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Charge-offs do not erase your debt, and you are still responsible for paying it. It may be handed over to a debt collector and can stay on your credit report for up to seven years.
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.
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Even if you pay your missed payments and get your car back, a charge-off still typically stays on your credit report. However, the credit bureaus can change the auto loan status from a charge-off ...
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