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Nancy | Am I doing the right thing with my husbands bad debt? |
My husband has $20,000 in debt in occurred before we got together.12,000 of it is past due things he has stopped paying on, the other $8,000 is his car. I want to sale the car and get a junker for $1,000 or so. Then get a personal loan under my name because I have good credit and pay off the $12,000. We will take the money we would normally use on his car insurance (a junker will be a lot cheaper) and car payment towards the new loan. Is this the best way to go about it? Any advise? |
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Miss Know It All
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I do not think so .. let him keep his car and as long as he makes enough money on a monthly basis to maintance it I would let that be. I suggest putting him on a budget or insisting he gets a second job till the bad debt is paid in full..
Good luck! |
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chickey_soup
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It sounds fine as you are married.
A used car is cheaper then a new, no two ways about it. Even if you have to put 5000.00 in repairs the first year, that doesn't even touch the interest you would have to pay on the new car loan.
It is irresponsible to assume the debt will magically disappear in 7 years. He owes it and it needs to be paid.
Just make sure you two have talked and are clear about no more credit unless you have both talked about it. |
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jamespurves_uk
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if you get a loan to pay off his debt get a contract so he cant screw you when he gets in even more debt is he only in that much debt because he cant get any more there are places that will help people out of debt try that first |
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acermill
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Mr. Citizen of the Republic is quite wrong in his contention that the $12,000 will 'roll off his credit after seven years'. It will roll off EVENTUALLY, but the seven years is from the last activity/effort to collect the amount, which could easily add ten years to the original seven, and wreck the credit for over fifteen years.
Your plan is much more sound. Use caution when selecting your 'junker', doing your best to insure that it is in decent mechanical condition. Just be sure that you can handle your personal loan for the amounts involved, or you will wreck your own credit as well. |
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Pengy
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Bad idea, lets start with the car, just because you owe 8K on it does not mean that you can sell it for that amount. Next the insurance that also would depend on his driving record, the only change would be the loss of collision, and you do generally pay higher on the other part of the insurance for a junker, and junkers break down allot especially one for only a grand. Even if you pay off his past due accounts, the bad mark will still remain on his credit for 7 years it will just say satisfied. The end result of all this is you will have a car you cannot trust, the payments he is making on the car and helping his credit will not be there, you will not save much if any on your insurance, the bad credit will still be there, and your credit to debt ratio will drop, dropping your credit score. |
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troythom
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My first instinct would be to say no this is not the best way to go. In reality, we would need much more information to be able to give you a really good answer. There are so many variables in this scenario. Can you sell the car for the $8000 owed on it? My guess is no. Most cars are upside down the minute you start and you don't get healthy until well into the later years of the loan. Also, a "junker" is not going to be maintenance free. You need to take into account the unexpected repair bills that will show up.
Those are just a couple of the things to really think about. I am sure others will have opinions and some additional thoughts. |
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JB
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This works only if his spending habits have changed. 78% of the time people charge up the bills again. |
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sunbun
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You don't say how old the debt is...they can only report this for a period of 7 years after first appearing on your credit report...sometimes it is better to just let it fall off...and DO NOT RUIN YOUR GOOD CREDIT for him...one of you will need good credit |
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OC1999
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It depends on how old the debt is. You have to look at the Statute of Limitations. This can vary based on the state and type of loan, but will usually be in the 3-8 year range for Credit Card debt. This time starts from the date of the last delinqency. So if this is old debt that he has not paid on in several years he may already be past the SOL. The creditors can still try to collect the debt but they can no longer take any legal actions against him.
If the Statute of Limitations still applies, this might be a good idea to get the debt taken care of. I don't know if you will be able to do the car like you are thinking. Unless he is at the very end of the loan he may "owe" $8,000 on the car but you probably will not be able to sell it for that much. You would stll have to come up with that difference to get the title. Also, getting a "Junker" for 1000 may sound good but you have to be very carefull as you could be making just as much in repairs as the payments would have been on his current car.
The link below gives you the SOL for each state and type of debt. |
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Paul Fitz
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Check out http://www.crown.org. They are a Christian organization that work to help people attain financial stability & health. There is also a radio show where people call in w/ issues such as yours. Check it out. |
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Chef Frisbee
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No
the 12,000 will roll off his credit within 7 years.
He should continue the payments on the car - it will help in rebuilding the credit.
Trust me - you don't want to downgrade to a $1000 car beater - end up paying more on fixing it up.
If you do the loan, and something happens between you all - then you'll be stuck - and he'll have a clean credit record - and you won't |
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