My mom co-signed for my truck when I was 16 through Primus auto. I lost my ptj and had it repo'd. The Nissan dealer sold the vechicle and we they owed 4300. My mom filed ch 13 BK in 98 and was released in 01. The debt was under the BK and was paid. Also a Dillard's dept store card for 600 was included and was paid. Primus is on my TU and shows repo and a balance of 15000. opened 97, verified 99. The Dllards card is on EQ and has the following: Whose account: authorized use type and balance: unknown/included in ch 13 balance: blank Date reported:03/2000 Last activity: 03/98 I have validation letters for both sitting on my desk. Before I mail them, I have a question. If I went to EQ and TU online and disputed the accounts, will it hurt me if I need to send the validation letters? Thanks. this site has been a big help and a huge boost of confidence. Just to add: EXP: 557 TU: 539 FICO: 532 My short term goal is to get all above 600.
If I dispute these online w/ Equfax and transunion first and they come back verfied, do i hurt my chances of getting deletion by going the validation letter to OC, Estopell and intent to sue route?
AU should not report included in BK13 - they will likely delete it (dispute as "not mine") The Truck loan is another issue ... if the cosigner BKs on it, the other party (you) would remain liable, so I"d advise against stirring up the pot. They may have just written it off without going after you. Good luck, mj
Thanks. I found it odd that Primus never even reported the BK on TU. It is still stands at when it was repo'd. They sold the vehicle and made 8000 back and never updated the tradeline to show the current balance owed. They still show 15000. Reality, even before Mom's BK, I only owed 4300. After BK the BK discharge shows that she paid a designated amount and the balance was $0. If I dispute w/TU, can they still try to collect? What about SOL? If TU does verify, your advice is not to send a validation letter, even if the balance is inaccurate? Thanks again for the reply.
Someone please throw this newbie a rope. I need to know whether Primus can still come after me if I dispute or ask the OC for validation. The truck was repo'd in 09/97, sold in 97 and bk was 98 debt discharged in 2000. I live in arkansas and the SOL is 6 for written agreements and promisary. I do not want to mess this one up. Thanks
I can't speak for Arkansas law, but my gut tells me that you are not quite out of the danger zone on this one. Given normal cirumstances, you could still be sued for this. However, this is not normal. You were a minor when you signed the contract. I am fairly certain that this contract can not be enforced. In fact, if you take this legal principal to its logical conclusion, because there is no legal contract, there is no legal basis for them to report you to a CRA. You have no financial obligations to them. Of course we all know that you do, but the law says otherwise. In your case, I would invest in a lawyer to get rid of this. Your investment in the legal fees would pay back when you get better rates for future lines of credit. If your lawyer can get them to drop the tradeline based on the above principles with only letters and threats of lawsuits if they don't, then you will have come out with a clean report. One question, just to clarify. Your mom DID include her liability for this in her BK, right? And it was allowed, right?
your answer: yes she did claim the debt as hers in BK. And I made a boo boo. I was 18 when I signed the contract. My bad. I thought that sounded a little odd. I still do not understand how they can still have legal right to collect debt when the SOL (6y) has past. If I have to I will pay the debt, but I will ask an attorney, none the less. Thank you. I thought I was going to drown there.
You better redo your math. If the truck was repoed in 9/97 and the sol is 6 years, you still have til 9/03 before the sol is up.
Huh? You are really confusing us now. We can't help you on these dates unless you lay out clearly what is going on. Now you say you were 18 when you signed the contract. Why did you say you were 16? Which is it? Are you saying that your mom got you a loan for two years, and then you refinanced when you turned 18 with her as a co-signer? When did that happen? What date are you using to compute the SOL? When you were 16 or 18? Please just layout the time line of events (The date) and be sure to include the date you turned 18. Then we can give you more informed answers.
I co-signed with my mom when i was 18. I bought the truck in 3/97. Lost my job soon after and could not stretch a payment or two because the account was under 6 months. Had to repo in 7/97. Vechicle was sold by dealer to recover some cost. Made 8000. I now owe 4300. Mom filed CH 13 BK in 98. Paid a lesser sum and the debt was discharged $0 balance in 2000. I again apologize for the confusion. Again, I was looking incorrectly at the dates. I admit i did not use common sense on that one. I do not appreciate people who rub it in; as if you have NEVER made a mistake. I am asking for advice and I hope this will clearify the situation. Thanks again for any wisdom shared.
Hey, no one is rubbing anything in. You were giving incorrect info and then corrected it when told something doesn't make sense. If you consider that "rubbing it in" then make sure of your story before you post it and then no one will have to call you on it.
New day everyone. Hope it is a good one! I did not mean to piss off anyone last night. I was tired, flustrated and felt the guy that posted after my correction could have approached the situation a little different. No harm, no foul. I will sit on the Primus situation for a few and come back to it later. Thanks. Will try to get my dates straight before I post.
OK. Thank yoyu. But you still did not say: - WHEN you turned 18 - why you said you were 16. Let's see if I have this straight now. -In Mar 1997 you were 18 years old (or older) and bought the truck. Your mother co-signed. -In Jun 1997 you were delinquent on the note. -In Jul 1997 the truck was repoed. -By Aug 1997 the truck was sold and a balance of $4300 was due. -In 1998 Your mom declared BK13, included her liability for the truck payment in her BK. -The BK trustee paid some of this debt from your mom's assets. -In 2000 the debt was discharged. -Her BK is showing up on your credit report -In Aug 2002 you want to see if you can get these negatives off your report Just to clarify, the age 16 thing you mentioned was what? Can that be used at all? Has anyone tried to collect anything from you since the BK. Are you avoiding them? I think the answer lies with the bankruptcy. Usually when a creditor settles with the trustee, that is the end of the story. I don't think that they are legally allowed to pursue anyone else for the remainder of the balance. Is your mom making payments on the debt as part of her chapter 13 bk? If so, is she current or defaulting again? If not for that, then you are still in the collection danger zone. Perhaps you could post a new thread asking if the co-signer declares chapter 13 BK and the creditor signs up with that, does that action prevent them from further collection efforts against others? Cheers
Just curious. Did your mom's BK show up on your report? If so, it might be there causing you grief for 5 more years or so.
The post on my credit report is before the bankruptcy and even before the truck was sold by dealer. They have not updated the account on my credit report since 97. I have disputed it w/TU in 99 and it was verified. should I try again now that the bk is discharged? Should I send a letter to Primus or leave the situation alone.
