Self and husband leased a vehicle for four years and I was a co- lesee only. My husband died after two years and I returned the vehicle voluntarily immediately after his death. Until the time of return the payment was prompt. I explained the situation and the organisation selected the option to not to collect the balance from me. But they have not taken my name out of their file and my credit report shows as bad report. It does not allow me to get credit cards. How can I solve this issue?
2006-10-02 12:24:00 · 3 answers · asked by muttal 1 in Business & Finance ➔ Credit
Sad, but anytime you co-sign anything, you are like the buyer. Doesn't matter what the situation(s) is, and thats sad too, but you are still responsible, when you co-sign you are saying that you can be responsible if the other party cannot.
Its too bad about your situation, but yes will hurt, but if you are applying for like a mortgage or something, a letter to clear that may help as long as you have not had any additional issues with your credit.
Sorry to hear, but creditors don't care. (happened to me as well).
2006-10-02 12:28:23 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Not much you can do about it. If they are not trying to collect and instead have just written it off, then let it be for the next three years. It will "fall off" after a total of 7 years. Paying it off would just put a more recent date into the credit reporting agency's database and start the 7-year timer over. Even if you pay it off, it will show as a debt that was past due or closed by creditor.
2006-10-02 20:28:31 · answer #2 · answered by troythom 4 · 0⤊ 0⤋
Contact them...if it's money they want do an offer & compromise. This will clear your credit in 7 yrs, but at least it will clear your credit. Who knows, you may get everything straightened out and not have to pay anything and get your credit fixed. It never hurts to talk to them. It can only stay the same of get fixed.
2006-10-02 19:45:27 · answer #3 · answered by Sturdy#2 1 · 0⤊ 0⤋