Armywife

I found the website/forum and bookmarked it. Thanks for the info!

Hello MarvBear, I am not sure if we would qualify, however, I have been doing some research and will be walking in the legal office on base next week to talk to someone. Thanks for that bit of info because it never crossed my mind and I am sure my spouse hadn't thought of it either. Thanks!

Yes, first option you mentioned would be the better option financially assuming the neg equity wouldn't be too much $$$. By the time we leave Korea (summer) we will owe about $14,000 more on the 2009 F-150. It has about 27,000 miles on it and it's sittin in storage, good condition. Last summer carmax offered about 13,000 for it in which at that point we still owed about $17,000 on it. Needless to say, we didn't have 4 grand to come up with and because we were only in the states for a week we didn't have time to check with other dealerships. So a year later I'm not sure what that would drop too? Or if that was even a good offer for the truck in the first place?... If we were to trade in Exp., I'm (cautiously) thinking we might get a pretty good amount for it as it is in pretty good condition, no major mechanical problems, fully loaded, etc... And we'd still have to pay to ship at least one vehicle so they both could be in same location. Yes, lol, hands are quite full. Thank you for the advice road2freedom as it was very helpful :-) .

Hello all! Ok, me and my spouse are having a difficult time making a decision with one (or both) of our vehicles. At the moment we are paying on 2 vehicles- 2006 Ford expedition and a 2009 Ford F-150. The Expedition will be paid off this summer and the f-150 still has about 4 years more worth of payments. We are overseas now (South Korea 2 year accompanied tour) and will be pcs'ing this summer to Alaska. Problem is our F150 has been in storage stateside the whole time we have been here (while still paying the note, insurance etc...) and our Expedition is here and Once we go to Alaska the GOV will only ship one vehicle there. Truthfully speaking the truck was a big mistake and we regret it, however, we didn't know he would come down with orders for Korea either. So basically it has been a struggle to keep payments up on both vehicles and soooo one of them has gots to go! We realize we have a few options but it's not going to be cheap either way and so we are having a tough time making the decision. Option 1: last summer we tried to sell the f-150 while on leave stateside and of course with the negative equity (about $4000) we couldn't do it. Honestly if we had the money or could get it we would probably do it because it would be better for finances in the long run... Right??? Option 2: sell the expedition this summer and have the truck shipped to Alaska and just deal with it. Problem is we are a family of 7 and our truck is the basic model that seats up to 6 and is not as good on gas as the expedition. Option 3: sell the expedition and put money towards the trade of f-150 (for another expedition) and add a couple thousand more dollars with it so we wont have a ton of $$$ tacked on the new loan. All in all, I love our expedition and the space it has for our family. And quite frankly I would rather sell the truck if I could and keep the expedition and be PAYMENT FREE for a couple of years or so. Also, me and my husband both agree that we wouldnt mind at all being a one car family for the next couple of years or so. But as I said, I honestly don't think we would have enough or be able to come up with the negative equity. But something has to give because we have paid on the truck for 2 years that is sitting in storage and I am sure we are unable to pay on it another 3 years whille we are in Alaska and it sits in storage (waste of money). Please help!!! I apologize for this being so long and drawn out. Any advice will be greatly appreciated. Thanks in advance! ***I apologize for reposting this as I had already posted in the "Military Credit" board. However, I realized after posting that that particular forum does not get as much traffic. Please if anyone has any advice it would be greatly appreciated. Thanks again!

Hello all! Ok, me and my spouse are having a difficult time making a decision with one (or both) of our vehicles. At the moment we are paying on 2 vehicles- 2006 Ford expedition and a 2009 Ford F-150. The Expedition will be paid off this summer and the f-150 still has about 4 years more worth of payments. We are overseas now (South Korea 2 year accompanied tour) and will be pcs'ing this summer to Alaska. Problem is our F150 has been in storage stateside the whole time we have been here (while still paying the note, insurance etc...) and our Expedition is here and Once we go to Alaska the GOV will only ship one vehicle there. Truthfully speaking the truck was a big mistake and we regret it, however, we didn't know he would come down with orders for Korea either. So basically it has been a struggle to keep payments up on both vehicles and soooo one of them has gots to go! We realize we have a few options but it's not going to be cheap either way and so we are having a tough time making the decision. Option 1: last summer we tried to sell the f-150 while on leave stateside and of course with the negative equity (about $4000) we couldn't do it. Honestly if we had the money or could get it we would probably do it because it would be better for finances in the long run... Right??? Option 2: sell the expedition this summer and have the truck shipped to Alaska and just deal with it. Problem is we are a family of 7 and our truck is the basic model that seats up to 6 and is not as good on gas as the expedition. Option 3: sell the expedition and put money towards the trade of f-150 (for another expedition) and add a couple thousand more dollars with it so we wont have a ton of $$$ tacked on the new loan. All in all, I love our expedition and the space it has for our family. And quite frankly I would rather sell the truck if I could and keep the expedition and be PAYMENT FREE for a couple of years or so. Also, me and my husband both agree that we wouldnt mind at all being a one car family for the next couple of years or so. But as I said, I honestly don't think we would have enough or be able to come up with the negative equity. But something has to give because we have paid on the truck for 2 years that is sitting in storage and I am sure we are unable to pay on it another 3 years whille we are in Alaska and it sits in storage (waste of money). Please help!!! I apologize for this being so long drawn out. Any advice will be greatly appreciated. Thanks in advance!

Upon me and DH's return to the US from Germany, I pulled my credit reports and saw a debt from Dept. of Treas. saying I owe over $300. So I called them and they told me it was a returned check that I wrote in Dec. 04 or something to that effect. Well I have kept all of my check receipts and couldn't find that one. So I called the bank (USAA) and asked them to check during that time frame and see if there was a check returned due to insufficient funds around that time period. And the rep told me NO and that all the checks that were written were paid and not returned. Of course I have sent them a letter asking for debt validation. And I have since called them again (the 30 days hasn't passed yet though) and the rep I spoke with told me that are "in the process" of trying to get the information I requested but it was nothing more they could tell me. I honestly don't think that there was a returned check. I am not saying that I have never had a returned check because in the past (years ago) I did but it was paid and not returned. My husband is also military and at that time I worked on the military base and received my payroll thru DFAS, so if there was something they could have easily garnished that portion of my pay or even took from our income tax check since it is a government debt. I know government debts are different (I guess, dont know), but if they can't provide the validation do the CRA's have to remove this from my credit report? It is also pass the SOL, but again, I do not think this is a valid debt, meaning there was no returned check that was left unpaid and I stand by that. If for some reason they do provide the proof then fine, I will pay, but I doubt there is any real proof of this alleged debt. Even so, does this type of debt follow the same type of guidelines provided by the FDCPA and SOL etc..? Thanks a lot!

No, if I understand correctly the debt is not out of SOL. The date of status or last activity is 04/2004, and that is whats reported under HSBC, and they did tell me that they will report for 7 years even though the account has been charged off and sold to midland. Now midland reports date opened as 10/2004 and date of first delinquency as 04/2004 (weird) . I live in NC and I am not sure how to classify the account but for a Promissory Note it's 5 years and 4 years for Open-ended accounts. It was never an option to pay them with my personal checking, online or even with credit card, but with a money order. If I pay I just don't want them coming back later claiming I owe them or reselling, but when I get the letter in writing stating the account is PAID IN FULL (if I get it, I won't pay a dime without it) wouldn't that serve as proof (along with my receipt) and therefore reselling won't be an option? If it is considered openended account, then the SOL would apply as of April, but would I dispute it with HSBC or midland, both?

I had an old HSBC account (credit card) opened 5-6 years ago which was charged offand for the past couple of years have paid all my bills on time and fixed credit reports therefore rasing my fico score to mid 600's. However, HSBC transferred/sold the account to Midland and I have disputed this with the CRA's with no luck. Unfortunately, I did not DV midland, they actually just found me not too long ago because I was living in Germany (husband is active army). The amount charged off was $856, and now of course Midland is reporting $1074. I made the mistake of calling (oh no I didn't go there, yes I did ) Midland because as of now with the exception of two paid baddies that are due to fall off this year is the ONLY NEW BADDIE on my CR! The guy I spoke with asked for 800 to settle debt, I said NO WAY, I did tell him that I could pay the debt in one payment but not 800 so they agreed to $500 and that was as low as they would go. I did also tell him that I wasn't paying a dime until I get a letter stating that the account is PAID IN FULL and not SETTLED OR PAID SETTLEMENT. He said no problem, will send letter out to me. How bad did I screw up?!?! I wasn't thinking at the time to ask for a deletion, and also to state in the letter that they won't try and resell the unpaid portion or any portion of it to another CA. I know I know I am not supose to be on the phone with them anyway. But is it too late to DV and ask for deletion. Also if/when they do send letter stating the account will be paid in full once $500 is received, if they happen to sell (because I know they are liars) will that letter serve as proof that-that debt has been payed in full? I would think it does, because I got midland's info from HSBC, they charged off the account years ago, but told me specifically that they sold it midland and gave me their contact info. I am very confused now. Should midland be reporting on my credit report that they purchased the debt from HSBC? It does say that they are factoring company and purchased from OC but not specifically HSBC. I know I probably should have DV'd them but I did have a HSBC account that was charged off and even when disputing it, it was verified (midland, that is). I somehow feel if I don't pay this off it will keep draggin on and on my credit reports and I have came too far to fall back in the low 600's. If I do fall back there because of this then I would rather it show up as PAID IN FULL. Sorry for the long thread, but any advice is appreciated...