 Transfered 2 of my cc balances and want to close the accounts? |
| I just got approved for an Amex Blue card for $6000.00. I transfered a couple of my high interest rate credit cards from my Express Fashion account and mu Household Bank account to my new Amex card ... |
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| I have been paying a debt but they now want more money from me. I have never missed a payment with them, and they now want a financial statement to prove I cannot increase my monthly payment. If I ... |
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| ...ie: should it be up to the customer to have to work out..[-what with weekends complicating the maths etc]..the last day on which they can pay the bill, and therefor avoid incurring a late payment ... |
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I just got a notice from the credit card company that due to my bad credit they have canceled my card.
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| Got a letter today telling me i owe Tmobile £250+, but i havent been with them for over 7 years!? |
I have always been up to date with my bills, and i know that i have NO money outstanding on that old account!
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| I've heard that if I have a 30 year mortgage, making the extra payment can take close to 10 years off the mortgage.... |
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| i have fair credit, my credit score is 604, i make about $800 a month and i had a cosigner who has a credit score in the 700 and makes $1500 a month, im trying to finance a car for 14,000 and im ... |
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 If you owned a Dollar Store - would you hire someone with bad credit? |
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Someone that has bill collectors after them?
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 25 y/o in serious debt? |
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i have done one online before but it only lets you do it one time for free and i did it like years ago so i cant do it again
Additional Details
i am in the uk...as some has posted me a ... |
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 Where can I get info on a credit company that will join my all credit card debts into one? |
| I've been having financail problems which enables me to pay my credit card bill so I'm am looking for a credit card company that will put all my credit cards all together into one single ... |
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Kaitlyn B | I would like my automobile repo and would like to know what is going to happen after? |
I let a person use my name to purchase an automobile and his negative equity on his prior automobile cause the loan to be 45k. The car is worth 25k and the loan is still 40k. The person split and now I am stuck with a 40k loan and a car. I think I am going to call the bank to repo the automobile but what will happen to the difference. I know for a fact that I cannot pay the difference because I am a college student with no job or cash. I have learned a horrible lesson in life and is now paying for it. I need some advice on what to do. |
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Angelica B
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Allowing a person to use your name on a loan is called "FRAUD"& is illegal.
I've bookmarked this site...
http://finance.lowratetoday.com/
All the best to you. |
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Sgt Big Red
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First of all just letting them repo it and then disputing it hoping it will be taken off is the most idiotic idea I have heard so far.
Hate to be the bearer of bad news but they will "reposes" the vehicle and simply sell it at auction (even if you turn it in). Then they will not only seek a judgment against you but in accordance with the IRS regulations, if they charge off more then $600 on the debt, they are required to submit a 1099C to both the IRS and you. This means that the amount of the charged off loan is now considered as income and you will have to report it as such.
Your best bet is try and work out a refinance with them to give you time to sell it for a fair market price and borrow the rest to pay it off so the title can be released to the new owner, or find someone willing to take over the payments.
No matter what, it will appear on your credit report as a derogatory entry and if they win a judgment it could remain on your report for many years. Some states keep judgments listed for up to 10 years and are renewable. This even pertains to your credit report under the FCRA. Don't let someone tell you it will drop off report in 7 years, that is incorrect.
Sorry I can't recommend a magic bullet to help you get out of this mess, but you at least learned a valuable lesson, DO NOT SIGN OR LET ANYONE USE YOUR NAME FOR CREDIT. |
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shiprepairwoman
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They will sue you for the difference between what they sell it for and what you owe. They will get a judgment and you will have it on your credit report. You won't be able to buy a home until it is paid and may have trouble landing a job or getting any credit.
The bank won't get 25K for it because they don't really care how much you have your debt reduced. It must be an incredible car to be worth that much used. |
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stan c
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The only solution to this problem is Bankruptcy, Chapter 7. Then the bank can not come after you for any deficiency balance owed. I agree it's a hard lesson but the cost is going to be a lot less if you try to surrender the car yourself.. |
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theosharatos
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Unfortunately the best thing to do is take the hit on your credit and make a deal to pay off the balance in installments, hopefully that will keep it off your credit.
I've learned hard lessons too, Make the best of it and keep your chin up! |
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Emmy
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What will happen is the bank will seize it. It will then go up for auction. They keep the money earned and any of that money earned that doesn't cover the loan, you now owe. It will hit your credit...hard. It will sit there for some years (to my knowledge it is 7, but each things is a bit different). You may be summoned to pay it, and so forth. If you have no intentions, just ignore the calls and wait for it to fall off your credit report.
If it is any consolation, that guy who bolted...if his name was on it, too? His credit will be hit hard, too. And, they will hassle him to pay, as well.. |
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treasurefolk
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I would recommend selling it yourself as you will get more money than what the repo man will. You'll have to pay the difference. |
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Michael S
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You'll take a huge credit hit for the loan, but from your description, you don't have many other options. The bank will repo the car, but and they will only deduct what they can get for the car from the balance, and you will still be required to cover the negative equity.
That said, the bank may look at your situation, college student and no job, and consider the debt unrecoverable. Like I said, they'll destroy your credit. But, so long as you work hard and are responsible for the next seven years, you should be able to recover. |
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arnitagail
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the best thing to do is turn the vehicle for an involuntarily repo. once it has hit you credit, dispute with the credit bureaus and continue to stay on it. www.AMBcredit.com |
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