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@kasbar wrote:Thank you for the reply!
Here is my next question. Would it be worth my effort to call capital one when I get some money and offer to settle this, as in to get it out of my name? The last activity on the account was reported 2 years ago and the outstanding balance is 9600k.
Personally, while I think the chance of success with that (Cap's not known to be very generous with GWs of any sort), I'd think it'd be worth a shot. However, I'd be ready to pay the entire thing in full if SoL hasn't expired and they tell you to go pound sand (since that could very well be the pointy stick that wakes up the sleeping dragon). If you think a repo/CO is an ugly on your CRs, a *new* judgment's WORSE.
Do a search here and see if you can't find a thread detailing success with Cap for GW (Goodwill request). Then, PM that person and ask them if they couldn't perhaps be so kind as to share that contact info. Then, either email, call or write (snail mail) that contact, detailing the situation and how your ex was supposed to take over the debt, didn't, and you were unaware of it until you peeked at your CRs.
If they say "thanks, but no thanks ... we'll see you in court" be prepared to pay on the spot. Like I said, a NEW judgment's oodles worse than a repo. If they just tell you to go pound sand (without threatening to sue), paper their office with GWs. Or perhaps, do a search on the CEO's email/phone/snail mail addy and send *them* the GW. Likely, that big-wig will send the request down the line with the instructions to "make sure this goofball doesn't contact me again (assuming that the CEO is pompous enough to consider everyone but HIM a "goofball" )." Your chances of a GW just went up if that happens, IMO.
This is the only collection/ baddie on my CRA's, besides a five year old bankruptcy. I am working on paying off my CC's, and I hope to be done with them by Christmas. I'm working hard on this as I want to buy a house (just a modest one) by next summer. I have a great job history and good income, so my credit is the only thing that could hold me back. I also should have a 30% down payment, as I'm waiting on a divorce settlement- though I may have to go back and sue to get it!
I hate to say it, but yeah, you probably will. If he's enough of a doofus (no offense) that he'd skip on the car note and dodge it for years, why wouldn't he do the same to YOU?! At least, that was *my* divorce experience. :/
But in your favor is the fact that you *shouldn't* need an atty to do so. If it was ordered by a judge, you can typically (at least, I was able to) file a motion for contempt (basically, just notifying the court that he's dissing the judge's order). Some states just have fines for that kinda thing (payable to the court, not to you, unfortunately) ... but some states allow for a few nights in the pokey. Some states will allow you to sue for damages. Each court, is, of course, different.
I'm not sure at this point if it is 2 to 3 years old by the time I get a mortgage if it will matter to much.
Thanks, Kassie
5/5/09 EQ 615 TU 626
Goals are to get to 650 by Turkey Day
Buy a house in 1 year
It really shouldn't. You just need to get your midscore to 620. Right now, since your EQ score, the lowest is 615, we can call that your midscore (since there's no way of knowing, short of a mortgage lender pulling your EX, what it might be). Bring it up 10 points (to be on the safe side) and you can get a loan!!
The collection/repo will likely NOT have to be paid. If you go FHA, they don't require that collections/COs (which is really what a repo is) be paid. BUT, some lenders have "overlaying" guidelines that DO require them to be paid if in excess of $XXXX (that will depend on the lender). If that happens, you can either 1) find a new lender who won't require they be paid or 2) arrange to pay it at the closing table.
You do NOT want to pay this off unless Cap agrees to either remove the CO status (and notate it "pays/paid as agreed" ) OR deletes it entirely. As SOON as you pay it, and they update the CRAs that it's paid, your score will DROP (since FICO will see it as "new" ).
Holler back with any more questions!! We're here for you!!
{hugs!}
Unfortunately, the divorce decree means absolutely nothing to creditors. In their eyes (and legally), you are still equally responsible for the debt, since you signed a document agreeing that you would be responsible for the debt.
What that divorce decree *does* do is give you the ability to sue your ex in court for any payments you make on this debt. You could also have your ex held in contempt of court for NOT making the payments on the truck - since a judge ordered him to and he hasn't, that would be a "slam dunk."
I'd see what your state's statute of limitations are and see what the risk is in *you* getting sued for this debt. Just to be on the safe side. Just cause you've not received collection notices doesn't mean anything, really. I'd also keep an eye on your local court dockets, too, just in case.
I've been where you are, and it sucks. But you can get through it.
What that divorce decree *does* do is give you the ability to sue your ex in court for any payments you make on this debt. You could also have your ex held in contempt of court for NOT making the payments on the truck - since a judge ordered him to and he hasn't, that would be a "slam dunk."
I'd see what your state's statute of limitations are and see what the risk is in *you* getting sued for this debt. Just to be on the safe side. Just cause you've not received collection notices doesn't mean anything, really. I'd also keep an eye on your local court dockets, too, just in case.
I've been where you are, and it sucks. But you can get through it.
Thank you for the reply!
Here is my next question. Would it be worth my effort to call capital one when I get some money and offer to settle this, as in to get it out of my name? The last activity on the account was reported 2 years ago and the outstanding balance is 9600k.
This is the only collection/ baddie on my CRA's, besides a five year old bankruptcy. I am working on paying off my CC's, and I hope to be done with them by Christmas. I'm working hard on this as I want to buy a house (just a modest one) by next summer. I have a great job history and good income, so my credit is the only thing that could hold me back. I also should have a 30% down payment, as I'm waiting on a divorce settlement- though I may have to go back and sue to get it!
I'm not sure at this point if it is 2 to 3 years old by the time I get a mortgage if it will matter to much.
Thanks, Kassie
5/5/09 EQ 615 TU 626
Goals are to get to 650 by Turkey Day
Buy a house in 1 year
@kasbar wrote:Thank you for the reply!
Here is my next question. Would it be worth my effort to call capital one when I get some money and offer to settle this, as in to get it out of my name? The last activity on the account was reported 2 years ago and the outstanding balance is 9600k.
Personally, while I think the chance of success with that (Cap's not known to be very generous with GWs of any sort), I'd think it'd be worth a shot. However, I'd be ready to pay the entire thing in full if SoL hasn't expired and they tell you to go pound sand (since that could very well be the pointy stick that wakes up the sleeping dragon). If you think a repo/CO is an ugly on your CRs, a *new* judgment's WORSE.
Do a search here and see if you can't find a thread detailing success with Cap for GW (Goodwill request). Then, PM that person and ask them if they couldn't perhaps be so kind as to share that contact info. Then, either email, call or write (snail mail) that contact, detailing the situation and how your ex was supposed to take over the debt, didn't, and you were unaware of it until you peeked at your CRs.
If they say "thanks, but no thanks ... we'll see you in court" be prepared to pay on the spot. Like I said, a NEW judgment's oodles worse than a repo. If they just tell you to go pound sand (without threatening to sue), paper their office with GWs. Or perhaps, do a search on the CEO's email/phone/snail mail addy and send *them* the GW. Likely, that big-wig will send the request down the line with the instructions to "make sure this goofball doesn't contact me again (assuming that the CEO is pompous enough to consider everyone but HIM a "goofball" )." Your chances of a GW just went up if that happens, IMO.
This is the only collection/ baddie on my CRA's, besides a five year old bankruptcy. I am working on paying off my CC's, and I hope to be done with them by Christmas. I'm working hard on this as I want to buy a house (just a modest one) by next summer. I have a great job history and good income, so my credit is the only thing that could hold me back. I also should have a 30% down payment, as I'm waiting on a divorce settlement- though I may have to go back and sue to get it!
I hate to say it, but yeah, you probably will. If he's enough of a doofus (no offense) that he'd skip on the car note and dodge it for years, why wouldn't he do the same to YOU?! At least, that was *my* divorce experience. :/
But in your favor is the fact that you *shouldn't* need an atty to do so. If it was ordered by a judge, you can typically (at least, I was able to) file a motion for contempt (basically, just notifying the court that he's dissing the judge's order). Some states just have fines for that kinda thing (payable to the court, not to you, unfortunately) ... but some states allow for a few nights in the pokey. Some states will allow you to sue for damages. Each court, is, of course, different.
I'm not sure at this point if it is 2 to 3 years old by the time I get a mortgage if it will matter to much.
Thanks, Kassie
5/5/09 EQ 615 TU 626
Goals are to get to 650 by Turkey Day
Buy a house in 1 year
It really shouldn't. You just need to get your midscore to 620. Right now, since your EQ score, the lowest is 615, we can call that your midscore (since there's no way of knowing, short of a mortgage lender pulling your EX, what it might be). Bring it up 10 points (to be on the safe side) and you can get a loan!!
The collection/repo will likely NOT have to be paid. If you go FHA, they don't require that collections/COs (which is really what a repo is) be paid. BUT, some lenders have "overlaying" guidelines that DO require them to be paid if in excess of $XXXX (that will depend on the lender). If that happens, you can either 1) find a new lender who won't require they be paid or 2) arrange to pay it at the closing table.
You do NOT want to pay this off unless Cap agrees to either remove the CO status (and notate it "pays/paid as agreed" ) OR deletes it entirely. As SOON as you pay it, and they update the CRAs that it's paid, your score will DROP (since FICO will see it as "new" ).
Holler back with any more questions!! We're here for you!!
{hugs!}
Dear Wonderin,
Thanks again for the response.
Fortunately, I do have some pull on the divorce settlement... My name is still on our property, and according to our divorce decree he has to pay by June 1st this year or he has to start paying interest on the amount. If I don't agree to that, my attorney says the judge can order him to put the property up for sale, as he has had a year plus to pay up... 22 acres on a little lake... Yet he can't pay off a dumb truck... LOL
Thanks for the great advice,
Kassie