Have a credit or debt question for the experts?

Are the bills starting to pile up from the holidays?

Have you made a new year’s resolution to get your financial house in order?

If you have a credit or debt question — including one that affects your mortgage or a possible foreclosure — please ask it below.

Experts from CredAbility, an Atlanta-based nonprofit that helps consumers deal with debt, will answer many of them starting next week. Thanks.

- Henry Unger, The Biz Beat

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14 comments Add your comment

Mike M.

January 20th, 2011
8:18 am

I recently purchased a used car but when I was working with the credit union I was told that my credist score was a 611. Did not understand when it was just a 755. Would it be best to apply for credit and risk getting denied to get a free credit report or should I go ahead and purchase one from Equifax. I am, however, eligable for a free one in April. I just did not want to wait.
Your thoughts?

Ooh bully

January 20th, 2011
8:45 am

I am selling a rental home, normal transaction, paying off a 30 yr fixed mortgage. it is not a short sale or foreclosure.
What impact will this have on my credit score? It will lower my debt to equity ratio a little but not much.
Thanks for your help.

Laker's Hater

January 20th, 2011
9:01 am

I was pressured into purchasing a timeshare in Orlando. I don’t want it and have no desire to keep it. I just purchased it in 12/2009. How can I get myself out of this mess.

L.

January 20th, 2011
9:02 am

I have a repossession that needs to be paid at over $11,000. Is it best just to pay the creditor who is handling the charged off debt, or have the debt settled for half of the amount the creditor is handling. I don’t have much money to pay. However, it would be a savings to have the debt settled (or negotiated) with the creditor. Please tell me the pros and cons of handling the repossession with the creditor and what should I do. How will either option affect my credit?

Nate M.

January 20th, 2011
9:09 am

I recently graduated college with a lot of credit card debt. I’ve been trying to pay my cards down, but the balances are pretty large and my interest rate on all my cards is terrible, so I have not even been able to make a dent. I tried applying for a debt consolidation loan at a credit union, but was denied based on my high credit balances and the fact I have nothing to offer as collateral. Is there anything else I can do to either consolidate the debt to a lower interest rate or lower the rates on the cards themselves without hurting my credit score? Thanks!

Betty O

January 20th, 2011
9:34 am

I recently received a notice to appear in court for past due credit card that was turned over to an attorney. What do I need to do? Get a lawyer or talk to the attorney that represent this credit card company to see if we can make some type of payment arrangement? Can you please give some guidance as to what I should do.
Thanks

VP

January 20th, 2011
11:40 am

I had an accident and totalled my car in Dec. 2007. At the time, I had GAP insurance and was one month behind in payment. The car finance company reported to the credit bureau as a repossesion when my car was actually totalled. I have documentation from the GAP insurance rep stating that the car was paid for in full, but the car finance company is saying that I owe them over $1200 and that the car wasn’t paid off. What can I do to get this off my credit report as a repo and show the car loan as paid off? The car finance company continues to call and harass me at work and home. I’ve sent them a copy of the letter stating that the car was paid with the GAP insurance and they are saying no, I still owe them.

Unemployed and Frustrated

January 20th, 2011
12:24 pm

I was working for a guy that was either unwilling or unable to meet payroll and when he did the check was always partial or late. I am now unemployed and in addition to my monthly financial obligations I have accumulated late fees (during the time that I worked for him) and my credit score took a big hit because I was unable to pay on time because of my past employer. My question is what does Georgia law state about me suing to recoup the money that is owed to me and how should I approach repairing my credit that is damaged because of this clown? From what I understand, Georgia law states that I am only allowed minimum wage for the hours worked that I am owed even though my salary was alot more than mininum wage and also can I sue hom for damages?

xl.dawg

January 20th, 2011
2:27 pm

I recently was denied a MHA modification on my mortgage and want desperatley to not lose my home. I am underemployed and my wife just received a months contract work. We are 8 months behind and BOA took six months to decide on the modification. What are my options. My loan adjusted to 3% beginning on 2/1 can I hold on?

Mortgage ??

January 20th, 2011
3:57 pm

I have has severe credit issues since 2008 when my two rentals lost tenants and I was only able to sell one. Needless to say I have foreclosures as well as charge offs on my credit report. Is it advisable to wait the 7 year period for this stuff to drop or should I go ahead and file bankrutpcy?

Daniel

January 20th, 2011
4:44 pm

Hey Nate I feel your pain. I was in a similar situation a while ago. Try a company called Debtwave. They worked with me and it didn’t hurt my credit score. I also didn’t have any collateral to offer, but they were great and now I am one month away from being out of it!

Sherry Arrington

January 21st, 2011
7:06 pm

I purchase a car and had them pick it up, because as I was looking at the contract, the Finance company charged me three time what the car is worth, my payment was 783.00, I have already paid 13,745.00 before I return the car, by the time I would have finish paying off the car, I would have paid 50,000.00 for a 2008 Chevy Impala. Now since they came and picked up the car. I was contacted by the finance company that they sold the car and I still have to pay 15,000.00 for the car and the book value of the car is only about 14,000.00 or a little less on 2008 impala. When I sign the contract I was reading 28,000.00 that I had to pay come to find out I was charge almost three time what the car is worth when I purchased it in November of 2008.

Sherry Arrington

January 21st, 2011
7:11 pm

I just posted the statment on the impala 2008, someone please guide me in the right direction, on what I need to do to get out of this mess. I know someone has to have the answer. GMC has ripped me off, I know I should have read the fine print.

stockguy

January 22nd, 2011
8:28 pm