My ex has alot of debt in my name as well as his car.What should I do to get a clean break from that b*****d!!

Question

I just turned 21 and I am in so much drama. My ex continued to cheat on me even after taking him back twice. So its 3 strikes you are out.

1) He has a 40,000 auto loan in my name,i am the primary & he is the co signer. I dont want to take the chance of him being spiteful and paying the car loan late or just letting the payments fall behind.He knows my credit score means alot to me and i paid my credit card bills & student loans on time every month for him to s***w it up.i credit score is currently 730 and i want it to increase as time goes on.Please give me some advice to get the car out of my name asap.

2)He owes me $5,500 in credit card bills. I added him on as a authorized user.Please let me know what I should do to make sure he pays me back.

3)Is it childish for me to take by the samsung 32" hdtv and home entertainment system because ill be d**n if his new girlfriend and him is going to make a fool out of me!!!

please don't criticize me I am young and naive.

Answer 1

I am assuming you were not married to this ex.  Unfortuantely there aren't any courts to sort out the assets and debts of unmarried couples.

First, get his name off the credit card.  You can try to get him to sign a promissary note for the $5500.  But don't hold your breath.  Go thru all your statements.  Mark everything that would be considered his alone.  Those are the amounts you will likely be able to recover in small claims.  

Who paid for the TV?  If you paid, it's yours.  If he paid, take it anyway.  He owes you $5500 on that credit card.

The car is the big problem.  You are pretty much stuck.  It's unlikely he can refinance that car and that's the only way to get your name off the loan.  Even if he agrees to sell the car, the loan is probably more than the car wil sell for.

You will just have to stay on top of that loan every month.  If he makes a payment late, send him a certified, return receipt letter indicating that late payments adversely affect your credit and are not acceptable.  Please make sure to pay on time.  Keep a copy for the papertrail.

If he's late a second time, send another certified, return receipt letter in much stronger wording that this is the second late payment and if it happens again, you will take possession of the vehicle.

You could then use the pattern of late payments to take the car.  You would have to spend money to do it and the vehicle will still be worth less than the loan.  But maybe the letters will scare him enough to pay on time.

Another thing you should worry about is insurance on the car.  If the car is involved in any accident, they will come after you since your name is on the car.  You may want to carry insurance on that car just to be safe.

All the way around, this is a bad deal for you.  Spread the word to everyone you know.  NEVER, NEVER, NEVER co-sign anything for anyone you are not legally married to.  It never turns out good.

Answer 2

If the car loan is in your name, it's your car.  You have the obligation to make the payments.  Don't let the payments go late because your credit is affected, not his.  And don't let the car get repossessed whatever you do, because you're still liable for the rest of the payments even after the car is repossessed.

Sell the car.  Sell any stuff you bought on credit to pay off his debt.  Cut your losses right away.  Your credit is at risk, as is your bank account.

Don't ever put your name on anyone's debt without getting a written promissory note or some collateral in exchange.

If he doesn't want to pay you, you'll need to take him to court, and you'll still have to collect somehow.  Not the easiest thing in the world.

Make sure you take his name off any credit cards.  Pronto.

Answer 3

You are not the only one to ever get themselves into this situation.  But do not fear, there are ways around it.

First of all here is some good news regarding his being an authorized user.

A major change to the FICO® credit score formula was announced by Fair Isaac Corporation earlier this week. FICO scores will no longer factor authorized user accounts into their credit scoring formulas.

Once this change goes into effect you will no longer get any value out of being an authorized user on someone else’s credit card.

It is quite possible that your credit scores could go down, significantly, because of this change.

BUT, if I were you, I would have him removed or close the account as only you are resposible for the debt even though he charged things.

As to the vehicle this would all depend upon whose name appears on the title and registration.  In most states, only the title holder can register a vehicle.  If only your name appears, then it is your vehicle and not his.  Contact the local law enforcement and ask them to advise him you want the vehicle returned, if he does not return it, then inform him it will be reported as stolen.  When you get it back, sell it and try to reduce the debt as much as you can.

If the title lists both your names as well as the registration, then contact an attorney to see what your state laws are regarding how to settle this.  If he wants the vehicle titled and registered in his own name, , he will have to pay you your share of the notes ballance.

As to the TV, well if you don't need it, stop by to visit.  Accidents do happen, you could slip and fall into it, then sue him.

Hope this helps a little

LEGAL DISCLAIMER:  The advice contained herein is for informational purposes only.  It is not to be construed as Legal Counsel nor Legal Advice.

Answer 4

I'm just being real and cannot imagine what you are going through, but I'll tell you what I would have done.

1. car- you are the primary so guess what? You got yourself a new car. If you already have one and cannot afford it, I would still take it back and sell it just so he isn't riding around with other girls in something that is technically yours. Tell him your the primary and he is only a co-signer. Give him a certain time to give the car back and then contact authority. Why let him ride in a 40k car after what he put you through when if he is late it will hurt your score too?

2. CC bill - As an authorized user they are not responsible for paying back any of the charges or bills legally unless you have a written payback agreement stating that they were added to the account fr access of money as "a loan". You will unfortunately have to pay it yourself unless you really can take them to small claims but I'm not sure of the requirements.

3. T.V. - if it is a t.v that was paid on a credit card or still on monthly payments I would take it back for sure.Why? Because you haven't even paid it off yet and you are still liable (if it is in your name). If it is in his name or he wanted itor brought it then I think you cannot get it back.

In conclusion, for future references, please do not put anyone as an authorized user on a credit card account. If they have bad credit then have them pay for there own stuff with cash but do not allow this to happen again. After this is all sad and done, move on and you will never allow this to happen again....just remember next time how you feel right now when you are spoiling a man or allowing them to rack up bills. Good luck.

Answer 5

It sounds like you are a very responsiable young lady who made a bad choice so don't beat your self up over this just learn from it.. I think if it were me in your shoes I would contact a lawyer... Sell the car for whats owed on it.. Get his name off your credit card by calling the company you have your credit cards thru & take the T.v & entertainment system . I f you go to small claims court you may be able to recover the charges on your credit card .Best of luck

Answer 6

you're going to have to physically take possession of the car and sell it (probably at a loss to get your name off of it . Why in the world would you ever buy such an expensive car at such a young age-especially for someone else??? If you don;t get it back in your possession - I seriously doubt your credit history will remain perfect until the car is paid off. and if he misses payments, they will come after you for the money especially for someone else. close out the credit card accts, so he can't charge any more on them - I doubt you'll ever get him to pay you - he used you simple as that. and you let him. definitely take the TV set and any other items of any value you can in payment for the credit card charges

Answer 7

Niquey,

Good on you girl for standing up for yourself in every way!

- the car, you're both on joint title, so if possible and if your ex is willing get him to go with you to the registry agent and have him sign the title over to you or him (depending which way you want to go)

- the only way to settle the loan is to satisfy the outstanding balance or sell it.

- the credit card, just take him off as auth. user like yesterday

- nah i say take the tv, the system and the kitchen sink, even if you don't use or need it...pawn it to get some cash back!

Make sure you keep impeccable payement records. Always pay on time and keep copies of everything, preferably in binder/folder. You may need to prove your case in the event of legal matters. You can take him to court for defaulting since he IS equally liable for debts too.

I applaud you for waking up to your mistakes. We all make them, only few of us ever rise above them.

Cheers.

Answer 8

S'appnin Niquey,

I hate that you're going through what you're going through. Hey, I'm not here to knock you, I'm just here to offer some insight, and a little guidance. I'll answer the questions in the order that they were asked:

1. The auto loan is going to be the toughest thing to deal with being that it's in BOTH of your names. And it's going to be even more difficult if he has the car. Aside from refinancing the loan in his name which to be honest will be easier said than than done, would be to get the car back from him and try to do a quick sale and take the proceeds to pay that loan off. Otherwise, you're going to have to either rely on him to be man enough to pay the note, or follow up behind him to make sure that it's paid on time.

2. The $5,500 in CC bills, unless you can get an itemized amount and take him to small claims court and prove that he made an agreement to repay you back, you're going to be hard pressed to show that it wasn't a gift or community property. Since he's only an authorized user, he's not legally responsible for the debt as he would had he been a coapplicant. The good part about this, is that you can have him removed with a simple phone call.

3. It is "childish" to take back the TV and the home entertainment system? No. But is it worth the drama? Probably not either. Sometimes, just to let go it takes letting go completely. It's material possessions, move on. Yes, you're entitled to get it, and if you really think you should, then by all means do it. But ask yourself, is it really worth the drama that you're going to encounter if you do get it? Let it go. You should NEVER put a price tag on peace of mind. I've see people die for less, and kill for lesser than that.

My grandfather once told me that "a bought lesson's a TAUGHT lesson", hopefully, you've treated this as a learning experience so that it will make you better off in the future.

I wish you all the best of luck, and I thank you for reading.