, a 'charge off' does not invalidate the debt nor the legal rights of the creditor to collect that debt.
Is it bad to immediately pay off credit card debt?
Paying off credit card debt immediately is generally a good idea because it can help you save money on interest and improve your credit score.
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.
