FundRobot » Equity Funds » Hello, when i was 18 i stupidly bought a car which i traded a few months later for a gmc sierra.?

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Default hello, i was 18 i stupidly bought a car which i traded a few months later for a gmc sierra.

Hello, when i was 18 i stupidly bought a car which i traded a few months later for a gmc sierra. Which some how i got approved for the loan and the money from my car that i owed carried over to my truck, which was a 2006 gmc sierra and i owed 28k after it was all done. I know im retarded for doing that but i was dumb and wanted my truck. I lost my job from a layoff and couldnt afford it so i put it up for a voulenteer repo. That was 2 years ago, they sold the truck and on my credit report says i owe 15k from what was left. The credit union which gave me the loan never contacted me yet about it, i have contacted them on how i can repay it and all they say is i can make monthly payments with as much as i want any time with no limit, which sounds odd to me for that much money i owe on it. They said they wont take it off my credit untill its fully paid even if i make payments on it. Is there anything i can do besides paying it off? My uncle who is in legal said i could dispute it with the 3 credit places but would i still owe and how what i even dispute that without losing the dispute? Like i said i was dumb and still am but i am needing a good running car for my family and for me to get to work safe. Ive joined the military since then, but that still haunts me from getting a loan for a decent car.

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Default hello, i was 18 i stupidly bought a car which i traded a few months later for a gmc sierra.

There is nothing you can do except pay it off. They aren't going to remove an accurate record from your credit report. If they did that, credit reports would be worthless.
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Default hello, i was 18 i stupidly bought a car which i traded a few months later for a gmc sierra.

Though it was not financially savvy, life situations do occur that cause even the wisest people to trade a car early, and carry debt into their new vehicle. For example, you bought a sports car. You then got a girl pregnant and decided to marry her. 9 months later, you have a baby. The 3 of you do not fit in a sports car with only 2 seats (or, a stroller doesn't fit in the trunk) (or the bucket seats in back won't secure a baby seat). So, life forces the trade.

Getting Laid off is not getting fired. So, that type of thing happens too... even to the very best workers (e.g. business focus changes and their department is eliminated / or, government contract and Congress can't get their act together and stop funding). So, you're not stupid for that either. Stop kicking yourself.

Now - what do you do? The quick and easy way is to pay off the loan immediately. As the Credit Union said, they won't show it as paid until paid in full. So, to pay in full you need to take out a LOAN to PAY a LOAN. This can be a Personal Loan, which is unsecured. Or, it can be on revolving credit like a a balance transfer or cash advance on a Credit Card. It can be an Equity Line of Credit (if you own a home with equity left in it). There are other options. With the options I listed, I like the Personal Loan option the best because it gives you fixed monthly payments to get rid of the debt while doing two important things immediately. Those two things are (1) clears the issue on your credit report and (2) starts building credit as you pay your loan on time.

I get a lot of Zero Interest, Zero percent charge on transfer fees, for 10 months to 18 months on various credit cards. I have not had to use those in at least a 8 years. But, they are available still today as evidence of the offers. You can use these and essentially get free use of the money as you pay down the debt (as long as you pay on time). You can even transfer the balance to another card that does the same thing. This is a RISKY game. You can win the game if you monitor everything closely. This game is not for those that don't keep a very close eye on finances. If you loose, you are BIT with super high finance charges. If you win, you are rewarded with paying off all debt without paying any interest charges and a stellar credit report. This is a game. To play, you must have a payment plan you can do JUST LIKE A LOAN. Because, if you fail, even for one month, the GAME will BITE you.
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Default hello, i was 18 i stupidly bought a car which i traded a few months later for a gmc sierra.

If you can not afford to pay it off within a short period of time, your best option is to contact a bankruptcy attorney. Usually the first call is free and the cost is about $2,000.
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