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Car Loan Charge-Off vs. Repossession: Which Is Worse? If you stop making auto loan payments, the lender will likely charge off the loan. This may or may not include a repossession, depending on ...
A repossession can stay on your credit report for up to seven years, often causing a credit score drop of over 100 points. Even if you set up voluntary repossession to give the car back, the ...
A charge-off is a debt that has gone continuously unpaid for a sufficient amount of time — usually around 180 days — and that the creditor has given up on trying to collect. Up to this point ...
A charge-off or chargeoff is a declaration by a creditor (usually a credit card account) that an amount of debt is unlikely to be collected. This occurs when a consumer becomes severely delinquent on a debt. Traditionally, creditors make this declaration at the point of six months without payment. A charge-off is a form of write-off.
Because the right of redemption is an equitable right, foreclosure is an action in equity. To keep the right of redemption, the debtor may be able to petition the court for an injunction. If repossession is imminent, the debtor must seek a temporary restraining order. However, the debtor may have to post a bond in the amount of the debt.
When a provision of law requires that repossession takes place, the lien holder has a non-delegatable obligation not to cause a breach of the peace (which is synonymous with disturbing the peace) in performing the repossession or the repossession will be reversed, and the party ordering the repossession will be liable for damages (or the lienholder will be held responsible).
A debt collection may not place a call to the debtor if the call will cost the debtor toll charges (in most other countries recipients of telephone calls are not charged, so this issue does not arise). Limits are placed on the time of day that debt collection calls can be made, to whom, and where.
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