Repossession removal from my record?
Date: Tue, 06/10/2008 - 23:42
Dear Jae, Welcome to our debtconsolidationcare community and
Dear Jae,
Welcome to our debtconsolidationcare community and be a part of the joys and sorrows of all the people participating in this forum.
As per my knowledge goes???????a divorce decree doesn????????t relieve you from the obligations of a joint debt.
Let me elucidate it for your convenience...When you and your husband first applied for the loan, then both of you had signed a legal agreement. In that agreement both of you had pledged to repay the debt. If anyone of you and your husband is unable to payoff the debt then the onus is on the other joint holder of the loan. A divorce-decree given by a court can????????t change this norm until and unless the loan contract is fraudulent or unlawful. Thus, until you or your husband pay-off the car loan, delinquency will affect your as well as your husband????????s credit report.
I tried to explain it???????.I hope I am able to answer your query.
I am sure other members are also on their way to help you???????:)
Regards,
Phoenix
I'm afraid that phoenix is right. The joint debts remain joint d
I'm afraid that phoenix is right. The joint debts remain joint debts even after the divorce, and, hence will affect your report along with that of your husband's. If you have signed as a co-signer for the car loan, the creditor can even come after you for the outstanding amount of the loan.
Possibly there is no way to remove this entry from your report.The unfortunate fact is that the actual contract of the loan stands in place, even when the ex-spouse has taken the responsibility to pay-off that debt, as the creditors were not a part of the divorce process. To remove your name and responsibility from the debt you were required to amend the actual loan agreement, which I suppose you haven't done.
All the above is true; the creditor is not affected by a divorce
All the above is true; the creditor is not affected by a divorce decree. That court decree directs your husband to take care of the debt, and if he doesn't then you have recourse against your husband if the creditor comes after you. But as far as the creditor is concerned, you are still on the loan contract whether divorced or not.
