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  1. #1
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Charge Off

    If your concern is that the car may be repossessed before you pay off the balance, if you make additional monthly payments as opposed to paying a lump sum, then you have cause to find the money to pay your balance. Similarly if you are concerned about your credit score it makes sense to pay off arrears earlier as opposed to later. But if you pay the remaining balance of your loan including interest and penalties over two or three months instead of paying in a lump sum, the lender is okay with that even though it would prefer a lump sum and will not attempt repossession, and you don't mind the lateness being reflected on your credit report, then you can pay on a slower time table even if the lender prefers immediate payment in full.

  2. #2
    Join Date
    Jul 2014
    Posts
    173

    Default Re: Charge Off

    If you are concerned about your credit score, you should pay your bills on time. Alternatively, if you don't care about your credit score, go ahead and pay your bills late, although your lenders wont like that as much.

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