ktg Posted March 11, 2005 Report Share Posted March 11, 2005 Hi!I've been searching through Forums and found a lot of valuable info, but still confused with some issues.. like this one:Reposession in Sep. 03 (never got any paperwork);Had a co-signer who filed BK (repo included - title, registr., insurance were in co-sign. name). BK discharged in Apr.04;Disputed repo with CRA as "not mine" - it was updated to "joint responsibility".Is it possible to take it off my CR? Anyone had a similar scenario?Thanks for help (continue searching..)ktg Link to comment Share on other sites More sharing options...
willingtocope Posted March 11, 2005 Report Share Posted March 11, 2005 You'll probably need to talk this over with a lawyer, but I beleive you're stuck. That's what a co-signer agrees to...if the original debtor doesn't pay, the co-signer will. Your only chance is if the repo didn't result in any "residual"...in other words, if the people that repo'd it sold it for the amount owed. Otherwise, I'm pretty sure you're responsible for the difference. Link to comment Share on other sites More sharing options...
Methuss Posted March 11, 2005 Report Share Posted March 11, 2005 In a co-sign situation, if the other person goes bk, you would still be 100% liable for the balance.You have to your advantage that you were not supplied with the mandatory bill of sale showing what the vehicle (I'm assuming this is a car) sold for. That gives you some leverage in dealing with any collection account because they will have to prove that the amount they are seeking is correct. You would only be responsible for the difference between the remaining loan value and what the car sold for...not the whole remaining balance of the loan.Another thing to your advantage is "lack of consideration" in the original contract. If you assumed no benefit from the contract you may be able to have your responsibility on it nullified. This is a hard-sell so you'd have to find some real reason showing this, such as if it was never put on your credit report until it was in default...in such case you can show that you didn't even get the benefit of the positive reporting while it was paid current. Link to comment Share on other sites More sharing options...
ktg Posted March 11, 2005 Author Report Share Posted March 11, 2005 Hi guys and THANKS for your replies!I think I wasn't clear enough... I am NOT a co-signer, I am (was) the main applicant for that car loan..I don't have any CA on my tail for this repo'd car (so far at least).I was hoping that if it was discharged in BK of the loan co-signer and written off by the bank, they (bank) will fail to verify it to CRA after my dispute... big expectations .. Link to comment Share on other sites More sharing options...
ktg Posted March 11, 2005 Author Report Share Posted March 11, 2005 Hi guys and THANKS for your replies!I think I wasn't clear enough... I am NOT a co-signer, I am (was) the main applicant for that car loan..I don't have any CA on my tail for this repo'd car (so far at least).I was hoping that if it was discharged in BK of the loan co-signer and written off by the bank, they (bank) will fail to verify it to CRA after my dispute... big expectations .. Link to comment Share on other sites More sharing options...
willingtocope Posted March 11, 2005 Report Share Posted March 11, 2005 Ahhh...right....big expectations.Your repo...does it appear as such on your CRs? If so, the co-signer's BK won't affect that, and the same discussion still applies. If the creditor didn't sell it for what you owed, then sooner or later, they'll come after you for the difference. The co-signer is off the hook... Link to comment Share on other sites More sharing options...
willingtocope Posted March 11, 2005 Report Share Posted March 11, 2005 Ahhh...right....big expectations.Your repo...does it appear as such on your CRs? If so, the co-signer's BK won't affect that, and the same discussion still applies. If the creditor didn't sell it for what you owed, then sooner or later, they'll come after you for the difference. The co-signer is off the hook... Link to comment Share on other sites More sharing options...
ktg Posted March 11, 2005 Author Report Share Posted March 11, 2005 Yeah.. appears as REPO on all 3 CR... Shoot, I guess I am screwed on this one... Link to comment Share on other sites More sharing options...
ktg Posted March 11, 2005 Author Report Share Posted March 11, 2005 Yeah.. appears as REPO on all 3 CR... Shoot, I guess I am screwed on this one... Link to comment Share on other sites More sharing options...
Methuss Posted March 11, 2005 Report Share Posted March 11, 2005 The repo should be listed as IIB (included in bankruptcy). If it is not, then you need to tell the CRAs that it is. An IIB item will stay on your CR, but after about 18-24 months from the date of discharge, it has little, if any, effect on your credit score. Link to comment Share on other sites More sharing options...
Methuss Posted March 11, 2005 Report Share Posted March 11, 2005 The repo should be listed as IIB (included in bankruptcy). If it is not, then you need to tell the CRAs that it is. An IIB item will stay on your CR, but after about 18-24 months from the date of discharge, it has little, if any, effect on your credit score. Link to comment Share on other sites More sharing options...
willingtocope Posted March 11, 2005 Report Share Posted March 11, 2005 Methuss: Did you catch what OP said? REPO was his...BK was co-signer. OP didn't BK. Link to comment Share on other sites More sharing options...
willingtocope Posted March 11, 2005 Report Share Posted March 11, 2005 Methuss: Did you catch what OP said? REPO was his...BK was co-signer. OP didn't BK. Link to comment Share on other sites More sharing options...
Methuss Posted March 11, 2005 Report Share Posted March 11, 2005 Sorry, got turned around on that one.... Link to comment Share on other sites More sharing options...
Methuss Posted March 11, 2005 Report Share Posted March 11, 2005 Sorry, got turned around on that one.... Link to comment Share on other sites More sharing options...
ktg Posted March 11, 2005 Author Report Share Posted March 11, 2005 Co-signer's BK, my repo (no BK for me, I am fighting!).. Moving on to work on other items.If someone is still reading this, have a very short (dumb ) question:PAID and PAID AS AGREED - is there ANY difference for CR? Link to comment Share on other sites More sharing options...
ktg Posted March 11, 2005 Author Report Share Posted March 11, 2005 Co-signer's BK, my repo (no BK for me, I am fighting!).. Moving on to work on other items.If someone is still reading this, have a very short (dumb ) question:PAID and PAID AS AGREED - is there ANY difference for CR? Link to comment Share on other sites More sharing options...
Methuss Posted March 11, 2005 Report Share Posted March 11, 2005 PAID and PAID AS AGREED - is there ANY difference for CR?Paid as agreed is a little bit better. "Paid" is a neutral remark, neither good nor bad. Link to comment Share on other sites More sharing options...
Methuss Posted March 11, 2005 Report Share Posted March 11, 2005 PAID and PAID AS AGREED - is there ANY difference for CR?Paid as agreed is a little bit better. "Paid" is a neutral remark, neither good nor bad. Link to comment Share on other sites More sharing options...
ktg Posted March 12, 2005 Author Report Share Posted March 12, 2005 Thanks Methuss! Link to comment Share on other sites More sharing options...
ktg Posted March 12, 2005 Author Report Share Posted March 12, 2005 Thanks Methuss! Link to comment Share on other sites More sharing options...
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