Question:

My auto loan is marked as a charge-off even though I have been making payments?

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HSBC stopped sending me my bill in nov.2007, I thought it was odd (I have never missed one payment in the 3 years I have has this loan) I called them,and was directed to "national bankruptcy hotline" and tried to register online to pay and it would not let me.So I could not get thru to HSBC. Turns out my co-signer (my father!) filed for chap13 bankruptcy, and my car was dragged into that. So here I am not paying my bill for the next several months, thinking that ok when the bankruptcy is clear, I can start paying my bill again, my father's lawyer did not even know what was going on. So in feb.2008 I receieve my FIRST notice in the mail from HSBC stating if I make all late payments (total 1500.00) by a certain date, they will not pursue the car, and it would be like I never missed a payment at all. I paid it of course, and have been making my monthly payments since then (even though i still dont receive a bill).

I checked my credit, and i have a negative account with HSBC stating a charge-off on the auto loan 4 months late payment and late payments as of 06/2008!!!!Past due amount:10,200$. I am completely frustrated, I have been making my payments every month now! I even tried to dispute the claims and nothing happened. I talked to national bankruptcy hotline since no one at hsbc will say a word to me, and they said since I made the payments late, it doesnt even matter even if the car is in a bankruptcy. So now i just want to sell my car, and pay if off, just be done with the whole mess. Is there any possible way to get this cleared from my credit? Thanks for any advice!

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3 ANSWERS


  1. If you sell your car, you will not be able to finance another one because of your bad credit.  You can not change your credit rating except by paying your bills on time, and waiting for the bankruptcy to recede into the sunset.  It is going to take a few years and lots of explanations as you go along.


  2. It should really save you some money to just get an auto loan quote online to verify what todays rates are.  You might be pleasantly suprised.  Also if your credit is not the best, a lot of online loaners are more willing to work with you.



    What I usually tell folks is that an online quote at http://auto.lowratetoday.com is worthwhile.

  3. Hi,

    I used "Credit Solution" to settle my debt and avoid bankruptcy.They managed to reduce my debt up to 58%.It's legitimate.I came across this company on NBC News Special Edition.Check it out here:

    http://lnkurl.com/25

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