Should I continue to pay? The bank still has title to the car. The balance is maybe $5000, $232 a month, automatically debited from my checking account. Should I negotiate something with them, or get them to correctly report to the credit bureau that I have been paying the loan on time. Or does it make more sense to stop paying altogether. It's a 1998 Dodge van.
2006-08-14 13:26:30 · 5 answers · asked by Speedy 3 in Business & Finance ➔ Credit
yes you should still pay
credit scores commonly have misrepresentations on them after a bankruptcy both chapter 13 or 7. when you did your bankruptcy, im assuming you went chapter 7, you reaffirmed any secured debt you had, like your van. so you still owe the money and you would find out that they will start reporting negatively on your credit when they dont get thier money.
I am a Mortgage consultant and deal with credit reports on a daily basis, I often see credit reports with bankruptcies that have inaccurate information. as a matter of fact, you can count on it being inaccurate.
the credit report is a constantly changing document, your best bet is to contact your auto lender and let them know your file is being misreported.
whatever you do, dont miss payments, it will end up counting against you.
2006-08-14 13:43:11 · answer #1 · answered by Silberswarz 2 · 1⤊ 0⤋
A friend of mine had the similar thing with their house. The bank didn’t reaffirm the house but still let her make payments. She even disputed with the bank. They say it will remain as a bankruptcy. It says bankruptcy but current on the credit report. She talk to a lawyer. They still have to go to court to foreclose even with a bankruptcy because it a home. The car could be repossessed it not a home. The attorney also told her, she could walkout and would not have to pay a dime but need to send a letter to the bank voluntarily giving up the house.
2006-08-14 14:01:36 · answer #2 · answered by webworm90 4 · 0⤊ 0⤋
The credit bureaus are known for making errors in posting so don't freak out just yet. Continue to pay that loan. If you got copies of your credit reports, dispute what it shows. If you don't have copies of the reports (all three... Transunion, Experian and Equifax), get copies so you can challenge the information. When you reply to the errors, give them as much information and documentation as you can. They have to contact the creditors, change the information or remove it from your credit report... NEVER to be put back on again. Relax. If you know you are right, tell them!!!
2006-08-14 13:47:29 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Similar situation happened to me and I got my car re-poed. I was told by my car credit company to not pay until I started to recieve bills again from them. So I stopped and they 6 months later came and took my car. Only good thing is it got me out of a car I was burried in and I don't as of right now but "knock on wood" owe anything on it and I owed way more then it was worth but in your case unless you want the repo keep paying and just dispute the credit beareu stuff. Good Luck!
2006-08-14 14:52:03 · answer #4 · answered by David H 1 · 0⤊ 0⤋
It may have something to do with the legal niceties of the bankruptcy. I wouldn't just stop paying them unless you want your car repossessed. I would talk to the lending company or your bankruptcy attorney, however, and see what's up with the credit report.
2006-08-14 13:42:58 · answer #5 · answered by Ellen J 7 · 0⤊ 0⤋
Who did your bankruptcy a lawyer ? If so I would call the lawyer that did it fopr you and aask his or her advice.
2006-08-14 13:42:25 · answer #6 · answered by CreditCardMan 2 · 0⤊ 0⤋