Credit/Loan Experts please help..?

Question

I have a auto reposession on my credit report as a result of a bad divorce. The loan was joint. He was court ordered responible but never paid and the creditors don't care about court orders. Therefore, I have tried to negotiate to get this off my credit but the best they will do is a little less than half of the balance. The will accept that and list it as paid and settled in good standing but will not remove the late payments or the word "repossession". Is it worth it to pay this under these circumstances. I am trying to get a mortgage and need to know if this will help or will I be paying this debt for nothing when I could wait 3 more years and have it off my credit.

Answer 1

First off - it does not hurt when you check your own report, nor does checking your own report update any info on it.


Now for the repo - A repo falls under the UCC (9) codes for statute of limitations for collecting. Which means a repo is no longer legally collectable after 4 years from the sale of the vehicle.

If YOU never received all of the required notices, in a legal and timely manner, before and after the repo, it would then be considered an illegal repo and the deficiency would be considered non collectable (and non reportable). It would not matter if they sent the notices to your ex., they would have had to sent the notices to you also, if you are to be held responsible for the deficiency.

The notices would be the intent to repo, the intent to sell and right to redeem and the deficiency notice after the sale.

You might look at the first link I've provided, read the page fully. If what I've listed fits your situation, past the 4 year mark, longer than 2 years since the sale or you did not receive the proper notices etc., you might think about using the info on that page.
(there is also a very good letter to use to dispute with the bureaus)

If you have any problems understanding that page, go to the second link I've provided and ask your question in the credit forum.

Answer 2

Usually mortgage lenders want to see the divorce decree that states he is liable. If it is not mentioned in the decree than it will take a lot to get it off of your credit report. Irregardless, bankruptcy, foreclosures and repossesions are going to stay on your report for a few years HOWEVER, you can write an explaination that will be printed on your report next to the creditor. To do this, you must contact the 3 credit reporting agencies, Transunion, Experian & Transamerica...if I remember correctly. A mortgage lender may want it paid in full so you might have to bite the bullet to get the house.

Answer 3

you need to know that "every" time you check your credit it's noted on your credit report....AND, "every" time you check something specific they update the date they last checked it and then the 7 years starts all over on that notation.

So your vehicle might have the initial date of 7 years ago but if you asked again about it, say last month, then the 7 years starts all over again....it's a pain the credit card people cause us.

You can send a copy of the "court order" for your husband to pay off the vehicle, and ask the credit card people to update their records to indicate that you don't owe the balance. See what they do. They won't take it off the report, but they will make the notation....and, if the mortgage people are reading the report correctly (not all mortgage people or car loan companies know how to read a credit report) then they will put it to the back of their mind.

It's not 3 more years on your credit, sounds like it will be another 7 since you just recently checked, so let's just hope the mortgage people know how to read a credit report.

Answer 4

You might have better luck disputing what's on your credit report about this by enlisting the help of an agency that specializes in credit repair. Here's one that I've heard good things about - http://necessaryvirtues.com/recommends/lexington

Here's an excerpt from their web site: "Disputing items on your credit report should be an easy process, but the credit bureaus have spent years refining tactics meant to frustrate and confuse consumers, causing many to give up before they ever see results."

Good luck!

Answer 5

let me suggest credit clearance, it is better to have your bad inquiries removed. i recently got my credit cleaned by this company. Contact the person i worked with he might help you out.
Mike:[phone]
email; [e-mail]

Answer 6

Read this

http://deal-save-online.com/info/debt-consolidate.html

Answer 7

Visit www.clarkhoward.com look in their forums, they are experts at this type of problem.