LawTalkers - Drive fast, live hard, no regrets... Sorry Penske

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- - Drive fast, live hard, no regrets... Sorry Penske (http://www.lawtalkers.com/forums/showthread.php?t=701)

Quote:

Originally posted by TexLex
When did he default? If it's after the limitations period, I wouldn't do a thing. Find that out before offering up a dime.

His last payment was January 2005. I'm sure it is within the limitations period.

How bad would it be to have a settled debt on my credit report? Bad enough to pay the full amount to get it off instead of trying to save myself a few thousand?

In a not-so-wonderful coincidence, I rent and will be moving within 6 months. My bf has stellar credit, but I don't want something on my credit to screw us in the renting process. We'll be trying to rent a place in Santa Monica, which is a total landlord's market. And good stuff flies off the market with multiple people waiting in line for it.

Quote:

Originally posted by Did you just call me Coltrane?
stuff

Stifler eats human shit in American Pie III. The "eating horseshit" juxtaposed with that avatar strikes a false note.

Quote:

Originally posted by notcasesensitive
Here is a not so fun question for the Board:

What should a person do if she guaranteed a student loan for her now-ex-husband (less than a year before the divorce, no less) and she finds out today that he has turned deadbeat and is not paying it? The loan is in loss recovery and the person at the bank that I spoke with said that my options are:

1. pay the entire amount now due and they will take it completely off of my credit history (but not the deadbeat's) and then proceed against him

2. settle with them for some lesser amount and it will remain on my credit as a settled debt, and then go after him

3. try to find him and get him to pay up

I spoke with deadbeat's mom, who says he is "between jobs" and gave me his cell number. He (surprise!) didn't answer his cell. I don't think that even if they were inclined to help me (which they might be if convinced by me), his parents could afford to pay it off. I can afford to pay it off if I need to. And it seems to me that I have to do option 1. Anyone care to convince me otherwise? I'll certainly miss that $21k from my savings.

People suck.

That really sucks. I'm not sure Option 1 is as clean as you might hope. The loan people might show it as paid, but the fact that it was at one point delinquent may still show up in your credit report. I'd nail this down for certain (by talking to the credit bureaus) before taking this option.

Option 2 might actually be better, in that you can also request to place a note of explanation on your credit report. It'll still hit your automatic applications for credit (but probably not by very much, since I assume your credit history is otherwise clean and the automatic loans would be smaller), but at least it would be a factor in any loans of real significance.

I recall a few months ago getting a credit report with FICO score from one of the credit bureaus and they had a function that allowed you to see how different scenarios would impact your score (like defaulting on a loan, making a payment late, etc.). It might help figure potential options. I'll try to find a link.

Quote:

Originally posted by Penske_Account
Interesting thing is, I knew an ex-cop in Chicago who was still on the City dole....er...payroll, who once offered this very solution to another friend's problem. He said he knew some of his ex-colleagues who did contract work. This is why I support the Second Amendment so vigorously.

Oh, I definitely know some people who have been seriously threatened by bookies here...it's very effective.

I also have an uncle who semi-jokes about this kind of stuff all of the time. I never ask if he's serious.

Quote:

Originally posted by bold_n_brazen
Doesn't your divorce decree specify who is responsible for which debts? Isn't this one specified as his? I'm guessing the student loan company doesn't give a shit about this, but it seems like you could allow it (the default) to show up on your credit report and then attach a statement to the credit report (there's a way to do this) that says your divorce decree makes this debt his reponsibility, and here's a copy to prove it.

If it was 21 hundred dollars I might feel differently but I can't imagine just handing over 21K without a fight....

The divorce decree explicitly states that it is his and that he has to indemnify me. I don't htink that the bank cares about that though. I don't think the divorce wiped away my liability as between me and the bank. Am I wrong?

Quote:

Originally posted by greatwhitenorthchick
Stifler eats human shit in American Pie III. The "eating horseshit" juxtaposed with that avatar strikes a false note.

Dog shit. He eats dog shit. It definitely sticks to your shoes and the top of your mouth.

Quote:

Originally posted by notcasesensitive
His last payment was January 2005. I'm sure it is within the limitations period.

How bad would it be to have a settled debt on my credit report? Bad enough to pay the full amount to get it off instead of trying to save myself a few thousand?

In a not-so-wonderful coincidence, I rent and will be moving within 6 months. My bf has stellar credit, but I don't want something on my credit to screw us in the renting process. We'll be trying to rent a place in Santa Monica, which is a total landlord's market. And good stuff flies off the market with multiple people waiting in line for it.

I am no expert but this happened to me in a previous life (deadbeat ex (who was my common-law husband, so attempted to saddle me with his debts)). I just paid it and moved on. It would be a fairly insignificant amount now, but seemed a huge amount then.

I would really look into how this is going to affect your credit score. The bank is being heavy-handed but you don't want to get screwed by fighting it.

Quote:

Originally posted by Did you just call me Coltrane?
Dog shit. He eats dog shit. It definitely sticks to your shoes and the top of your mouth.

oh right. damn.

Quote:

Originally posted by Did you just call me Coltrane?
Oh, I definitely know some people who have been seriously threatened by bookies here...it's very effective.

I think your post would have been better if written as follows:

Oh, I definitely know some people who have been seriously threatened by bookies here...it's very effective.

But ncs should try to work something out with the student loan company before getting involved in that sort of thing. This really sucks.

Quote:

Originally posted by greatwhitenorthchick
I am no expert but this happened to me in a previous life (deadbeat ex (who was my common-law husband, so attempted to saddle me with his debts)). I just paid it and moved on. It would be a fairly insignificant amount now, but seemed a huge amount then.

I would really look into how this is going to affect your credit score. The bank is being heavy-handed but you don't want to get screwed by fighting it.

Plus ncs has assets. Its more than just a bad credit report. The bank can come after her.

Quote:

Originally posted by notcasesensitive
The divorce decree explicitly states that it is his and that he has to indemnify me. I don't htink that the bank cares about that though. I don't think the divorce wiped away my liability as between me and the bank. Am I wrong?

No, I don't think you're wrong. I think that the bank doesn't give a shit about your divorce decree, as they weren't parties to it. But I do think that if this eventually shows as a black mark on your credit, you are in a position to say "Yes, I am aware that there is a black mark on my credit. Nonetheless, there are extenuating circumstances. These are they."

Quote:

Originally posted by bold_n_brazen
No, I don't think you're wrong. I think that the bank doesn't give a shit about your divorce decree, as they weren't parties to it. But I do think that if this eventually shows as a black mark on your credit, you are in a position to say "Yes, I am aware that there is a black mark on my credit. Nonetheless, there are extenuating circumstances. These are they."

I cannot see ncs saying that.

Quote:

Originally posted by Pretty Little Flower
I think your post would have been better if written as follows:

Oh, I definitely know some people who have been seriously threatened by bookies here...it's very effective.

But ncs should try to work something out with the student loan company before getting involved in that sort of thing. This really sucks.

oh right. damn.

Quote:

Originally posted by Pretty Little Flower
I cannot see ncs saying that.

Then she can paraphrase, in her own words.

Quote:

Originally posted by Penske_Account
Is it on your credit report already?

Do you own or rent?

As opposed to the debtor, can a guarantor discharge its obligations to guaranty a student loan in bankruptcy?

How do you feel about the Second Amendment?

Don't they have to follow the state confession of judgment rules to get a judgment against you (most gurantees in these parts have a confession which allows them to enter judgment)? If the confession (this term may change from state to state) is defective, the lender can't get paid, and has no legal basis to hit your credit report.