Wilco Posted December 21, 2004 Report Share Posted December 21, 2004 I'm still learning a lot about how the credit system works thanks to reading posts here. I've posted on another mb, but I'm hoping somebody here might be able to clue me in as well. Please!The long story short: Came out of divorce w/ two citibank cc's w/ 15k balance 1.5 years ago. I've used credit to maintain child care, dentist, car, etc. as my cost of living went through the roof upon divorce(child support, no shared rent, etc). Have now basically maxed out at 23k. My VW lease is ending in two months and I'm not keeping that nightmare of a car. Credit counselors suggested I cut $500 from my expenses, which is impossible short of a free car falling from the sky and then some. I am not completely sold on ch.13, but I would love to know more about it now before it's too late. Any anwers here are much appreciated, thanks.1.) I have to buy something to drive and my fico is still good enough (680) because I have yet to ever have a late payment on anything on my report. Will buying a car within 3-6 months of filing ch. 13 complicate things? 2.) I understand debt, like a car has to be re-affirmed, but can the car finance company change the terms of my loan after the fact? Can they up my interest rate or terminate my loan when I go to re-affirm? I'm thinking of buying a Ford (gasp! thought I'd never say that.) 3.) Has anyone had their bank account closed or frozen after filing? Can the bank revoke a debit card due to ch. 13? 4.) My interest rates are high- 15.9%, and getting higher everytime Alan Greenspan opens his mouth. I discovered that my ex's cc and car both had my name on them, essentially adding $18k to my debt as far as the CRA's are concerned. I'm close to having that corrected thanks to the advice shared on these boards, but now I know why I couldn't get my rates lowered. Is it worth trying again with citibank once these things are off my report? I would like to avoid ch. 13 all together if only citi would work with me. 5.) Has ch. 13 made it especially hard for anyone to move from one rental to another? 6.) Does ch. 13 stay on your report seven years after the last payment, or will it drop off seven years from the date of the orignial legal agreement? I wish I'd started reading these boards a year ago instead of a few weeks ago! I'd have been much better prepared, and probably not been in denial for so long- thinking I'd be able to keep up and solve it "someday." Again, any advise is appreciated.Thanks! Link to comment Share on other sites More sharing options...
Gryffindor Posted December 21, 2004 Report Share Posted December 21, 2004 1.) I have to buy something to drive and my fico is still good enough (680) because I have yet to ever have a late payment on anything on my report. Will buying a car within 3-6 months of filing ch. 13 complicate things? Probably not.2.) I understand debt, like a car has to be re-affirmed, but can the car finance company change the terms of my loan after the fact? Can they up my interest rate or terminate my loan when I go to re-affirm? I'm thinking of buying a Ford (gasp! thought I'd never say that.) Nope. The written agreement stays. Just be careful about what is contained within the reaffirmation agreement. As for the Ford - I have a Ranger and have had no problems. Those trucks just run, and run, and run, and run (unless they get hit by a semi - which is what happened to my brothers).3.) Has anyone had their bank account closed or frozen after filing? Can the bank revoke a debit card due to ch. 13? It is possible, but not probable.4.) My interest rates are high- 15.9%, and getting higher everytime Alan Greenspan opens his mouth. I discovered that my ex's cc and car both had my name on them, essentially adding $18k to my debt as far as the CRA's are concerned. I'm close to having that corrected thanks to the advice shared on these boards, but now I know why I couldn't get my rates lowered. Is it worth trying again with citibank once these things are off my report? I would like to avoid ch. 13 all together if only citi would work with me. Try to avoid the 13 if you can. 5.) Has ch. 13 made it especially hard for anyone to move from one rental to another? Some property mgmt places will make it harder on you. Most recommend to go through a private renter as they tend to look more closely at work history and income vs credit reports.6.) Does ch. 13 stay on your report seven years after the last payment, or will it drop off seven years from the date of the orignial legal agreement? Seven years from the date of filing.Thanks! I hope all works out for you. Link to comment Share on other sites More sharing options...
Wilco Posted December 21, 2004 Author Report Share Posted December 21, 2004 50 merrits for Gryffindor, thanks a lot."Probably not" is as good an answer as I could hope for right now.This is my 4th VW,and my first lemon. I do not trust them anymore and they won't extend my warranty- so, no residual buy-out for me. I need a warranty, esp. if bk is possible later. The 4cyl. Ford Rangers have Mazda motors, btw. They do run, run, run. If yours is a V6, then good for Ford and for you.Private renting is tough here since they are primarily houses or condo's, which are insanely expensive here now. Apartments are even high priced, but still cheaper, but never are they privately managed. The thought of being stuck in my apt. is awful, so I am always looking for a good deal through a private owner.I'm so glad these boards are here, thanks. Link to comment Share on other sites More sharing options...
Gryffindor Posted December 21, 2004 Report Share Posted December 21, 2004 Try looking for duplexes or 4 plexes, etc. They are usually private owned. Link to comment Share on other sites More sharing options...
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