letting a truck get reposessed

Post reply Start a topic

Author

Message

Options

	Print this topic
	Invite a friend
	Email this topic

Bookmark online

	Add to del.icio.us
	Add to YahooMyWeb

donnellycreative

Joined: 20 Oct 2009
donnellycreative's page
Posts: 1

22 Magic Points

Subject: letting a truck get reposessed

Tue Oct 20, 2009 4:58 pm

i cosigned on a truck for my son who has since declared bankruptcy. i am now financially responsible for the payment. if i just let the truck be repossessed how badly would this affect my credit? at this time i have excellent credit with a score above 800.

Justin

Justin

Joined: 17 Jul 2006
Justin's page
Posts: 1298

28935 Magic Points

Wed Oct 21, 2009 5:11 am

Hi Donnellycreative,

If you let the truck to be repossessed, your credit score will definitely take a hit. It is a negative mark on your credit report, since you have defaulted on your debt account. Repossession stays on your credit report for 7 years like any other negative item. However, I would suggest you to talk ad negotiate with the creditor regarding a repayment plan. See if you can settle the debt by talking to the creditor. Otherwise you will have to wait for 7 years for the debt to fall off. In the mean time you have to be regular with the payments on your other accounts so that your score does not fall any more.
_________________
All the Best Smile

Justin

Quick Reply

Your Name

Subject

Message body


Page 1 of 1