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Both a car loan charge-off and a repossession negatively affect your credit score. With a car loan charge-off, you'll still be responsible for the debt. If you file bankruptcy, it's possible to ...
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.
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.
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).
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.
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[citation needed] The inclusion of charged-off debt can significantly affect debt trends and the characterization of a nation's financial health. [citation needed] Consumers commonly pay off a large portion of their credit card debt in the first fiscal quarter of the year because this tends to be when people receive holiday bonuses and tax ...
These terms vary widely from 'cash terms', meaning that the invoice is due immediately [citation needed], to many forms of 'credit terms' (for example 30 days from date of invoice). [4] Unpaid invoices are considered outstanding , and those which remain unpaid for periods longer than their 'terms' indicate are considered overdue .