Don't fall into the trap that many people fall into. Just because a company charges off your debt, does not mean they write you off, no big deal. In fact it is just the opposite. When a debt is charged of you have created a loss for that financial institution.
When your loan is charged of you are at the end of the road with the institution in most cases. This is when the creditor starts exploring options for recovery. Options that are often explored are collection agency's, attorneys, and sometimes in house collectors initiating civil process (court action)
When your loan reaches this stage you should contact the creditor they might have options for you, such as a work out rewrite.
as in all cases sometimes it is best to talk with a qualified attorney to discuss your financial issues!
Avoid becoming a charge off! If you need money to pay today Click Here