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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.
Health concerns: Traditional policies might be out of reach if you have a complex medical history or are in poor health. No-exam policies can offer a lifeline. No-exam policies can offer a lifeline.
Collateral Protection Insurance, or CPI, insures property held as collateral for loans made by lending institutions. CPI, also known as force-placed insurance and lender placed insurance, [1] may be classified as single-interest insurance if it protects the interest of the lender, a single party, or as dual-interest insurance coverage if it protects the interest of both the lender and the ...
For many people, voluntary life insurance can be a budget-friendly way to bolster their coverage, especially if they don’t have much life insurance in place. That said, whether it’s the right ...
The most common forms of default resulting in repossession are failing to make required payments and failing to maintain adequate insurance coverage. Many U.S. states have enacted additional laws that apply specifically to the repossession of purchased and leased automobiles, and which are intended to afford additional consumer protections. [3]
What does a credit card charge-off mean? 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 ...
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.
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 ...