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Expert: Regan Shinski - 10/22/2010


Question
I was divorced in February of 09.  My wife was awarded our vehicle and responsibility for the loan as a part of the decree. Unfortunately I didn't take the steps of protecting myself by mandating she refinced the loan although she was supposed to (see definition of stupid :( )  After 15 months of her never paying on time (I don't know how she's held it off this long), she is about to lose the vehicle.  As she has added late payments to the loan amount, she is upside down and won't clear the loan when the car is sold at auction.  She does not have an easily reached income source and has indicated that they will just come after me for the money.  Do I have any civil suit recourse to go after her for the money they come after me for.  I don't want to be vidictive, I just have to guard myself and family.

Answer
Hi Brian:

Yes, sadly, your only recourse at this point is wait for the auction.  This then nets out the final amount owed.  It is this amount you will use the decree to sue your wife on.

The other option is to negotiate with the creditor now and then sue your ex for the settlement amount.  The advantage is it may keep a repossession off your credit and reduce the overall amount owed.  The disadvantage is it likely will cost out-of-pocket money in the form of some type of immediate payment to the creditor.

If the loan was still in your name, you have limited recourse against the creditor as they don't care (legally) about the divorce terms.

Finally, cases like this are prime candidates for professional credit repair.  We have deleted some of the worst information from credit reports including repossessions.  Go to WWW.FICOFIGHTER.COM for more information or to see proof.

Good luck.  I hope it all works out.
Regan

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Regan Shinski

Expertise

I can answer questions on collections, repossessions, bankruptcy, credit repair, credit counseling, FICO scores, credit planning, and the cause and effect of credit related decisions. I can also answer questions on collection settlements and preparing to sue your creditors for false debts and credit credit reporting.

Experience

Fifteen years ago I was financially devasted due to severe health issues. I filed bankruptcy, had a foreclosure, car repossession, tax lien, and ruined credit. I immersed myself in credit law. I settled dozens of accounts and had them removed to improve my credit. I personally sued four creditors and collection agencies and won cash settlements for their false reporting on my credit reports. Since then, I have completely recovered and have nearly $100,000 in revolving credit lines and perfect credit. I have owned a credit repair company for the past five years and have an additional three years of specific work in the collections and debt management industry. I am fully versed in the Fair Debt Collection Practices Acts (FDCPA), Fair Credit Reporting Act (FCRA), and have used them successfully in collection settlements and lawsuits for myself and others. I am also familiar with and abide by the Credit Repair Organizations Act (CROA). I have deleted or helped delete literally hundreds and hundreds of derogatory items from consumers' credit reports and helped negotiate many settlements with collection agencies and creditors. I have also advised people on bankruptcy at any stage. In the current credit market, I have successfully advised numerous people on how to obtain credit and how to negotiate for better terms.

Education/Credentials
BA University of Minnesota

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