reaffirming loans

[momof5]

They generally don’t do you any favors like I said its business. I want to back in the light of not having more then a hand full of creditors that I have to pay. Are you sorry you let it go?

Definately not sorry at all!
When we first filed we stated we would reaffirm BUT after seeing the reaffirmation paperwork that had hundreds of dollars in additional 'legal' fees. We realized they were sticking it to us good. Our original thinking was we have already paid on this for nearly 3 years,wouldnt it be money down the toilet? I started looking at it a different way...we still have 2.5 years to pay on it and for what? We owe more than its worth by thousands as well.
We were doing the Credit Union a favor and this is the thanks we were getting. I can honestly say that I am glad that we had the choice!!!
This reaffirmation was definately only benefiting them!! and stealing from us.

So now they get their vehicle back and they lose thousands of dollars. Sure we will be without our 2nd car BUT we will also not have a car payment! And I will never have to feel that I was taken advantage of by this glorified credit Union who treats BK people like garbage!

Also for those that think when you do reaffirm that it will be on your credit report and will help you rebuild your credit may be wrong. Many of these banks report it as included in bankruptcy and are under no obligation to report anything as far as on time payments once your out of your BK.

[TEW]

Our lawyer also noted this as an added benefit when he urged us to re-affirm our house. As for replacing a vehicle, it is hard but not impossible...we located a replacement loan and were able to get a better vehicle for less money and with less mileage. Yes, the interest rate is high right now, but in a year (or perhaps less) we will re-finance it with our bank and the payments will be much lower than what we were paying pre-BK, so not re-affirming our vehicles ended up being a very good move for us.

[b_girl]

Our replacement loan came during bankruptcy...we're still waiting for discharge.

We started our own savings account, too....we're buying stocks on a bi-weekly basis through Sharebuilder. Better late than never, plus we can't easily raid it like a traditional savings acct.

[TEW]

Our replacement loan came during bankruptcy...we're still waiting for discharge.

We started our own savings account, too....we're buying stocks on a bi-weekly basis through Sharebuilder. Better late than never, plus we can't easily raid it like a traditional savings acct.

[Greenie]

I reaffirmed my car loan because the car's worth more than I owe, I have a low interest rate, and I'll be paid off in 16 months. It's three years old, reliable, gets good mileage, and I plan on driving it for at least another 5 or 6 years, so reaffirming seemed like the best option.

[ad1dasfl]

I reaffirmed because I was so close to paying off the vehicle ($1K) that it didn't make sense not to.
I can't understand why anyone would reaffirm a credit card though.

[Frogge]

I'm upside down on my car and it costs too much. I don't think I'll keep it but I want to try and get another reliable vehicle before I file. Not sure how I'll go about this process.. but I want to be able to let the car go so I won't be reaffirming it.

[Cali]

I was told nothing shows up on your report until after discharge, regardless of reaffirmation or ride through.

I believe another reason to reaffirm is it will show up on your credit report and help you build it back up. If you ride through it won't appear on your credit. Plus, if you don't keep your car and try to get another one it will probably be really hard.