kleep Posted December 7, 2007 Report Share Posted December 7, 2007 My Chapter 7 was discharged in Feb 02. On the initial paperwork, we listed Honda Finance as a secured debt because they held my car lease. Since it was a lease, I was forced to refinance this at the amount due (not value of car - big difference between lease & purchase loans in Bankruptcy). Since the amount due was $13K and the car was worth $7K, (and my credit sucked), no one would grant me this loan. Under the advice of my Bankruptcy attorney (now deceased / paperwork gone), I gave up my car by turning it in to the dealership. I never signed / resigned any documents for this loan.My problem now is that it is listed on my CR as "repossessed" and owe $13K. I disputed and it came off two reports, but still stands on one. Since it will drop off my CR in 2009, must I let it go, or how do I fight this? The listing is the OC so I can't DV, so what do I do? Was this actually a repo? Link to comment Share on other sites More sharing options...
willingtocope Posted December 7, 2007 Report Share Posted December 7, 2007 If you turned it back into them, it should be listed as IIB. It may also say "repo'd", but if it says IIB, that's correct. If it doesn't say IIB, the send them a letter pointing out their error. Link to comment Share on other sites More sharing options...
kleep Posted December 7, 2007 Author Report Share Posted December 7, 2007 Sorry for the stupidity, but IIB? What does this mean? Link to comment Share on other sites More sharing options...
Freak Posted December 7, 2007 Report Share Posted December 7, 2007 "Included in Bankruptcy" Link to comment Share on other sites More sharing options...
willingtocope Posted December 7, 2007 Report Share Posted December 7, 2007 IIB = Included in Bankruptcy. Unless you specifically reaffirmed this debt through the court at the time of your BK, it was included. It should be listed as such. Link to comment Share on other sites More sharing options...
Freak Posted December 7, 2007 Report Share Posted December 7, 2007 I believe it is referred to as a voluntary repossession, which is still a repossession. Link to comment Share on other sites More sharing options...
kleep Posted December 7, 2007 Author Report Share Posted December 7, 2007 It is listed on my discharge papers. So, should they get rid of the $13K due on my CR? It is only on CSC/Equifax - the others deleted it. Do I send a copy of my discharge papers to CSC or deal with Honda directly? Link to comment Share on other sites More sharing options...
LadynRed Posted December 7, 2007 Report Share Posted December 7, 2007 You gave up the car, the debt was DISCHARGED and you owe them NOTHING ! The reporting is all wrong, it should have the "IIB" notation AND the balance should show as ZERO. Honda got in hot water in CA for it's reporting tactics on discharged debts, maybe you should remind them they got slapped and you'll do the same if they don't make the corrections! Here's the article where the Honda case is mentioned and quoted:http://www.bankruptcylawnetwork.com/2007/12/04/reporting-a-balance-on-a-credit-report-after-bankruptcy-discharge-part-ii/ Link to comment Share on other sites More sharing options...
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