 Can i get a credit card as i am 19 yrs old & salaried? |
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can i get a credit card as i am 19 yrs old & salaried & Indian Citizen? I'll check with many bank please help me.... |
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 Loan or Credit Card? |
I will shortly be purchasing a car and will need a loan of some sort to fund this. Which way is better:
To have a personal loan for £4000 over 2 years at a rate of approx 7.9%
T... |
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Whatcha Doin??? | I had my car repossesed back in 2001, How can I get this off of my credit report?without filing for bankruptcy |
A friend told me that he wrote a letter to the credit agency, and they removed his repossesion from his report. Is there a time frame before this can be done? Separate question...
Also...My car was resold at a later date, they mailed me a letter for the amount it was sold for, do i owe the difference? Or the entire amount I had left to pay??? |
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TRANSLOPEDIA
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Hunny, what studly stated is correct, if you disputed with the 3 bureau companies and they do not answer within 30 days, legally your record about that particular issue will be clean of your record.
Good Job Studly |
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Studly
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Most of the responses are wrong. Echo does a good job at answering most of your questions (as usual) but I'll add a few things.
There are only two ways you can get a negative item removed from your credit report.
1) The creditor must remove it himself
2) The creditor fails to respond to a dispute investigation from the credit bureau.
If you follow your friends advice, what you will do is send a dispute letter to the credit bureau claiming something is wrong with the listing. The credit bureau then MUST verify the listing by contacting the creditor and see if it's a legitamate If the creditor responds back that it is legit, then the listing stays.
You are hoping that they ignore the investigation request, or can't locate your records. Many times, once your account is closed or sent to collections, your records are boxed away. They do not want to spend money having an employee go through looking for them, so they just igore the request. Presto! Your listing is deleted.
The only other way is to wait for the mandetory time period for reporting to expire. That time period is 7 years, beginning on the date of the delinquency.
And as for what you are responsible for, you must pay the differance between the balance and what the car was sold for. |
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echo
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The only way that you can "try" and have it removed from your reports is if they have inaccuracies listed. You can try and dispute the inaccurate info and see if it will fall off.
Opt out and update your personal info on your reports first before you dispute. Use only the "paid" reports that you get from each bureau. Do not use the free reports or the 3in1's to dispute from. Using the free reports gives them 15 days longer to investigate your dispute. The normal time that they are allowed to investigate is 30 days. And as for the 3in1's, they are generally inaccurate themselves.
As for the difference, that would be the deficiency. You would owe the deficiency from the sale, not from your original contract.
The statute of limitations for legally "collecting" the deficiency on a repo is 4 years from the sale of the repo'd vehicle.
If they failed to follow ALL of the legal steps in the repo (which includes sending "all" of the required notices in a legal and timely manner, selling the vehicle in a legal and "timely" manner), then the repo would be void and non-collectable. "Generally" selling the vehicle 2 months after the repo is considered a legal and timely manner - not 4 months or 6 months etc. |
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Lulu
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**It will come off your credit report after 10 years automatically..there is no other way to fix it..unless you know someone who works at Credit Bureau, but there are more than 4..
**If your car was repossessed by your car dealer, it came to their car..they can sell what ever amount they can, you won't get any back or owe any if they sold less than what you were owed..
**7 years were only that they can't ask you for the payment anymore..also, there is statue limitation in all States..they are different years in different State.. |
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riza 1
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first thing is, if you finance something pay for it. Don't worry about
removing it. You deserve it you piece of @#$%. |
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Warren H
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Wait 2 more years, and it will come off. Things can generally only stay on your report for seven years from the first missed payment. You might want to keep an eye on the dates because the agencies are not always in a big hurry to remove it even when they are obligated.
If you were to file bankruptcy, that would not remove the item. In fact those stay for 10 years so that would hurt your credit, not help. |
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tasha
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Try disputing it at the credit agency, you can do this online with your credit report. The company has 30 days to get the paperwork to the credit agency, or it has to be removed. Also, it should come off in 2008, 7 years after the issue was resolved.
You are responsible for the difference in prices. |
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touch it
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you owe the bank the difference between what it was sold for and how much you owed at time of reposession. For the company to remove a legitimate claim on your credit report is illegal. They may tell you whatever they need to tell you to get you to pay, because that is their job...debt collection. Debt collectors will pretend to be your friend, but they are only doing what is necessary to get their job done, they can be all nice and sweet until they think they aren't getting results, then they turn to making threats (legitimate threats I might add concerning your credit) I'm afraid there isn't much you can do for a repo except pay up and it won't be delinquent anymore, it'll show up on your report as a settlement. |
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notaclue
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First off, Studley is somewhat accurate but not totally!
You have to read you financial contract for that particular loan. Some banks use the vehicle as the collateral meaning when they repossessed your vehicle they have ultimately accepted the collateral therefore you owe them nothing! Some banks have additional clauses allowing them to pursue any deficiency from you. It's a very indepth subject which requires the expertise of an attorney familiar with financial law.
I do know that you can protest a negative remark on your credit in writing however, I never heard anything regarding a non-response from the creditor terminating that negative remark. I will definitely look into that for my own comfort.
Also, the remarks from some regarding bankruptcy as an option is totally wrong. You cannot remove any negative credit that existed priot to your filing date to my knowledge. Again, you need to follow through within the legal arena for up to date accurate information. |
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koifishlady
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i would rather work with a repossession than a bankruptcy. yes, u do owe the difference. |
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Dwight D J
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You can't get it off your credit, but you can enter a consumer explanation. (You can try and get it off your report by disputing it and it'll come off if the creditor doesn't prove their side, but that's not likely to happen.)
You owe the difference between what you owed and the sale price, and this difference accrues interest. They loaned you money for the car, and when you didn't pay, they did what they could to cover their losses.
I know this isn't what you want to hear, but it's the truth. |
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Frank Bowen
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As for the first question I think it's seven years, isn't? |
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C O
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Q: I had my car repossesed back in 2001, How can I get this off of my credit report?without filing for bankruptcy
Q: A friend told me that he wrote a letter to the credit agency, and they removed his repossesion from his report. Is there a time frame before this can be done?
It depends...you can dispute the record with the credit reporting companies stating that the account is not yours or is being reported incorrectly.
They in turn, send a dispute card to the company, and the company has a certain amount of time to respond. If the company fails to respond it will be taken off by default. If they do respond and claim the account is reported correctly, then it will remain on your credit report for 7 years.
Q: My car was resold at a later date, they mailed me a letter for the amount it was sold for, do i owe the difference? Or the entire amount I had left to pay???
The difference between what you owed and what they sold it for is called a deficency balance, and yes, you do owe this amount.
You can offer to settle for a smaller percentage that what is accually owed if you have cash available to settle with. If you settle with them for a lump sum payment, on the back of the cashier's check or money order type or write 'Endorcement of this intrument constitute that it is agreed that this payment is being accepted as balance in full and the debt is satisfied in full."
This does two things for you...
It protects you from the company coming back claiming you owe them more money and the endorsed copy of this will give you proof when disputing this with the credit reporting agencies that this is a satified, paid in full debt.
Hope this information helps. |
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