My wonderful ex husband left me with a ton of credit card debt and a car worth 12K that we owe about 18K on. I signed the loan while married because I felt intimindated and pressured (really wish I hadn%26#039;t..) I owe on this car for $400/mo for 4 more years. Present bank won%26#039;t rewrite loan and have offered no assistance when I tried to talk to them about this. My ex husband has been court ordered to pay credit cards he racked up in our joint account (he isn%26#039;t doing it) but I%26#039;m stuck with the car that%26#039;s now been in two accidents. I%26#039;m drowning under this debt and can barely pay rent. I%26#039;m contemplating a voluntary repo but wonder if they will really come after me for the difference (I now live in a diff state). Should I just take my chances and deal with bad credit for a while (already did that once before when ex caused us to file for bankruptcy..he%26#039;s a peach of a guy!) any advise appreciated. thanks in advance.
Help Needed, upside down car loan, divorce, no refi option?
If you say you owe $18K, that is your principle balance as of today; The loan most likely started off as more, as you said you had 4 MORE years to go......Some people don%26#039;t understand interest accrual and loan amortization. Try to sell your self for what you owe (payoff balance, not principle)....if it is repoed, you will not only be responsible for the deficiency (and they will auction it off, not sell it like you, they will get less), you will have legal fees, repo fees and any other junk fees they feel like tagging on, and yes, you WILL be responsible for this...if you can%26#039;t make payment arrangements for what is left, they will sell the debt to a third party collector who will possibly sue you, garnish your wages and basically make life miserable for you. You will come out in the best way by selling ithe car yourself. Also, consider speaking to a debt management company (reputable) to work with you on your credit cards. You need to take control!
Help Needed, upside down car loan, divorce, no refi option?
THE ANSWER IS GO BANKRUPTCY.CLEAR AND SIMPLE.YOU CAN%26#039;T SURVIVE.LOL DO AS I DID..SAY REWRITE LOAN OR I GO BANKRUPTCY..SEE HOW FAST THEY WILL RESPOND THEN..MOST BANKS OR CREDITORS DON%26#039;T WANT YOU TO TAKE THAT ROUTE.THEY BE MORE THEN HAPPY TO HELP.
YOU CAN GO BANRUPTCY MORE THEN ONCE..BUT THIS TIME KEEP THE EX FAR AWAY FROM YOU!!!
Help Needed, upside down car loan, divorce, no refi option?
Cindy,
I want you to re-read your Yahoo! answer question. Where in the course of this diatribe about your trifling husband did you take accountability for your judgment in selecting this man, in spite of all of his faults, as the man that you wanted to spend the rest of your life with?
Chances are that his credit was a hot mess when you met him and marrying him only exacerbated his problem and bad habits.
Anyway. That is spilled milk but YOUR concern right now is RENT first. If you can pay the car note -- pay what you can. If they repossess the vehicle, then my next suggestion for you is to stay SINGLE for a while, give yourself some time to get out of the nightmare that both YOU and HE created, and adjust your PICKER for men!
Help Needed, upside down car loan, divorce, no refi option?
They will turn you over to a 3rd party collection in the end if it%26#039;s repo%26#039;ed. I have one option: try a pvt. party sale. If you%26#039;re payments are $400 a mont, then you don%26#039;t owe $18,000. That%26#039;s interest on the loan, too A rough guess is about $13-14K owed if the pay-off were today. You have to make up the difference to the loan if it falls short of expected pay-off. It could be a couple of grand out of your pocket vs. a repo which will be on your credit report for a long time to come. If you do indeed let it go to repo, then there isn%26#039;t much they can do. They can%26#039;t get blood out of a turnip. But they will threaten you for years to come. I am so sorry. Next time you want to pick a b/f, have mine interview him for you in advance.
Help Needed, upside down car loan, divorce, no refi option?
The best thing to do is sell the car and try to get a loan for the remainder..Better 4k in debt then 18k. Second, get a copy of the court order and send copies via certified mail to all the credit card companies. Include a letter demanding that your name be removed from the accounts. Then if your ex is still not paying the credit cards file a contempt motion against him. If you can not afford an atty check for legal aid in your area. If you do a voluntary repo they will sell the car at auction and then come after you for the difference.
Help Needed, upside down car loan, divorce, no refi option?
I dont have the best of credit, well in fact its kinda bad, but I was able to get car loan since I do have a job which is mainly what this place cared most about for me. They are one of these places that have multiple sources and they say like 99 percent approved. So I would give this site a try....
http://auto.deal4-you.com
Good luck.
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