Legal Question in Credit and Debt Law in Florida

Charged Off Account

I have a car that I have been paying for a year and 4 months. I was out of work for high risk pregnancy for 2 months and was unable to pay. The company was willing to work with me in order for me to keep my car. I still have the car but the company called me and told me that the account for the car was charged off. WHat does this mean? They will not talk to me. If it is charged off what happens with the car that I have is it mine? I was never notified by letter of their doings I just saw my credit report and thats how I saw it was charged off. Can they do this? If so who do I contact if they will not talk to me?


Asked on 4/02/06, 1:22 pm

1 Answer from Attorneys
Samira Ghazal Ghazal & Gomez, P. A.

Re: Charged Off Account

A charged off account means that they have given up on any attempts to collect on the balance due. [I am sure that taking the time off was the right decision, but by the way, they do not really care what the circumstances are -- taking care of your health and baby is "irrelevant" to them].

It usually implys that they are in the process of attempting to repossess the vehicle. Under your contract, they have the right to track it down and take possession of the vehicle for your lack of payment.

I do not know why they will not talk to you, try speaking to a supervisor -- or even the corporate office. It could be that this matter has been given to another department or to their attorney.

The ultimate solution is to catch up on the entire balance, to see if you can refinance, or sell the vehicle. Good luck.

For more information on credit, please visit our web page for free literature.

Samira Ghazal, ESQ.,

For the Firm

305.860.1221

www.FloridaCreditLawyer.com

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Answered on 4/02/06, 2:17 pm


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