Reaffirmation Finally Came

[debtmonster]

I couldn't care less about future credit. I am not even going to bother myself with trying to rebuild my credit. After all of this and a little advice from Dave Ramsey, I no longer "worship at the altar of the FICO score".

The financial system in this country promotes, encourages and penalizes you according to how much debt you're in, or have been in. It's BS, if you ask me.

As a matter of fact, I have developed my OWN idea of what the American dream is. At least for me. It's not owning a big home, a late model car...blah, blah, blah. It's having a decent place to live, food on the table, clothes on my back and money in the bank. It's about going to sleep at night knowing that I don't owe anyone anything. That is true peace of mind and MY American dream.

A HUGE high give on that one. I agree with this 100%. I don't care about my credit anymore. I want to do a Ch. 7 and live on CASH ONLY from now until I die.

Like I've posted in previous messages, we have a 2007 BMW X3. We owe $37,000 on it. With the miles it has on it, it's worth about $25,000 as a trade-in. Has 23,000 miles on it. You can double-check this with www.kbb.com

We have a 2007 Saturn Ion. We owe about $13,300 or so. It has 62,000 miles on it. It's worth maybe $6,000 to $7,000 as a trade.

So if we ever came eligible for a Ch. 7, I'd be foolish to also sign a re-affirmation, right?

With both cars, we are about $17,000 to $19,000 upside-down. When I went to another car dealer trying to trade them both in to have ONE CAR with ONE PAYMENT, he said it could not be done because I'd be adding $17,000 of negative equity onto the new loan.

If I could just do a Ch. 7 and have a vehicle to drive for 6 to 8 months to give me time to save cash for a used car, this would be great. I'd want a $3,000 beater car found off of www.Autotrader.com.

[Cali]

For me signing the agreement, wasn't a big deal.

[Blue14]

We didn't reaffirm our car loan either. Our credit union wanted us to reaffirm the car loan and credit card (which we included the CC in our BK), but we said NO to reaffirming. After our case was discharged last month, our attorney told us we could contact the CU to see if they were coming to pick up our car or work something out with them. The CU has agreed to let us continue making payments without signing a reaffirmation. But we are not making any payments on the CC as it was IIB. The CU just told us that if we are late on ONE payment, they will come and get the car. I just made up my mind before the discharge that I refused to sign a reaffirmation (only b/c we have another vehicle) and they could have the car back.

[Tabbygirl]

I couldn't care less about future credit. I am not even going to bother myself with trying to rebuild my credit. After all of this and a little advice from Dave Ramsey, I no longer "worship at the altar of the FICO score".

The financial system in this country promotes, encourages and penalizes you according to how much debt you're in, or have been in. It's BS, if you ask me.

As a matter of fact, I have developed my OWN idea of what the American dream is. At least for me. It's not owning a big home, a late model car...blah, blah, blah. It's having a decent place to live, food on the table, clothes on my back and money in the bank. It's about going to sleep at night knowing that I don't owe anyone anything. That is true peace of mind and MY American dream.

I could not agree more!!!!!

[TEW]

TEW - I asked my attorney if anyone has ever had their vehicles picked up because they didn't reaffirm and he said yes. And they weren't behind on payments either.

Could that have been a CU ?

[TEW]

I jsut looked at my CR my car loan show IIB with a balance. I singed an agrement to extend the loan 2 months so I could pay my lawyer. BOA said they do not want the car so as long as I pay i keep it. I may down the road turn it over but for now I want to keep it.

[Cali]

We kept everything the same(payment/interest/time left to pay).

I think people should learn to live the life they want and stop trying to live a fantasy life.

[Stilltheone]

We signed our reaffirmation agreement and wished we hadn't. We have an 03 Escalade and, when we filed back in March, it was worth $24K. Now, we're lucky to get $10K out of it.

Now, we don't want to keep it and can't get rid of it to save our soul. I wish that we wouldn't have signed it because we're binding to it for the next 4 years, until it's paid off.

[Debster222]

Don't sign a reaffirmation for the positive credit line.

A revolving credit line, credit card, will boost your score much more than a car installment tradeline.

I couldn't care less about future credit. I am not even going to bother myself with trying to rebuild my credit. After all of this and a little advice from Dave Ramsey, I no longer "worship at the altar of the FICO score".

The financial system in this country promotes, encourages and penalizes you according to how much debt you're in, or have been in. It's BS, if you ask me.

As a matter of fact, I have developed my OWN idea of what the American dream is. At least for me. It's not owning a big home, a late model car...blah, blah, blah. It's having a decent place to live, food on the table, clothes on my back and money in the bank. It's about going to sleep at night knowing that I don't owe anyone anything. That is true peace of mind and MY American dream.

[Debster222]

Well, I'm going to see what happens if I just ignore it and don't sign the reaffirmation.

If they don't take the car back before discharge, does that mean they're stuck with it like it is?

[momof5]

TEW - I asked my attorney if anyone has ever had their vehicles picked up because they didn't reaffirm and he said yes. And they weren't behind on payments either.

I am living proof of this! No reaffirmation-- no car. Period.

We changed our minds about signing the reaffirmation after receiving the reaffirmation paperwork. Extra legal fees..even an extra payment added in there. Soooo to make a long story short. We called them told them we were not going to sign the reaffirmation, as we did not like the terms and 3 days later we received notice from their attorney about the relief of stay hearing. Which was only 4 days before our 'end'(discharge). What a waste of money if you ask me! They wasted no time and were here 2 days later for it even before we received notice from the court.

We still had 2.5 years to pay (approx) having already paid for 2.5 years. Never late...actually almost always a few days early. We were current. This was an upside vehicle so they are going to lose thousands in resale. Seems just plain dumb if you ask me but they are a business so I guess they have to do what they have to do. Although I thought businesses were in it to make money

Signing the reaffirmation would have been a huge mistake and I am so glad that we didnt. Sure we dont have the vehicle any longer but we also dont have to give these people another penny. I was actually going to keep paying them! Yet they acted like they were doing us a good deed. huh?

I remember back to when I first started this whole bk. I thought reaffirmations were a way to keep life somewhat the same(in a weird kind of way I suppose) but in reality reaffirmations ONLY benefit the creditor.

[Cali]

TEW - I asked my attorney if anyone has ever had their vehicles picked up because they didn't reaffirm and he said yes. And they weren't behind on payments either.

[biotechsolution]

Don't sign a reaffirmation for the positive credit line.

A revolving credit line, credit card, will boost your score much more than a car installment tradeline.

[TEW]

If you don't sign it the company can come and get the vehicle, even if you aren't behind.

If you do sign and later figure out you don't want it, you can't surrender it. But if you don't sign you can.

We signed ours because we know we can afford the truck and will keep it.

The company coming and repossessing the car is possible not probably. I would not reaffirm unless I had to. BK is way to much to go through to simple reverse for a car. I love the car make no mistake but if it starts giving me trouble I want the option to hand it over and walk away.

[lillaimof2kids]

My 1st mortgage didn't want a reaffirmation. My 2nd mortgage did. Like hell I was going to sign for my 2nd mtg. and not my 1st. So, I signed nothing, but have continued paying like normal. No problems so far.

My thought - If a bank is dumb enough to try to foreclose on me while I've never been late before. It's not a bank I want to do business with.