how do I make sure reaffirm gets repoted to cra

[cameron69]

I there something I can do or my atty. to ensure that if i reaffirm anything it gets reported to the CRA's after.
I am going to reaffirm my car and the Credit union is going to make me reaffirm two other loans or none of them. I just want to be sure that reports get to the CRA's after.

thanx
Cam

[HHM]

Then the reaffirmation agreement needs to have language in it regarding how the CU will report it.

However, on a side note, the CU cannot force you to reaffirm debts unrelated to the auto loan. Odds are, they do not want to repossess you car, so you can probably call their bluff and not reaffirm any loan and continue making your regular payments on the car loan (assuming you are not already behind on payments).

[DivorceRuinedMe]

HHM - if she wants to have the payments show on the CRs though, wouldn't she HAVE to reaffirm all he loans? I would think that the credit union would refuse to report if she doesn't reaffirm all the loans?? Or, maybe like you said, she gets specific language in the reaff paperwork and calls their bluff on the other loans. Then she gets them to report and doesn't have to pay any more than she has to.

[poorme]

As far as reporting, reaffirmed debts are 'outside' the bk, so normal reporting should continue on those anyway. I agree with HHM that the CU probably can't force you to reaffirm (is this a 7 or 13?) without the court's agreement. Reporting on non-reaffirmed/discharged notes where you continue to pay usually doesn't happen. But, alas, I have no experience with reaffirm other than my attny failed to submit paperwork on my car, so that's all I can add.

[HHM]

reaffirmed debts are 'outside' the bk, so normal reporting should continue on those anyway

Unfortunately, that does not always happen. Thus, you want to have the reaffirmed agreement explicitly state that the CU will report the account to the CRA's. However, I think legally, it should happen that way, i.e. if you reaffirm, then the creditor should report as normal (however, creditors are not required to report your account in the first place.)

A couple questions (1) are you behind on payments with the car? (2) what are the other debts that CU wants you to reaffirm? If those other debts are unsecured debts, DO NOT reaffirm under any circumstances. Those unsecured debts will get discharged. Your credit will heal with time (not by reaffirming debts you don't have to reaffirm, remember, your in BK, you have more important concerns).

[cameron69]

ch 7

I am filing chapter 7. my atty says to let everything go but I would really like to keep the car 4% int. and I do not know if I will be able to get financed for another. I drive 100 miles round trip a day and my car get about 45 mpg so I would really like to keep it.

Macomb schools and Government credit union has a policy that if I have multiple loans with them you can not pick and choose which ones to reaffirm you either take all or none according to them. I have the car an ATV and an unsecured loan with them. I would like to keep the ATV but I would rather get out of the payment.

I am about a month behind on all because when my atty filed he told me to stop paying all my bills except my utilities for house. but I could bring them all current tomorrow if I needed to and if the credit union would let me.

I have already signed a reaffirm agreement but have 60 day or until discharge to rescind it. I asked my atty. to contact the credit union and tell them to amend the agreement or to make a new one with the woring stating that they will report to CRA's as per their policy pre BK and if they will not agree to that I will rescind agreement .

this all came about because of a divorce my wife left me with the agreement that she would send me x amount of money every month then after final judgment she told me she had no intention of sending me any money. I guess it is my own fault for not making her put it in writing and she did the divorce herself we did not use attys. she screwed up the paper work but it all was finalized and it's done. I am left with all our dept because it is all in my name and she decided not to help pay her share. I had around a 730 credit score pre Jan. and she had filed chapter 7 about 2 years ago so everything we had was in my name alone except the house we are both on that. but now I am worried about just trying to buy a car!

thanx everyone for your input I have taken info from this site to my attys. attention that he was unaware of I guess I should have chosen a different atty. but too late now. live and learn I guess he says he has never lost on of the BK's and he does not intend to start with mine. I get the feeling he was expecting a cookie cutter Bk and I am making him earn his $1,450
so we have had a couple disagreements.

thanx
Cam

[HHM]

A couple thoughts:

1. Toss out any ideas about using your pre BK debts to help your credit, you are filing BK, your credit is screwed anyway. Focus on the financial side of things right now. NEVER Reaffirm a debt simply for credit reporting issues.

2. I think the CU is trying to strong arm you, and you should call their bluff. If you don't reaffirm, they only have 2 options (1) repossess the car, which they don't want to do (2) continue to accept your payments.

In any event, you need to get your payments caught up with the car if you want to keep it.

[CindyLou]

Most credit unions has "cross collateral clauses"....default on one default on all. In that case you would have to either include them all or reafirm them all.

[HHM]

Most credit unions has "cross collateral clauses"....default on one default on all. In that case you would have to either include them all or reafirm them all.

I understand that, but now we are talking about BK and the status of cross collateralization in BK is controversial. All I am pointing out is that the worst case scenario on the debtor's part really isn't that bad because, like most car finance companies, they would rather continue to receive the payment than repossess. Strictly speaking, BK is not a default event (although a lot of contracts have that provision, most courts simply overlook it).

Another alternative would be to request a hearing on the reaffirmation agreement. After all, the court is supposed to review reaffirmation agreements.