I need to find out a way to work on drastically improving my credit. I really made a bad decision to get a vehicle about 2 years ago that ended up in a repossession. Along the way of struggling to make the car payment, alot of bills got sent to collections. I paid off my first vehicle, which i used to trade in for a truck because of mechanical issues.
Bottom line is by getting the truck, i miscalcultated the dept/income ratio.
my credit score is very poor. I beleive i owe around 8-9K for the truck still.
I am making payments to everything that is current. I have learned a lesson that you have to earn respect to get a good loan.
However, I want to consolidate all my collections (2 credit cards, 1 personal loan, 1 cell phone, 1 truck repossession) Is there a good company out there that i can talk to? I am military, so i want to clear this up within 5 years cause i want to eventually get a house. I have a respectable job and have held it for a little over 5 years. Thanks!

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I had my loan set up on auto debit. My house was broken into and though everything forgot to call and switch my account info with my bank. My truck is now in repossession (or the letter said I had until 4 days ago to bring it current). I called they day it was due and asked to send cash via Western Union (so the payment would post faster) and the lady said you need to make it by phone. I called by that evening to do a check by phone (the first lady said call before 9pm) and when I did she said I could only pay for it via Western Union! I explained at this point that it was 8:00pm and that they bank was closed to get cash and send and that I was simply doing what the first lady had asked (paying via phone). She told me that it HAD to be paid by 9pm and that is the only option I had. I called back the next morning and explained the situation and the lady promised to call me back and didn’t. I have all the Western Union information and have the cash to bring the loan current and could send next months payment as well. My question is, if I send it though Western Union (though bill pay) so that the account is current will that stop the repossession? I don’t want to send $3,000 cash and still have the car repossessed tomorrow. In that case I’d rather keep the cash and work it out. I’m thinking that if I send it Western Union and then it posts to my account they can’t still take my car correct and how can they refuse the payment if I pay cash at West Union? Please advise. I’d like to take care of this and send if off today.

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Last night I watched a program about the above where we were told that the party was over.

People were borrowing money too much and could not afford the re-payments for what they owe.

House repossessions were up and were going to go up massively in the next few years months/years.

Now what I would like to know is…
When you pay back your loan you pay back the amount you owe (obviously) and you are charged an interest rate.

Now does the bank who are lending this money get this money or do (as I was lead to believe) does the Government get this money-or a percentage of the interest rate?

The Government will always try and screw the last bit of money out of us-hence I always think that is the reason why the Government was so eager to lend us all money.

Am I right in thinking this? Or can someone put me in the picture a bit more.

Thanks

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In 2002 a family member had a auto accident (their fault) and was in a bad financial state. She came to me for assistance because she needed a co-signer. When we went to the dealer co-signing wasn’t good enough because even with my signing her credit was so messed up that her interest rate was through the roof. So I decided to sign as the primary and not use her on the loan. Well fast forward about 1 year, I decide to join the US Army and while in basic training I find out that the vehicle will be repo’d and that she had missed three consecutive payments. So I tried to fix the situation the best I could over the phone however due to my circumstance at the time I wasn’t in a position to clear the issue up as I really wanted. So I phoned a friend who went to her house and picked up the car. He then took the car to the bank, basically a voluntary repossession to avoid any additional charges. The vehicle was sold at auction and after about 6 months the loan showed charge off on my credit report. I have attempted to collect the difference ($6,052) from her but have had no such luck. It’s my understanding that it will disappear from my credit report in approx. 7 1/2 years after the repossession. My question is am I required to pay the balance for it to disappear or will it just go away. The particular financial institution has made no attempt to contact me and according to my credit report it was turned into collections. However on another portion of my credit report it shows no accounts have been turned into collections. I am very confused by this and wish for this situation to leave my life. Should I dispute this or will I be opening a pandoras box?

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My husband’s car was repossessed six years ago. It has since passed the SOL and it will fall off his credit report in one year. Mistakenly he may have reset the SOL by talking to the collection agency and acknowledging the debt. Maryland law is a little confusing in regards to resetting SOL. When his car was repossessed he owed the original creditor about $7000 the balance has now gone up to $39000. We REFUSE to pay that amount on a repossession. They were willing to settle for $13000 which still seems like a lot for a old debt. My questions are, Did he rest the SOL by acknowledged debt, we have not sent off any payment or put anything in writing all communication has been over the phone? Since this is the only thing on his credit should he settle in order to buy a house now? Or should we play the waiting game and wait a year for it to fall off his credit report before buying a house? The main motivation in buying a house now is that the market is good for buyers and we have the money now to buy a house. Any answers would be helpful.
Good Advice so far and to Cat Dad it seems that sometimes during the day are more active than others. So that is why I asked the question again, hoping to get more responses. I really don’t see the problem with wanting to reach more people for more advice : )
Just because I repost does not mean you have to REspond. But Thanks!!!

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about a year ago, i purchased a bike loan for 15000 for my friend. i purchased it for him because i had very good credit. he agreed to pay the loan and switched the payment to his house address. he paid some payments but stopped paying in september. now the bike has been repossessed. he did not tell me about it. but i was not notified at all on my address that i had given when i had signed the contract with the bike creditor bank. i recently found out when my credit limit on a credit card was lowered and they sent me a letter. but nothing was sent to me by the bank that i had the loan from. is there any way to fix this problem or dispute with creditor or anything. any suggestions

Mortgage repossession

10 years ago I bought a mobile home for 49,000. I lived there with my daughter for 7 years. 3 years ago, I married a wonderful man, and moved into his home. For the last 3 years, I have rented my mobile home to deadbeat tenants, who refuse to pay, and racked up many attorneys fees filing for evictions and garnishments. The entire time I was trying to sell the house, but the bank said I still owed 50K, and no one wanted to pay more than 30K. 6 months ago, my husband and I built a house, sold his home. We have since had 2 children, with another on the way, and neither his old home or the mobile was big enough for our growing family. After completely exhausting our savings trying to keep current on the mobile, and being unable to find anyone who would buy the house for an amount the bank would accept, it was finally repossessed. They say I still owe $60,000, and whatever they can’t get in auction I will still owe. I know they won’t get this, and I don’t have it…what now?
I am not currently employed.
The MH has already been repossessed. I have always made my payments by the 15th of the month, which was my due date. They said that even though the statement said the payment was due on the 15th, late on the 20th, that unless I was paying it by the 1st every month, the payment would not cover the interest. Interest rate was 14%. With the exception of the new house, I own nothing. I don’t work, and we have used my husbands name and credit for everything. Since I bought the house several years before I met him, his name is not on it. 3 years of deadbeat tenants is not one set of tenants, and we built the new house and moved in before selling either house. His house sold, and we barely broke even, mine didn’t, and it was repossessed. The MH was recently appraised at $25K.

sell and stay at home

My husband and I live in a crap, crap, crap, did I mention crap mobile home. Well, now we need to buy a house becuase our place is falling apart and I hate that my son has to grow up in such a POS. Anyway, we still owe on this place but KNOW that no one will pay a penny for this place. So, I’m wondering if my husband agreed to a voluntary repossession and we got the mortgage in my name how bad would that hurt us?

quick sale and rent back solution