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pwyang117

Auto Loan Discharged - HELP NEEDED

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3 hours ago, hegemony said:

you need to separate the frustration with your parents and your legal position. do what is in your best interest since nobody else will do it for you.

 

on your 4 major consumer credit reports, what is the DOFD on this tradeline?

 

what is the SOL for this type of debt in your state?

 

you will find it hard to negotiate a pay for delete (PFD) and you're main concern should be whether the creditor tries to come after you for the balance. paying it in full may avoid this but will not remove it from the CRAs. I'd worry less right now about how it reports and your scores and more on making sure you are not going to be pursued. since two of the three of the debtors for this loan filed BK, the creditor might simply not want to deal with any of the three owners of the debt which will complicate you paying off the debt.

 

I'll ask again, have you been communicating in writing with the owner of the debt?

 

who has the car? what is it worth?

 

 

Yeah, trust me. I am definitely looking out for my best interest moving forward. You know those dumb things you (you as in general) do when you're young and naive? Yeah this is one of those cases. I made a mistake and now I'm moving forward with how things turned out and trying to make the best out of it. DOFD was September of 2018. SOL is 6 years (WI). No I have not communicate I writing but I suppose I can, for records I presume. Parents have the car and has 11k left on it, prob worth around there give or take a couple grand. 

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2 hours ago, DollarDog said:

The poster's parents have the car.  See the first post.

 

If your parents filed for bankruptcy in January and the car hasn't been repo'd in July, it's likely it will never repo'd.  They won't be able to legally sell it or donate it.

 

You could wait out the SOL and then use that as a defense if you're sued.  And of course after 7.5 years, it will disappear from your credit reports. 

 

The SOL doesn't mean you can't be sued.  Anyone can sue anyone for anything.  You could end up dealing with this for a long time.

 

Since they haven't repo'd it, maybe you could settle with them. 

 

Have you talked to your parents about this?  They could certainly make payments if they wanted to.

 

I'm sorry this happened.  Parents should not do this to their children.  Parents should protect children not cause them financial harm. 

I'm guessing waiting it out would be the best course for this situation and not do anything that'll triggering them to take some sort of action. I have numerous time but they're under the assumption that once you file for BK, you don't have to continue paying on the debt. So, either their lawyer is doing a crappy job explaining what they should be doing or something got lost in the communication transaction. Thanks. I'm just trying to figure out the best course of action to taken given the circumstances. I know there are thousands of cases like this, if not worse, out there. 

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2 hours ago, DollarDog said:

Let's not vilify the poster who was screwed over by their parents.  We all have families, and we all know the dynamics involved in those relationships. 

 

The poster has the right to be angry.  They're looking for help. 

God forbid IndyPoolPlayer has to cosign or joint credit with someone because we all know how responsible he/she is with their finances that they never need to help those in need, whether family or relatives. So responsible. 

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1 hour ago, MarvBear said:

Just a quick question.  Did both your parents sign the loan documents?  Is your name on the registration? I'm trying to figure out how you would have co signed if they both signed joint on the app and RISA.

I'm sorry. I cosigned for a parent. Not parents, my mistake. I will have to check on that but I cosigned for a parent. Thanks. 

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52 minutes ago, CTSoxFan said:

You threw the first snide comment, so don't get upset when he came back at you.  I read it the same way he did.  You've both had your say, now go to neutral corners and get back to the topic at hand.

Well I mean, I can't help it if that little voice in your head reads it one way while getting read differently by another. It's quite subjective you see, but if it floats the boats, sure. Sir yesir! 

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11 hours ago, pwyang117 said:

Well I mean, I can't help it if that little voice in your head reads it one way while getting read differently by another. It's quite subjective you see, but if it floats the boats, sure. Sir yesir! 

Coming back at me is not your best move.  Obviously more than one person read it as a snide comment, so maybe you should consider your posts more carefully, otherwise I can certainly do it for you.  Now let it go and get back to your issues.

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Posted (edited)

The original poster should try the program I suggested. If it works for him then he should let us know.

 

 

If the car has not been repossessed and the OC lender has made NO effort to do so then you have a chance to get it off your reports and avoid paying anyone anything. ( I assume the delinquency is being reported by the OC)

Follow the guides;

https://whychat.me/GUIDEBOOK.html

 

https://whychat.me/repoltr.html

 

Send the initial dispute letter to the CRAs and see what happens

https://whychat.me/initdispltrsol.html

 
  •  
  •  
  • IN ADDITION- THIS POST WOULD BE MORE APPROPRIATE IN THE CREDIT FORUM WHERE THE MATERIAL IN IT WOULD BE MORE RELEVANT. THE BK IS NOT (IMO) AN INTEGRAL PART OF THE PROBLEM
 
Edited by Why Chat

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Posted (edited)
2 hours ago, Why Chat said:

The original poster should try the program I suggested. If it works for him then he should let us know.

 

 

If the car has not been repossessed and the OC lender has made NO effort to do so then you have a chance to get it off your reports and avoid paying anyone anything. ( I assume the delinquency is being reported by the OC)

Follow the guides;

https://whychat.me/GUIDEBOOK.html

 

https://whychat.me/repoltr.html

 

Send the initial dispute letter to the CRAs and see what happens

https://whychat.me/initdispltrsol.html

 
  •  
  •  
  • IN ADDITION- THIS POST WOULD BE MORE APPROPRIATE IN THE CREDIT FORUM WHERE THE MATERIAL IN IT WOULD BE MORE RELEVANT. THE BK IS NOT (IMO) AN INTEGRAL PART OF THE PROBLEM
 

I will certainly give it a go and report back with any changes. Thanks!! 

Edited by pwyang117

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On 7/5/2019 at 12:47 PM, pwyang117 said:

I only learned of the BK only after it has been filed and finalized or at least in the its very late stages. Glad things worked out for you, sounds like you went through lots of crap. 

Then you have some potential recourse, some of which COULD end up with you having the ability to get the vehicle.  But this is something that is not going to end well without some ruffled feathers and a tarnished relationship with family...which is why the guidance exists to never mix money and family. 

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