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Default loan, cosigned with Mom.
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Posted by Jim (216.127.240.176) on April 16, 2002 at 21:00:38:
Wow!! I just found this site and it is by far the most informative place i have found about credit. For starters, i guess a little history is in order, i got bad credit(in my mind). I have a couple of unsecured loans marked as paid(i never paid a dime) from 1993. A few other items, none over 1000 dollars marked as charge offs, and one bad mark with chexsystems(thats a whole nother story). I needed a car a couple of years ago. I couldnt get a loan by myself so i got my mom to cosign. I made the payments just fine for a couple of years, until the transmission went out. Its a mitsubishi and i have come to the conclusion that the longer the name of the car maker, the more expensive the parts are, hehe. So i defaulted. I live in the chicago land area but still use my mothers address(a few hours south of here) for all financial dealings(all bills are in my roommates name). I know i should have paid, but thought it would just "go away". HA, ya right. They tried to repo, for a long time. They just couldnt find the car(i feel good about that)hehe.
Now it has gone to a collection agency(not sure of the name at the moment) and they threatened mom, so now i have to take care of it. I called them and they weren't mean like all the others i have dealt with in the past so i decided to work a deal. i owed 4800 still and they said they would settle for 300 if i paid in full now. I couldnt do that so i told them i could pay 1000 per month for 3 months. They said that would be fine and i said i needed it in writing that i would get my title and that the arrangement we agreed upon be on the same sheet, signed by the head honcho. I received this and it looks just fine to me. After reading hundreds of posts on here, now i'm worried. Will they be able to sell my remaining debt? The original bank is commerce bank na. Any input would be appreciated.
Thanks again for this wonderful source of credit information.
Jim
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