charge off/repossession

[mojosmomie]

What is the name of your state? Florida, I pulled my credit report and found out that a volunteer repossession I did a few month back was put on as a involuntary repossession and that the status says : Account charged off/repossession.18,195. written off. Does this mean i still have to pay the bank back???? The bank just called me on thurs and asked me to pay 100. a month until aug of 2008 and then they would re eval the payment (which i thought was weird cause it was such a low amount). What is a charge off/ written off on a credit report??????

[BoredAtty]

A charge-off is basically an accounting term used by creditors once the debt is no longer an asset to them. It does not mean that you do not owe the money -- you definitely still owe the money.

A charge-off is very bad for your credit report, so try to work with the bank to change the status (if at all possible).

[moburkes]

A voluntary repossession means nothing, legally. You still had a contract to pay for the vehicle. After it was repo'd it was sold at an auction. You are responsible for the difference between the balance you originally owed, and what the person who bought it at auction paid for it.