My husband had his truck repo will that effect my CRT i am not on the contract.?

Question

My husband had his truck repo will that effect my CRT i am not on the contract.?

Answer 1

If you are not on the loan; if you are not a co-signer then they did not take your social security number. Then the three major credit reporting bureaus would not have your information  on this loan.

Your husband may want to contact an attorney and file for bankruptcy. There are two forms of bankruptcy. The one I'm referring to you would be able to protect your home, vehicles (one for each of you) and other necessary items.

You could keep your car, home if you make payment arrangements. If the loan due on the vehicle is much larger than the value of the vehicle the judge would tell the bank to lower the amount due. For example: you owe $40 000 on a 2001 Dodge. The judge would say; they book value is only $8000 so they only owe $8000 for this vehicle and he would have the trustee put in charge of this.

Anyway, if you are having financial issues you may want to consider this so that you don't have your checking account frozen and wages garnished.  Any assets with his social security number attached. So, do you have a joint checking account? Better open account with only your name on it. You see, they will auction off the truck and if they don't get enough money to satisfy the loan they will go after his wages and accounts. The bank also charges you $100 to freeze your account; you don't get credit from your creditor for this fee and you can not get it back.

A bankruptcy attorney should give you a free consultation to discuss your options. The sooner you file the better.

The sooner you file; the sooner you can protect your assets and get yourself on a more secure future.

Take care

Answer 2

Husband and wife are on the same credit report.

The individual contract does not matter.

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It used to be that husband and wife were on separate credit report. But this was changed TO HELP women, because often husbands die early and leaves the wives with no credit at all.  This was considered unfair to the wives.

You might have recourse, IF you have complete separate finances (like separate jobs, income tax report, expenses, etc) and you can prove it.

Good Luck...

Answer 3

It will not affect your individual credit BUT if you & your husband apply for anything together they will see it & it will affect you as a couple.

Answer 4

If your name was not on the loan, your credit won't be affected.