Expert: David - 2/25/2009

Question
I filed bankruptcy in 2004, and my Dodge van was included. I have continued to make payments of $400 ea month. My income was just cut in half.
I was approved for a new Honda that will save me $80 mo in payments,plus about $150 mo in gas. The financer said I can return it to the dealer,and walk away. The dealer agreed but said it will go on my credit as a voluntary repo. Please tell me how this will affect my credit. I'm afraid if I don't do this, I won't be able to pay my bills.

Answer
Anita,

It will lower your credit and continue to effect you for about 7 years.  There are steps you can take to reverse the damage a lot faster than that.  Start by visiting www.financialscoringsolutions.com

As far as the repo, you should do whatever is best for your cash flow.  Credit can always be repaired later.  Feel free to call me if you have questions on making the best of your situation.  I get a lot of calls, so I may have to call you back.

Dave
219-718-8566