NEED ADVICE!!! Found a problem....

[lilgoose]

Okay, I tried this question in rebuilding credit but can't seem to get any advice as to what the next step should be and I just know that someone has had to deal with this before and we are not THAT special!

We reaffirmed a loan on a van. Purchased it in Aug 05, filed at the end of Aug. Reaffirmed immediately and are very current on ALL payments in between. Actually have Aug 06 payment made as of 2 weeks ago.

Pulled our free credit reports today, only to find out that the bank in which we have this loan thru as showed up as opened in Aug 05 and CLOSED Sept 05.

We have now made a years worth of payments ON TIME and fully expected this to be helping to rebuild the credit history.

If this loan is showing as closed and we are paying on the loan, what do we do? Is this legal practise for them to report on credit reports as closed, but yet take our monthly payments?

Can we give the van back and force them to repay us ALL the payments that we have been making to them?

It makes me wonder if we can stop making payments on it and not be in any kind of trouble....Would they even realize it?

What if we could pay off the loan early (not that we can), would the van be ours?

It is sad as we reaffirmed knowing this bank reported to the credit agencies, as a means to help rebuild the credit issue from minute one...This REALLY SUCKS!

And, as if this isn't bad enough, hubby tried to get is FICO score from Experian today and he can't get it because he has to have an open account for the last 6 months! Now, how can he not have one?????
VERY CONFUSED as to what we should be doing...........

[keepmine]

If you reaffirmed the debt, and stop paying they'll repo and you are on the hook for any deficiency balance.

It is sad as we reaffirmed knowing this bank reported to the credit agencies, as a means to help rebuild the credit issue from minute one...This REALLY SUCKS!


What is really sad is you reaffirmed a debt y for the sake of a credit score. You had a chance to ditch a huge liability and you didn't take. My lord, the ink on your filing papers wasn't even dry and you were on the hunt for new credit.
Why not just call the lender and ask about the credit reporting policy? If the debt was reaffirmed, they should be updating the files to show the payments.

[SinkingFast]

Totally do not know the answer for you, Lil.

But if I may,..........

Look at the payment statements they send you in the mail. Look for a statement, something to the effect of "For informational purposes only." If you have that on your statements, they are not billing you. They are keeping you informed of the status of your payments and balances.

Check your BK paperwork and make sure the Reaffirmation did indeed get filed. Look on PACER. Go to the Court House if you have to. But check your file and see if that the Reaffirmation agreement was filed. Just because you signed it does not mean it became a part of the official Court record. Maybe your attny screwed up. Maybe the Lender did not return it in time. Any number of things could have happened.

Next thing I would do is call the Lender. Explain what's going on. That you did Reaffirm the note and expected to find them reporting payments as usual to the CRA's. Find out what's going on with your Lender. Could be their policy to report all BK's that way regardless.

If for some reason, the Reaffirmation did not get filed properly, ask the Lender if they will provide you with a payment history for future reference when you apply for credit down the road. Just because they don't report to the CRA's doesn't mean they cannot act as a reference for you in another way.

If the Reaffirmation did not get filed, the original terms of the agreement still hold. Same payment. Same term. Same interest rate. Only you'd be on a month to month basis. If you miss a payment or you're gonna be late, you'd better call the Lender. They can repo your car right out from under you.

[aa06a47]

My mortgage companies are both doing the same as your car lender. They show my accounts closed. Hell, they even seem to be having problems applying payments correctly as well.

[lilgoose]

[/QOUTE]What is really sad is you reaffirmed a debt y for the sake of a credit score. You had a chance to ditch a huge liability and you didn't take. My lord, the ink on your filing papers wasn't even dry and you were on the hunt for new credit.
Why not just call the lender and ask about the credit reporting policy? If the debt was reaffirmed, they should be updating the files to show the payments.[/QUOTE]


First of all, you idiot....We didn't start "hunting" for new credit prior to the drying of the ink...We reaffirmed this van as a way to have a SAFE AND RELIABLE transportation as we were not planning on purchasing a different vehicle for a few years....WE LET A BRAND NEW ONE GO BACK SO HUNTING FOR CREDIT ISN'T EXACTLY WHAT OUR FUTURE PLANS WERE!

We did this because putting a roof over our children's head is our priority and there was no way we could keep our prior home....

So, by reaffirming this van was BETTER and SMARTER than going out and applying for CREDIT CARDS....We don't want that kind of debt.

We just wanted to think of a future in a home to call our own again.......

Why am I even explaining to you???? You need to stop and think before you try to figure out what someone's reasons for filing are........Not to mention their reasons for rebuilding credit.

How many times have you applied for credit cards since you are here??? If you haven't had to worry about a mortgage or a loan on a vehicle, my hat is off to you, but don't put down someone for thinking of the future...

By the way, it wasn't "bad spending" that put us here, it was my losing income due to an injury that has now kept me from working.

So, JUDGE AND JURY, my hats off to you for showing how totally inconsiderate you can be.....

[lilgoose]

Sinking,

I will have my hubby call them in the morning. I wasn't sure how to go about this and "rock the boat". Yes, it was listed in our papers as being reaffirmed.

I called the lender a couple of times about getting a new payment booklet with our new address on. I still haven't received one and it has been several months.

We have made our payments both thru the mail and at the branch in person.

Definitely will look into it.

I am sorry for my previous outburst, but I just didn't ask for nor did I deserve that person's comments.....

Anyway, thanks!

aao6, what are you doing to get this resolved?

[aa06a47]

aao6, what are you doing to get this resolved?

Nothing I can really do as far as credit reporting. Since the debt was never reaffirmed, (my attorney said just keep making the payments) technically, the loan is still "forgiven". All I have to do is move out I guess and hand them the keys if I need to some day. I assume when the bk is discharged, they will start reporting again??...not sure, will worry about that in 5 years.

Right now, my bank is pursing the non-posted payments. Since I use the bill pay service, I have reported to them the payments not posted. They have contacted the mortgage company. Citi told them they received payment, just haven't posted it yet, and my first mortgage company tells them they didn't receive it yet. I figure I'll give it until Tuesday, then will start making a few calls myself.

[JeepMom]

[/QOUTE]What is really sad is you reaffirmed a debt y for the sake of a credit score. You had a chance to ditch a huge liability and you didn't take. My lord, the ink on your filing papers wasn't even dry and you were on the hunt for new credit.
Why not just call the lender and ask about the credit reporting policy? If the debt was reaffirmed, they should be updating the files to show the payments.

First of all, you idiot....We didn't start "hunting" for new credit prior to the drying of the ink...We reaffirmed this van as a way to have a SAFE AND RELIABLE transportation as we were not planning on purchasing a different vehicle for a few years....WE LET A BRAND NEW ONE GO BACK SO HUNTING FOR CREDIT ISN'T EXACTLY WHAT OUR FUTURE PLANS WERE!

We did this because putting a roof over our children's head is our priority and there was no way we could keep our prior home....

So, by reaffirming this van was BETTER and SMARTER than going out and applying for CREDIT CARDS....We don't want that kind of debt.

We just wanted to think of a future in a home to call our own again.......

Why am I even explaining to you???? You need to stop and think before you try to figure out what someone's reasons for filing are........Not to mention their reasons for rebuilding credit.

How many times have you applied for credit cards since you are here??? If you haven't had to worry about a mortgage or a loan on a vehicle, my hat is off to you, but don't put down someone for thinking of the future...

By the way, it wasn't "bad spending" that put us here, it was my losing income due to an injury that has now kept me from working.

So, JUDGE AND JURY, my hats off to you for showing how totally inconsiderate you can be.....

First off, don't call anyone here an idiot. Look, you can't quote properly, should I call you an idiot? NO, it's immature and pointless.

That being said you can dispute it through the CRA as well. They will contact the lender and the lender will have to fix the issue.

[keepmine]

Filing for bk has one function and one funtion only. To totally destroy all of your creditors to the maximum extend possible.
There is great risk in reaffirming a depreciating asset if you don't have too- particularly sincethe purpose was to rebuild credit.
I'm a bk filer myself {dischaged this past March}. I've applied for no credit since then and have no intention of ever using credit again.
You don't need credit scores to buy a home .FHA mortgages are not score driven-just a 2 year record of paying bills on time post bk. If credit scores are that important, you could have app;ied apply for cc's post bk and shed the risk of not being able to pay for the van if something happens jobwise or health wise.

[BKinFL]

First off, don't call anyone here an idiot. Look, you can't quote properly, should I call you an idiot? NO, it's immature and pointless.

That being said you can dispute it through the CRA as well. They will contact the lender and the lender will have to fix the issue.

JeepMom, who are you to tell goose what she should and should not say? She was obviously offended by keepmine's comments, and she had the right to say so. His comments were completely insensitive, especially when he had no clue of goose's situation. Who is he to assume she kept the van just for the sake of a credit score? I'll tell you who he is to do that....nobody. And you are nobody to tell anyone else they are wrong for calling someone an idiot, when they clearly are not. Keepmine was acting like an idiot by jumping to conclusions about goose and her situation. Nobody has the right to place harsh judgments here, including keepmine. That also includes you, JeepMom. Many of your posts are downright *****y and I think it's time you were told. Furthermore, why don't you just let people fight their own battles. I'm quite sure keepmine didn't need you to chime in for him. If keepmine had a problem with goose calling him an idiot, he could have told her. There was no need for you to stick your nose in it.

Keepmine, it is wonderful that you haven't used any credit since your BK. But that is YOU. Not everyone else in the World has to do things like you. What is not to understand about goose needing to keep her mode of transportation? She has a family. Bankruptcy doesn't have to mean giving up every single thing in your life. People keep cars and homes because those are things which we need. What would you have suggested? Get rid of the car and haul the kids to the bus stop several times a day? I'm sure people have to do it, but if there is a way to get around living like that, then you'd be nuts not to take advantage of it. Goose did what many, many people do, so stop picking on her when there are countless others, even on this very board, who have kept their vehicles.

[keepmine]

Sigh- Nobody said she shouldn't keep the van. What I said is, she ought not to have reaffirmed it for the sake of a credit score.

[StevieD]

...Goose did what many, many people do, so stop picking on her when there are countless others, even on this very board, who have kept their vehicles.

Well stated.

[lilgoose]

Filing for bk has one function and one funtion only. To totally destroy all of your creditors to the maximum extend possible.
There is great risk in reaffirming a depreciating asset if you don't have too- particularly sincethe purpose was to rebuild credit.
I'm a bk filer myself {dischaged this past March}. I've applied for no credit since then and have no intention of ever using credit again.
You don't need credit scores to buy a home .FHA mortgages are not score driven-just a 2 year record of paying bills on time post bk. If credit scores are that important, you could have app;ied apply for cc's post bk and shed the risk of not being able to pay for the van if something happens jobwise or health wise.

Please, keepmine, tell me where I said that there was a risk of not being able to pay for the van....I never said that. What we did, we did it for reasons of needing dependable transportation and the afterthought of being able to help rebuild our credit was just a side benefit.

AND, the risk is ours to take....We don't think our van is a risk at all. If we did, we would have kept the BRAND NEW, with only 6 miles on it, GRAND CARAVAN and ditched the used one. We are not dumb and blind. We did it for reasons of keeping our monthly payments down and affordable.

I am happy for you that you have not had to apply for credit.

As for your comment about what bk is for....NO IT IS NOT~maybe in your case it was, but for us, it was a way to keep from sinking after my injury stopped all second income. With children that need clothes and shoes every few months, not to mention a warm, DRY bed to crawl into everynight plus the food to put in their bellies, I guess we did what we had to do so that we could survive on ONE income.

First of all, I liked what our situation was prior. It was nice knowing that if there ever was a problem, like a leaking roof or a major medical diaster, we could get a loan to help get us thru. Now, we have to rely on ourselves. We have learned a lot and HATED having to do what we did. But, we did it and it is between us and GOD to decide if it was right or wrong.

It was for the RIGHT reasons and NOT to see how many of our creditors could lose in the end! But, you know what, they DON"T care about people who are in need of some help and a little bit of understanding....All they care about is THEIR BOTTOM DOLLAR! Unlike us, who do.....

So, onto the next bit of commentary:

Idiot
From Wikipedia, the free encyclopedia
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Idiot is a word derived from the Greek ιδιωτης, idiōtēs ("layman," "person lacking professional skill," "a private citizen," "individual"), from ιδιος, idios ("private," "one's own"). In Latin the word idiota ("ordinary person, layman") preceded the Late Latin meaning "uneducated or ignorant person." Its modern meaning and form dates back to Middle English around the year 1300, from the Old French idiote ("uneducated or ignorant person"). The related word idiocy dates to 1487 and may have been analagously modeled on the words prophet and prophecy.

Yes, I can say that word about you, as your comments were made with ABSOLUTELY NO KNOWLEDGE OF WHOM I AM OR OUR SITUATION!

Okay, enough said on this one...Time to move on to the next moron.......

Moron
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Look up moron in
Wiktionary, the free dictionary.Moron may refer to:

An idiotic or foolish person,

[lilgoose]

First off, don't call anyone here an idiot. Look, you can't quote properly, should I call you an idiot? NO, it's immature and pointless.

That being said you can dispute it through the CRA as well. They will contact the lender and the lender will have to fix the issue.

There, did I qoute good enough for you??????

Re: Your comments, I only have one thing to say to you:

(Re: this means "in regards to", just in case you are not clear on the meaning of that)

Find another place to make yourself feel better. We don't need nor want people who must find a way to pick at another just to feel supiorer themselves.

First of all, I have seen that you have been here asking questions about topics that concern you and your situation. Should I go in and pick apart what you have said and how you have said it? No, I won't because sometimes people have distractions such as life and children...I see you have children also....and make a mistake.

Yes, I see how my one small mistake could cause you to make the assumption that I was an idiot also....

Well, if calling me an idiot makes you feel so much better about yourself, then please do so!

I have very broad shoulders and can handle comments made by those who do not know better.

So, please, if you can't play nice in the sandbox, then find another playground.

[poorme]

Goose -

You won't have any luck getting them to give you back your money. I agree they should have been reporting, but some lenders look at the post bk relationship a bit differently. My lawyer failed to submit the reaffirmation paperwork in my case. After the car was repo'd I asked the lender if I could purchase it back and they said "by law" they couldn't even speak to me about a price or value on the because if they did it may be interpreted as an attempt on their part to collect on a debt that was forgiven. Hopefully you can get them to report correctly.