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

[keepmine]

A moron would be someone who filed for bk and then, reaffirmed a many thousands of dollars liability that depreciates every month just for the sake of a credit score.
Sorry, you can spin it anyway you please but filing for bk and then crawling right back into bed with a creditor is not a good move by any stretch of the imagination.
You already know that life happens. From illiness to job loss to large repair bills. Anything can happen to derail that fresh start. I believe you have to take that risk completely out of the equation. Ditch that millstone if at all possible. If credit repair is the goal, start after the bk is discharged and there is no risk.

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.....

WHich is why the goal is the complete and utter destruction of all creditors.

[lilgoose]

For all those who do care.....


Hubby called the bank today. I asked them, in the bk department no less, what was going on. He was told, by a very nice gentleman, that all was well. It is a normal thing to show closed after filing, even with reaffirmation. The codes (as the guy said) was lifted in Feb. Hubby told him that he could stop making payments on the van and the guy was like "No, don't do that, you are in fine, very good, standing with us". So, he told hubby to file with the credit agencies that there was a mistake on the report. Then the CRAs would do their job and investigate it. This is all to make it correct.

So, along with looking GREAT in the bank's eyes, we are going to get this straightened out and have a positive on our report!!



Thanks, Sinking....I appreciate your advice. Listened and it was PERFECT!!

Thanks, BKinFL, for stepping in! It is nice to know that, even tho' I haven't been in here in awhile, there are still some out there who do care about each other and are not passing judgement on those who are in the same boat!

StevieD, although a man of few words.....Thanks for your input also!!

Now, I just can't resist one last thing.......Shame on me, but the devil is making me do it:

JEEPMOM, oh, looky, I even know how to add all those cute little faces and icons....

[lilgoose]

A moron would be someone who filed for bk and then, reaffirmed a many thousands of dollars liability that depreciates every month just for the sake of a credit score.
Sorry, you can spin it anyway you please but filing for bk and then crawling right back into bed with a creditor is not a good move by any stretch of the imagination.
You already know that life happens. From illiness to job loss to large repair bills. Anything can happen to derail that fresh start. I believe you have to take that risk completely out of the equation. Ditch that millstone if at all possible. If credit repair is the goal, start after the bk is discharged and there is no risk.

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.....

WHich is why the goal is the complete and utter destruction of all creditors.

So, you are basically saying that I shouldn't have a dependable mode of transportation?

As far as crawling back into bed with creditors, I am not ashamed that we have chosen to keep our vehicle. We are not Amish (and please don't go preaching to me that I have no clue as to what they are as my aunt is a tried and true Amish lady) and don't depend on horse and buggy to do our errands.

Now, you may have had a bad experience in your bk, but don't take it out on us with your negative comments. Not every one has filed to screw someone, some of us filed as a last resort and have felt bad since.

[keepmine]

No, I never said you shouldn't have reliable transportation. I said you should not have reaffirmed the debt.
My bk experience was not miserable in the least. I discharged nearly $71K worth of debt and didn't reaffirm my mortgage. I'm making the payments same as always but if worse comes to worse, I walk away with no liability.

[lilgoose]

No, I never said you shouldn't have reliable transportation. I said you should not have reaffirmed the debt.
My bk experience was not miserable in the least. I discharged nearly $71K worth of debt and didn't reaffirm my mortgage. I'm making the payments same as always but if worse comes to worse, I walk away with no liability.

You know, I am not out to screw anyone. This is America and, sad to say, living here is based on a number, and that being a credit score.

Why shouldn't we have reaffirmed the van? We had a good interest rate and the idea of paying over twice that rate after filing would have been STUPID on our part! So, if reaffirming to keep from paying 15% rate post-bk was dumb, then pass the Dunce Cap because I will proudly wear it!!

If your bk wasn't miserable, then why are you so daggone negative?

I can't for the life of me figure out why this has turned into a battle~ground. All I wanted to know how to deal with this situation. As far as the rest of my comments, they were done in question and wonderment. Hey, they were very honest questions and comments. And, if they were a little amusing, great, I must have meant for them to be so! And, if someone gets a smile over something that I have said, then , I am glad that I could do that for them!

So, on to the next topic of war.......

[keepmine]

If your bk wasn't miserable, then why are you so daggone negative?

Why do you think I'm negative? I came out of bk with zero liabilities.
As to why you shouldn't have reaffirmed thevan-anything at all happens that you can't make the payment, the van is repoed and they go after you for any deficiency balance. You could have just continued to pay under the orginal terms and not reaffirmed. That's now my mortgage is being handled. No change in the interest rate. Just keep paying and if I ever need to walk away , I can with no liability for any deficiency balance.
I took 100% of the risk out of my fresh start.

[Minnymouth]

OKAY - PLAY IN THE SANDBOX NICE!!!!

Many filed under the old laws "where you didn't have to reaffirm", but yet kept your home or vehicle and could walk away later if you wanted too debt free.....

NOW THE NEW LAWS prevent that...... all reaffirms must be signed and recorded to be law.....otherwise the debt is discharged....... Some of the companies will not just let you keep paying...... many demand surrender now..... Mortgages and auto loans especially.......

If you do keep them without reaffirming - the first "step over the line" regarding payments results in repo or foreclosure.............

[LostOne0069]

If your bk wasn't miserable, then why are you so daggone negative?

Why do you think I'm negative? I came out of bk with zero liabilities.
As to why you shouldn't have reaffirmed thevan-anything at all happens that you can't make the payment, the van is repoed and they go after you for any deficiency balance. You could have just continued to pay under the orginal terms and not reaffirmed. That's now my mortgage is being handled. No change in the interest rate. Just keep paying and if I ever need to walk away , I can with no liability for any deficiency balance.
I took 100% of the risk out of my fresh start.

I'll put my $.02 in here...

Just because you are terrified of the future and worry about the fact that you won't be able to file bk again for however many years... doesn't mean the rest of us are.

Also, considering she kept a used van, and has been paying payments for a year... it's pretty likely that it's not upside-down in equity or, even if it were, it's not likely that it would be very far upside-down.

We also plan on reaffirming our vehicle, a 2004 GMC Yukon XL Denali that we owe $35k on... We're stupid, right? Morons, idiots, whatever. Well, considering that the yukon is currently valued right at $35k and our current loan is at 4.5% interest and so over $500 per month of our payment goes to the principal... we're not too worried about if I get injured or sick or lose my job etc. etc.

I'm 36 years old, I have a wife and 4 kids. Rebuilding my credit score is VERY important to me as I want to buy a house soon. yeah, yeah, FHA this, that... so what. Not all homes qualify for an FHA loan and there are other hoops you have to jump through to qualify for that type of financing.

Bottom line is that we're doing what we feel is best for OUR family. You go ahead and do what is best for you, but leave the rest of us alone.

[aa06a47]

We have two different opinions on reaffirmation. There are pro's and con's to each one of them. I am still not sure if signing a reafirmation agreement improves credit scores anymore than just continuing to make payments. Mortgage companies seem to be pulling some tricks for bk people...slow postings....late charges because of there slow postings...ect.

I'm in a Chapter 13 and did not reafirm anything. I wanted to reafirm my mortgage, but my attorney just said, no, keep making payments, you don't need to reafirm. Not sure if that was good advice or bad advice.

[lilgoose]

I'm Amazed!



The original question was concerning what we needed to do about how the loan was being reported on the credit reports and what the legal issues were/could be with taking our payments. Basically what our rights were concerning this and how it was being reported since we reaffirmed and agreed to continue on with our end of the loan agreement....

All we wanted to know was, if someone had or is going thru this same thing, how we should handle it and what our next step should have been.

BUT!!! somehow, a person's opinion on why we reaffirmed to start with and why we reaffirmed to start building our credit again, got this turned into a free-for-all on everyone's opinions about what everyone else has decided.....

THAT WAS NOT WHAT THIS WAS ASKED FOR!!!

I am really sorry, MINNY, that you had to witness this mess. You are such an even-tempered person who doesn't really seem to just "burst" forth with your thoughts and opinions and try to degrade someone for making a decision that was right for them. I just wanted to find out what we should be doing as this was a new one to us. I really thought that I could come back to the sandbox (yep, been away for awhile and staying busy with the kids) and ask a very honest, sincere question and get an honest, sincere answer. I NEVER dreamed that our decision to reaffirm would be a topic for debate!! Nor, did I think that someone would have the guts to actually tell me that I was (for lack of better word) dumb for doing it! Sure hope that you are getting some of your issues to where you can see some light at the end of the tunnel. I do hope and pray that you can get yours resolved soon and start living your life without the dark cloud hanging around! But, I am positive that there is a guardian angel with your name!

Anyway, to those who did try to help and provide an answer to my original question:


THANK YOU!!!!


I hope that by getting in touch with the CRA, this will get straightened out soon.......

[miss puff]

From what I read somewhere...... In my own interpretation:

If you are planning to keep the car you should reafirm because if you don't and you ever want to sell it, they won't give you the title.

[Minnymouth]

Miss Puff,
If you kept a auto under the old laws, do not reaffirm, and just keep making the payments - YES - they do give you a title to it when its paid off.....

Under the new laws, you are forced to reaffirm thru the Court (if you plan on keeping the item), or loose the item (home or vehicle). You now no longer have the option of "just keep making the payments, keep the item, and be able to walk away later without paying any balance due on it......

Lilgoose,

Great to hear from you and thanks for the kind words regarding my case..... its still pending as usual......

And, YES, we all have to make our decisions based on our OWN CIRCUMSTANCES...... no matter what someone else might think or do regarding their cases.....

I too wish I had been "more knowledgeable" when I filed bankruptcy (maybe I wouldn't be in the position I am now in legally).... but hindsight is 20/20.... and some on the forum have considered me "pretty stupid" when it came to MY CIRCUMSTANCES..... LIKE "WHY DIDN'T I KNOW ABOUT THE TITLE".......
like I said hindsight is 20/20.......

Always feel free to ask questions...... listen to what others suggest or their ideas (they may or may not pertain to your circumstances) but they are given freely....

Your decision to reaffirm on the van at a good interest rate (knowing after filing you couldn't do it) was a "smart move"...... Everyone needs good transportation.....

Personally, I wished I had went and purchased a new vehicle before I filed and reaffirm on it.... mine is 20 years old...... at least I would have had some good transportation during and after the BK process.......

Glad to hear from you......

[pink_amulet]

Gesh...I just read this thread and ....
Why was there need for name calling in the first place ...if people ask questions.......there is that chance that there will be some answers you may not like, and if you don't like an answer, that does not justify calling names!!

Oh there are some other choice words that are in the dictionary that ARE NOT allowed on here, so just because a word is in the dictionary doesn't give ANYONE the right use them against someone else.

wow...... someone's panties are in a bunch!

[aa06a47]

Miss Puff,
Under the new laws, you are forced to reaffirm thru the Court (if you plan on keeping the item), or loose the item (home or vehicle). You now no longer have the option of "just keep making the payments, keep the item, and be able to walk away later without paying any balance due on it......

Minny, I hope this is a Chapter 7 rule and not a Chapter 13 rule. My Chapter 13 attorney told me that we didn't need to reafirm anything, just keep making the payments.

I am under the new law.

[Minnymouth]

Let me do some checking on this...........

I'm not real familiar with the new Chapter 13 plan things...... but I do know that if you reaffirm on something now it has to be done before discharge and approved by the Court..... also your attorney does not have to sign off on it like they used to do.... Now attorneys are liable for their actions... so many will not sign reaffirms (they are not going to guarantee you'll pay a debt - could come back and haunt them)....

Some of the others are in the 13 plan and may be able to help you more.....

Is your vehicle inside the Chapter 13 plan or paying outside of the plan????

Remember, your attorney is not always right, and will cover his own butt first...............